What alternative configurations are complicating global commerce and banking?

 

As of 2026, BRICS has expanded (often referred to as BRICS+) to include Egypt, Ethiopia, Iran, Saudi Arabia, the UAE, and Indonesia. These nations aim to reshape global financial governance. Other forming or active alliances include the BASIC group, IBSA, and new security-focused partnerships in the Asia-Pacific region that are reshaping the geopolitical landscape. 

Key Emerging Alliances and Coalitions

• BRICS+ (Expanded Group): Including the original members (Brazil, Russia, India, China, South Africa) plus new members who joined in 2024-2025 (Egypt, Ethiopia, Iran, Saudi Arabia, UAE, and Indonesia), this group represents nearly 40% of global GDP and over 45% of the population. 
• BASIC Group: Brazil, South Africa, India, and China, which coordinates on climate change, often aligning their positions in international negotiations. 
• IBSA Dialogue Forum: India, Brazil, and South Africa, focusing on South-South cooperation, democracy, and economic development. 
• Shanghai Cooperation Organisation (SCO): An expanded security bloc (often referred to as a "SCI" variant in regional discussions) that includes China, Russia, India, Pakistan, Iran, and several Central Asian nations, focusing on regional security, counter-terrorism, and economic cooperation. 
• Regional Groupings (Global South): Various coalitions in Asia-Pacific and the Global South are strengthening, focusing on developing alternative financial systems and reducing reliance on Western institutions.

Key Focus Areas of New Alliances

• Financial Independence: Promoting trade in local currencies and 
  strengthening the New Development Bank.
• Digital and Space Cooperation: Working together on AI, ICTs, and
  building joint satellite constellations.
• Energy and Technology: Strengthening ties in metals and transition
  technologies, particularly with the entry of major energy producers
  like Saudi Arabia and the UAE. 

The Shanghai Cooperation Organisation (SCO)

The SCO is often dubbed "the alliance of the East" and is a major Eurasian political, economic, and security bloc. 

• Origin: It evolved from the "Shanghai Five" (formed in 1996) and was formally established in 2001 in Shanghai, China. 
• Core Mission: Its primary goal is to combat the "Three Evils": terrorism, separatism, and religious extremism. 
• Expansion: As of 2026, it has grown significantly. Current members include:
  • Founders: China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan.
  • Newer Members: India and Pakistan (joined 2017), Iran (2023), and Belarus (2024). 
• Strategic Reach: The group represents roughly 40% of the world's population and a quarter of global GDP, positioning it as a significant counterweight to Western-led alliances like