BRICS: Opportunities and Challenges for the European Union

Abstract

The BRICS announcement in 2009 by some developing nations alarmed the world, but Western scholars initially paid little attention. The growing trade relations between BRICS nations and the EU pose serious challenges for the former while also offering opportunities to strengthen economic cooperation with Asian, Latin American, and African states. With the addition of new member states, the BRICS has become BRICS plus, with some of the largest oil-producing states, such as Iran and the UAE, also joining the organization. The paper aims to discuss how the mutual dependence between the BRICS nations and the EU will bring opportunities and Challenges for the EU. Further, it will also describe the growing influence of China within the BRICS, which is likely to create some obstacles for the EU partner and the great power, the US, China's competitor. Additionally, the BRICS nations are trying to launch their own currency by ditching the dollar, which will also be challenging for the EU. Therefore, this paper will analyze the profound challenges and opportunities the EU is likely to face in trade with the BRICS nations.