The global economic and political landscape is undergoing a major transformation, with two powerful groups—G20 and BRICS+—at the center of this shift. While the G20 has long been a dominant force in international economic cooperation, BRICS+ is emerging as a formidable counterbalance, challenging the traditional Western-led global order.
The G20: A Forum in Flux
Established in 1999, the G20 includes 19 countries and the European Union, accounting for roughly 85% of global GDP and over 75% of international trade. Historically, it has played a crucial role in stabilizing global markets and coordinating responses to financial crises. However, recent developments highlight growing challenges within the G20 framework.
The recent G20 finance ministers’ meeting in South Africa exposed the group’s internal struggles, with key figures such as U.S. Treasury Secretary Scott Bessent and Japan’s Finance Minister Katsunobu Kato absent. This lack of participation signals waning commitment from major economies, exacerbated by U.S. President Donald Trump’s “America First” policies.
Despite these challenges, South Africa’s G20 presidency has focused on critical issues such as debt relief, climate change, and economic resilience. President Cyril Ramaphosa has called for global cooperation, yet divisions within the group raise doubts about its ability to act decisively on these matters.
BRICS+: Expansion and Rising Influence
While the G20 grapples with internal tensions, BRICS+ is rapidly expanding, reinforcing its role as a platform for emerging economies. The 2024 BRICS Summit in Kazan, Russia, marked a significant milestone with the addition of new partner states, bringing the bloc’s collective influence to new heights.
BRICS+ aims to empower the Global South by promoting economic cooperation, reducing dependence on Western-led institutions, and reforming global governance structures. One of its most impactful initiatives is the New Development Bank (NDB), which offers alternative financing solutions for infrastructure and development projects in emerging markets.
With its expansion, BRICS+ is positioning itself as a strong counterweight to Western-dominated institutions, creating opportunities for economic growth outside the traditional G7-led financial system.
Convergence and Divergence: G20 vs. BRICS+
Despite their shared goals of global economic cooperation, the G20 and BRICS+ have taken different approaches to achieving influence.
- G20: Struggles with internal divisions, particularly between Western economies and emerging markets, making collective action difficult.
- BRICS+: Focuses on expansion and unified reform efforts, strengthening ties among emerging economies and challenging existing power structures.
Interestingly, the G20 has attempted to boost representation for the Global South, with consecutive presidencies held by Indonesia (2022), India (2023), Brazil (2024), and now South Africa (2025). However, whether this effort is translating into real influence for emerging markets remains uncertain.
Implications for the Future of Global Governance
The growing divide between G20 and BRICS+ signals a shift towards a more multipolar world, where economic power is distributed among various blocs rather than concentrated in the West.
- BRICS+ represents a new model of economic cooperation, emphasizing South-South partnerships and alternative financial institutions.
- The G20 must adapt to remain relevant, potentially by embracing structural reforms that give emerging economies a stronger voice in decision-making.
As BRICS+ expands and asserts its influence, and the G20 struggles to maintain cohesion, the global economic landscape is being reshaped. The decisions made within these groups will define international relations, trade, and economic policies for decades to come.
Will BRICS+ continue its rapid rise? Can the G20 maintain its global leadership role? These questions will shape the future of global governance in the years ahead.
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