Economic ties between China and Brazil have grown, but so have frictions. China is not viewed as a fair competitor with Brazilian manufacturers accusing China of dumping diverted exports from Europe even as Brazilian manufacturers face steep non-tariff barriers in trying to export to China. Worried about the influx of investment and cheap imports from China, Brazilian manufacturers are losing market share to Chinese counterparts, and Brazil is also wary of China's growing economic profile in South America, which Brazil considers its own sphere of influence.
Russia and China are united in their aversion to a US-led global political order, but elite distrust of each other remains. Though they coordinate in trying to scuttle western policies, as has been the case on Iran and Syria recently, the partnership is one of convenience. Russia's failure to develop its Far East has allowed China to gain a toehold in this strategic region and allowed Beijing to define the Asian security landscape. And though China is the largest buyer of Russian conventional weaponry, many in Russia see this as counterproductive: China could emerge as the greatest potential security threat to Russia.
Likewise, Sino-India ties have witnessed a steady deterioration over the last few years on a variety of issues - from land border to maritime disputes. Despite the public pronouncements by the two sides, New Delhi remains skeptical of China's intentions. Beijing's refusal to acknowledge India's rise and a lack of sensitivity on core security interests are leading to pushback. With overall bilateral trade worth $55 billion, India's trade deficit with China rose to $23 billion in 2012.
South Africa's relations with China are also not as wrinkle-free as so often made out in the popular media. Concerns have been rising that China's economic power is strangling South African manufacturing while locking up vital resources for years, as the flood of Chinese finished goods to Africa has created a large trade imbalance. Textile mills in South Africa have closed down under the onslaught of inexpensive Chinese imports, leading to public protests. In a somewhat surprising outburst, former South African President Thabo Mbeki had warned that Africa risked becoming an economic colony of China if the growing trade imbalance between the two was not rectified. Though China has its share of supporters in South Africa, its extractive economic policy is leading to growing calls for a more equitable economic relationship.
The fascination with BRICS is partly an offshoot of the discussion on the emerging so-called post-American world. Many commentators argue multipolarity is likely to be the norm. Yet while BRICS may have growing economies, it's not clear this can translate into power at the global level. Even if the BRICS get their economic act together, the grouping will find it difficult to turn that strength into a unified political force. China's dominance makes most of the goals articulated by the BRICS states wobbly. The point of this coalition was always to show that the balance of power is shifting toward emerging countries, away from the West's historical dominance. But a multipolar world isn't the same as China just trying to tilt the balance of power toward itself.
The narrative surrounding the rise of BRICS is as exaggerated as that of decline for the US. The tectonic plates of global politics are certainly shifting, but their movements are unpredictable. BRICS will remain an artificial construct, merely an acronym coined by an investment banking analyst, for some time to come.
