In order to transform opportunities into tangible benefits, it is necessary to adopt an approach that combines national and regional strategies, while respecting the cultural and economic specificities of each country. Proactive diplomacy, internal capacity building and adherence to principles of reciprocity and sustainable cooperation will ensure that these alliances are not only based on economic foundations, but also contribute to building a balanced and mutually beneficial partnership, writes Claudio Ruff Escobar, Rector of Bernardo O’Higgins University, Chile.
The BRICS group (Brazil, Russia, India, China and South Africa) has undergone a significant transformation, evolving from an emerging economic forum to a strategic bloc with an increasingly central role in the world order. In August 2024, the BRICS expanded its membership by welcoming countries such as Saudi Arabia, Iran and the United Arab Emirates. This expansion illustrates its ambition to counteract the hegemony of traditional Western-dominated blocs and promote a multipolar system that rebalances international relations.
In this context, Bernardo O’Higgins University organized a seminar in November 2024 titled “BRICS: Projections and Challenges for Latin America”. This event brought together ambassadors and experts from China, Russia, Brazil, Chile and Peru, who analysed the growing impact of the BRICS on the region. Discussions focused on economic opportunities, political and logistical challenges, and the potential of BRICS as a credible alternative to traditional economic blocs.
Economic and trade opportunities
South America-BRICS cooperation opens up many opportunities:
Trade diversification: The Chinese and Indian markets, characterised by growing demand for natural resources and food products, represent an opportunity for countries such as Chile and Peru. The latter, rich in strategic minerals such as copper and lithium, could expand their exports under more advantageous conditions thanks to a strengthened collaboration with BRICS.
Infrastructure investments: The BRICS New Development Bank (NDB) is a crucial source of financing for infrastructure and sustainable development projects. This would allow South America to improve its connectivity and logistics networks, facilitating its integration into global value chains.
Technology and energy cooperation: The BRICS agenda includes initiatives for technology transfer and investment in renewable energy. Brazil, with its expertise in biofuels, and Chile, with its potential in solar energy, could play strategic roles in these collaborative projects.
Alternative financial systems: The BRICS-promoted de-dollarisation strategy, focused on the use of local or digital currencies in international trade, offers South America greater economic autonomy in the face of fluctuations in global financial markets.
Political, social, and logistical challenges
Despite these promising opportunities, integration within the BRICS involves several major challenges:
Economic and political heterogeneity: The differences in economic development and productive structures between South American countries and BRICS members make it difficult to harmonise interests and define a common agenda.
Commodity dependence: If demand for natural resources remains strong, South America risks becoming stuck in its traditional role as a supplier of raw materials, hampering the diversification and industrialisation of its economies.
Geopolitical tensions: Strategic alliances with actors such as Russia and China could cause friction with historical partners in the region, including the United States and the European Union. Careful diplomatic management will be essential to avoid damaging these relationships.
Regional fragmentation: Political and economic divergences among South American countries complicate the coordination of a coherent regional strategy, limiting their ability to negotiate collectively with the BRICS.
Infrastructure deficiencies: Gaps in physical and digital connectivity continue to pose a barrier to smooth integration with Asian and African markets.
Geopolitical projections
The accession or strengthening of the participation of South American countries in the BRICS could have significant geopolitical impacts:
Strengthening multipolarism: Integration into the BRICS positions of South America as a key player in the transition to a multipolar global system, thus increasing its influence and strategic room for manoeuvre.
Increased role in international forums: Through the BRICS, countries like Brazil could play a more active role in global discussions on issues such as climate change, the reform of international institutions or the regulation of emerging technologies.
Reducing historical dependence: Diversifying economic relations would allow South America to reduce its dependence on the West and consolidate its relations with dynamic emerging economies.
Risks of intra-regional tensions: The lack of a clear consensus on the role of the BRICS within the region could lead to divisions among South American countries, particularly due to their divergent political orientations and economic priorities.
Strategic policy recommendations
In order to maximise the benefits and minimise the risks associated with BRICS integration, several policy recommendations emerge:
Strengthen regional cohesion: South American countries should prioritise regional integration in order to negotiate collectively and ensure that their interests are fairly represented within the BRICS.
Boost industrialisation: It is essential to use ties with the BRICS to encourage productive transformation and reduce dependence on raw material exports.
Promote energy and technological diversification: Leveraging cooperation with the BRICS to develop renewable energy and advanced technology capabilities is a strategic lever for the future.
Maintaining a diplomatic balance: Relations with the BRICS must be managed in a balanced manner in order to preserve strategic alliances with other global players, thus avoiding excessive dependency.
Investing in infrastructure: Modernising physical and digital infrastructure is essential to effectively integrating South America into global value chains driven by the BRICS.
Conclusion
The seminar organised by Bernardo O’Higgins University highlighted the strategic importance of the BRICS for South America. These relations offer a unique opportunity to redefine the role of the region on the global stage, diversifying its international relations, accessing financing for sustainable development, and consolidating its influence in a multipolar world order.
However, in order to transform these opportunities into tangible benefits, it is necessary to adopt an approach that combines national and regional strategies, while respecting the cultural and economic specificities of each country. Proactive diplomacy, internal capacity building and adherence to principles of reciprocity and sustainable cooperation will ensure that these alliances are not only based on economic foundations, but also contribute to building a balanced and mutually beneficial partnership.
In this context, and by virtue of its academic autonomy, Bernardo O’Higgins University reaffirms its commitment to address and discuss all relevant topics that contribute to enriching the academic debate and shedding light on the strategic challenges of the region and the world. This openness ensures that the institution remains a privileged space for critical reflection and constructive dialogue on major contemporary issues.
