NEW DELHI, March 16. /TASS/. Instability in energy markets due to the conflict in the Middle East will strengthen the positioning of BRICS and RIC (Russia, India, China) and attract the attention of even more countries from the global South advocating for a balanced policy within those formats, Subhashish Banerjee, the founder and head of Strategy P3, the Calcutta-based Strategic Think Tank, told TASS.
"It is no more a puzzle to a greater volume of the world that the Global South is drafting the much-awaited New World order in the dialect of cooperation, collaboration, and communication," he said. "The unnecessary aggressive diplomacy that has been displayed by USA and Israel using the narrative of kinetic has not just made the world doubt their sense of responsibility but also has aggravated the chance for the new era," the expert added.
"We all agree that this kinetic approach has done considerable damage on energy future but as an alternative it has also proven to be extremely analytical for the nations who believed in the grammar of balance," he noted.
"Fuel which was supposed to be a commodity to many may now be a part of channeling the same to other parts of the world. Many small countries holding their trust in the RIC alliance will now slowly look forward to creating small-scale energy hubs. These much-awaited investments will not just change the energy market of the future but also create opportunities for many other stakeholders to participate in its growth," Banerjee said.
BRICS
According to the expert, considering the high sensitivity of countries in the Global South to energy prices, the conflict in the Middle East could shift energy diplomacy toward more active cooperation with BRICS+ partners.
"BRICS is not just a global organization but in my view it is that possible alternative that the entire world was waiting for. When world organizations like the United Nations, NATO, European Union have in some way or another proved their failure to justify the narrative of neutrality, the world for obvious reasons was waiting for an alternative. BRICS is that answer to the world," he said.
The expert expects energy sovereignty and security, and streamlining trade flows to be among the topics of discussion during India's upcoming BRICS chairmanship.
"Even local currency utilization in energy trade is going to be a very important decision that might be made in this podium. Thus, a larger canvas of cooperation is expected to be painted not just by India but by BRICS and its partners as a whole," he said.
Russia’s role
Asked about Russia’s role in those processes, Banerjee noted that "the bilateral relationship between India and Russia has always been a matter of interest for the West, and thus in terms of BRICS they will obviously keep their eyes wide open to see how this age-old historic togetherness reshapes the concept of energy dynamics for the future of the world."
"If India and Russia lead this energy equation of BRICS, for the interest of the larger section of the non-inclusive global segment BRICS will be an obvious option and a priority considering their energy diplomacy," he added.
Alternative pattern
According to the expert, "the time has come for the Global South to decide and regenerate an alternate financial model that will obviously be not much aligned to the US global financial supremacy model."
"These double standard standings of the USA and parts of Europe must be exposed now. It is humorous to analyze how the same United States of America can hold statements on global energy banking and keep on bombarding energy reserves responsibly by justifying issues that are found to be mostly alien in nature? This is not just a threat for the nations to get attacked but this also proves diplomatic sovereignty now walks with a question mark when the USA sees an opportunity within a territory," he stressed.
"So it is evident that the global operative system in sectors, especially energy, minerals, and resources must come up with an alternate financial system that will not just respect the presence of each and every stakeholder but also its structuring should generate interest amongst the world as a greater thought process in a much positive way. This can only be possible if Global South takes its bold stand and generates the much-needed sense of confidence not just for the big nations but for the medium and small nations that territorial sovereignty is not an option but a global right," the expert concluded.