On September 23, 2025, as the world’s diplomatic elite gathered for the 80th General Assembly of the United Nations in New York, a quiet but seismic shift was underway. The BRICS bloc—an alliance now encompassing Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, the United Arab Emirates, and Saudi Arabia—was stepping confidently into the void left by a retreating United States. The implications? A rebalancing of global economic power, a potential redefinition of the rules that govern international organizations, and a challenge to the very currency that underpins world trade.
According to a Brussels conference organized by EuroHub4Sino and reported during the UN’s General Assembly, the BRICS countries are poised to “shape votes and funding decisions but also the very concepts that govern the organisation.” With Washington pulling back funding and influence—most recently, President Donald Trump criticized the UN as “not being well run” and ordered reviews of all pending US contributions—the stage is set for a new era. Over the past months, Trump has withdrawn the US from UNESCO, the World Health Organization, and other agencies, while slashing funding for peacekeeping and humanitarian efforts. Given that the US has traditionally accounted for about a quarter of the UN budget, the impact is profound. Secretary-General António Guterres, facing an unprecedented shortfall, has been forced to implement sweeping cost-cutting measures, including layoffs affecting one in five UN staff, as detailed in a September 9 report from the International Crisis Group.
Into this financial and political vacuum steps China, not only consolidating leadership roles within the UN but also promoting a vision of multilateral engagement that diverges sharply from Western priorities. Yet, as Human Rights Watch’s Claudio Francavila told the conference, Beijing’s approach to issues like human rights is “part of a broader economic and political calculus rather than strictly moral obligations.” He warned, “What matters is not what’s ethically or morally correct, but what’s in the interest of the CCP … It knows what it wants and can plan for the next 30 years.” China’s planning horizon, unconstrained by electoral cycles, enables it to pursue long-term influence in a way that Western democracies struggle to match.
This shift is not without its challenges. China’s own contributions to UN agencies are sometimes delayed, raising questions about reliability even as Beijing seeks to assert itself as a dependable multilateral partner. Still, the growing influence of the BRICS bloc—now expanded to include major emerging economies from Africa, the Middle East, and Southeast Asia—gives these countries additional leverage. Their ability to shape UN agendas, regulatory standards, and the very definition of human rights is increasing, much to the concern of traditional Western powers.
Europe, for its part, is trying to adapt. As Nienke Buisman of the European Commission pointed out, China now spends more on research and development than the entire EU, making competitiveness in science and innovation a pressing European priority. Since 2019, the EU has crafted frameworks for collaboration with China, setting strict conditions on intellectual property, open science, and gender equality. “We continue to say that we are open to discussing this, but we are no longer open to work together if we can’t agree on these conditions,” Buisman explained. Joanna Szychowska, Director at DG Trade, echoed the need for strategic foresight: “The EU has to think long term, and remember both its strengths and weaknesses.”
Amid these tectonic shifts, Indonesia’s official accession to BRICS on September 23, 2025, is a striking example of the bloc’s expanding appeal. For Indonesia, the move is more than symbolic. It’s a calculated strategy to expand international networks, strengthen its global economic-political position, and support a more inclusive and fair world system for developing countries. As reported by Daily News, Indonesia hopes to leverage BRICS membership to secure more competitive commodity deals—such as Russian crude oil at prices less affected by Western embargoes—and reduce the burden of national energy subsidies.
Indonesia’s economic fundamentals are robust: strong domestic consumption, booming exports of palm oil and coal, and a digital economy that topped $70 billion in 2024. Its GDP in the first quarter of 2025 reached IDR 5,665.9 trillion at current prices, with a 4.87% annual growth rate. Projections estimate Indonesia’s GDP will hit $2.07 trillion by 2030, reflecting a stable upward trend. The country’s ambition is clear: diversify economic and political partnerships beyond traditional Western blocs, access financing from the BRICS’ New Development Bank, and advocate for a fairer, multipolar global order.
Yet, Indonesia’s journey is not without obstacles. The country must contend with currency fluctuations, regional growth disparities, and the need for accelerated regulatory reforms. Perhaps most challenging will be navigating the internal dynamics of BRICS itself—balancing between China’s economic dominance, geopolitical tensions among members, and Indonesia’s own policy of non-alignment. As Hendra Manurung and Oktaheroe Ramsi of the Republic of Indonesia Defence University note, Indonesia’s strategy is to “expand international networks, strengthen its global economic-political position, and support a fairer and more inclusive multipolar world system for developing countries.”
Meanwhile, a different but related revolution is brewing in the world of finance. On the same day as Indonesia’s accession, BRICS intensified discussions about launching a unified currency to challenge the US dollar’s dominance. According to El País, trade transactions accounting for over 25% of global GDP still rely on the dollar, exposing developing economies to risks and higher costs. The proposed currency—backed by a basket of national currencies—aims to balance interests among members and reduce dependence on Western intermediaries. Symbolic tests of the currency have already taken place at recent summits, and digital payment platforms like BRICS Pay are being trialed to facilitate cross-border transactions.
Currency swap agreements, such as those between Brazil and China, already bypass the dollar entirely, with the Chinese yuan now dominating half of intra-BRICS trade. The idea of a BRICS common currency was first championed publicly by Brazilian President Luiz Inácio Lula da Silva in 2023. Russian Foreign Minister Sergei Lavrov has since credited Brazil with pioneering the debate, noting that Brazil’s 2025 BRICS presidency prioritizes alternative payment systems. The urgency is underscored by Western sanctions, which have frozen Russian reserves and restricted access to global financial networks like SWIFT.
Western governments, especially the US, are watching warily. President-elect Donald Trump has issued stern warnings against any move to undermine the dollar, threatening 100% tariffs on products from nations adopting alternatives. Yet, BRICS leaders insist their goal is not confrontation. “It’s not about replacing national currencies but reflecting a multipolar order,” Lula stated in August 2025. The group’s expansion to include oil giants like Saudi Arabia and Indonesia only adds weight to the initiative, which could soon redraw the map of global finance.
As the world’s economic and diplomatic order shifts, the BRICS bloc is no longer content to play second fiddle. Whether through redefining the rules at the UN, offering new models of cooperation for developing economies, or challenging the dollar’s supremacy, these emerging powers are making their presence felt. The coming years will reveal just how far their influence can reach—and what kind of world order will emerge in their wake.
