GCC-BRICS Strategic Cooperation in the New Era: The Dual Implications of Geoeconomics and Geopolitics

1. Introduction Since the end of World War Two, the world economic and financial order has gone through fourmain historical stages: US predominance (1945- 1971); US-Soviet rivalry (1971-1991); Western predominance (1991- 2008); and co-governance by both established powers and the rising powers (2008-present). In the first stage, the US offered global public economic and financial goods through the founding of the IMF, the World Bank and GATT (later renamed WTO). In the second stage, due to the decline of the US, the G7 was founded following the collapse of the Breton Woods system in the early 1970s. The G7 then became the predominant player in the global economic and financial architecture, together with the Soviet Union, another economic powerhouse. In the following decade, after the collapse of the Soviet Union, the US, Western European countries, Japan, Canada and Australia were the predominant engines of world economic growth and the major suppliers of global public financial goods. In the 21st century, however, the countries of the Global South have achieved an imbalanced development. The big developing countries, represented by China, Russia (now placed in this category), India, Brazil and South Africa (BRICS) have risen to become substantial economic powerhouses. However, BRICS does not represent all the developing countries. The 57 Islamic countries, which account for almost 50% of all developing countries, do not have a seat within the BRICS. While Turkey, Egypt, Iran, Indonesia, Kazakhstan, Nigeria and Algeria might all be seen as candidates for the future Greater BRICS membership, the GCC as a bloc may have more potentiality to be a strategic partner for the BRICS and even to become a new member of the BRICS. 2. The Origins of the GCC-BRICS Cooperation The GCC was founded in May 1981 following the outbreak of the Iran-Iraq war. In the following three decades, the six monarchies have become the most prosperous and stable area in the troubledMiddle Eastern/Islamic world. The six Arab monarchies, which comprise three constitutional monarchies (Qatar, Kuwait, and Bahrain), two absolute monarchies (Saudi Arabia and Oman), and one federal monarchy (the UAE), share very similar political cultures and historical narratives, and broadly similar political systems and values. They share the same general policy orientations, such as concern with creating a monetary union and the establishment of a security community to counter regional threats, including those coming from Iran, Yemeni Houthis, and “the Islamic State”.

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