BRICS Now Positions Itself as an Alternative to G7, Says Economist Jim O'Neill
Jim O'Neill, who coined the BRIC acronym in 2001, says the 11-nation BRICS now presents itself as an alternative to the G7, while cautioning that global challenges need collaboration.
British economist Jim O'Neill, who coined the term "BRIC" in November 2001 during his tenure as chief economist at Goldman Sachs, has said the grouping he once envisioned as a candidate for inclusion in global policymaking has evolved into something quite different. His original paper, 'Building Better Global Economic BRICs', argued that Brazil, India, Russia and China would carry growing weight in the world economy and deserved greater representation in global forums.
That investment shorthand has since become a formal geopolitical bloc. South Africa joined in 2010, turning BRIC into BRICS, and the grouping has now expanded to 11 countries, positioning itself as a prominent voice of the Global South.
Speaking ahead of the 20th BRICS summit in New Delhi, O'Neill said the bloc's self-image has shifted. "When I wrote that paper in 2001, I was arguing that BRIC countries have already become so important that they should be part of a reconfigured G7 to make global governance more representative and fairer," he said. "This summit of 11 is now representing itself as an alternative to the existing G7 and the Western-dominated system."
He cautioned, however, that neither grouping can address major global challenges on its own, stressing the need for a collaborative approach. "Neither BRICS nor G7 by itself can deal with big global issues," he said.
On the bloc's geopolitical significance, O'Neill noted that the expansion into BRICS Plus has lent it strength and longevity, and pointed to the attention it receives from US President Donald Trump. "I have never seen any US president before Trump even mentioning BRICS, and Trump doesn't stop talking about it," he remarked.
At the same time, he said the group has yet to realise its full economic potential. "There are a number of things BRICS Plus countries can do if they are much more focused than they have been till now," he said, adding that the bloc has not demonstrated anything to drive shared GDP growth, which he described as its foremost priority.
O'Neill singled out India and China as the grouping's economic engines. "On the economic front, the two countries that matter truly are China and India. Both have gone ahead of any projections. The rest of the BRICS have not done so well," he said.
He described Chinese President Xi Jinping's visit to New Delhi for the summit as potentially significant, coming after seven years. "I have always argued if China and India treat each other with respect and positively, it will have great impact not just on BRICS, but on the world as a whole," he said.