BRICS

Event: Prime Minister Narendra Modi will visit Kazan, Russia, for the BRICS Summit next week.

  • Face-to-Face Meeting: Modi will meet Chinese President Xi Jinping, marking a significant diplomatic engagement.
  • Background: Modi and Xi recently held informal talks in Johannesburg during the BRICS Summit in August. Tensions persist at the India-China Line of Actual Control (LAC) in Ladakh.
  • Agenda: The summit will focus on the theme: “Strengthening Multilateralism for Just Global Development and Security,” addressing key global issues and evaluating BRICS’ progress.

Past Developments

During the 15th BRICS Summit in Johannesburg, the BRICS group (Brazil, Russia, India, China, and South Africa) decided to expand by inviting six new members: Iran, Saudi Arabia, UAE, Egypt, Ethiopia, and Argentina. The new members will join on January 1, 2024, increasing BRICS’ global influence.

What is BRICS?

BRICS is an alliance of five major emerging economies formed in 2006, later joined by South Africa in 2010. Before expansion, it represented 41% of the global population, 24% of global GDP, and 16% of global trade.

Key Outcomes of the 15th Summit

  • Commitment to Multilateralism: Emphasis on global governance reform and sustainable development.
  • Membership Expansion: Six new countries invited, with over 40 more expressing interest.
  • Common Currency Proposal: Exploring a common currency for trade to reduce reliance on the US dollar.
  • Space Cooperation: India proposed a BRICS space consortium, aligning with its recent moon mission.
  • Addressing Global Concerns: Discussions on COVID-19, climate change, and energy security, emphasizing equitable access to vaccines.

Factors Behind Expansion

  • Independent foreign policies of Saudi Arabia and UAE.
  • Improved regional ties, including Iran-UAE normalization and Saudi-Qatar reconciliation.
  • BRICS’ focus on energy-rich nations, strategic geographical presence, and Latin American influence through Argentina.

Challenges for India within BRICS

  • Shifting Alliances: Closer ties among BRICS members with other countries may affect group cohesion.
  • Multilateral Coordination: Diverse priorities make aligning on global governance reforms difficult.
  • China’s Dominance: India faces challenges from China, including border disputes, trade imbalances, and tech competition.
  • Balancing Democracy: Navigating Western expectations while maintaining Global South solidarity is critical.
  • Bilateral Differences: Ongoing disputes with China, Pakistan, and differing views with Russia complicate cooperation.
  • Russia’s Reliability: Russia’s conflicts, like in Ukraine, and alignment with China raise concerns for India.
  • Trade Imbalances: India’s trade deficit with China remains a key economic challenge.

How India Can Leverage BRICS

  • Promote Inclusive Governance: Advocate for consultation, joint contributions, and shared benefits to amplify emerging markets’ voices in global governance.
  • Ensure Universal Security: Push for balanced regional security that respects all BRICS members’ concerns.
  • Foster Group Collaboration: Reduce China’s dominance and promote diversification for a balanced internal dynamic.
  • Boost Economic Cooperation: Focus on supply chains, energy, and food security with solutions tailored for the developing world, like an institutional research wing.
  • Strengthen Health Governance: Use the BRICS Vaccine R&D Centre and India’s ‘One Earth, One Health’ vision to enhance global health governance.

India should drive consensus within BRICS, setting the stage for broader reforms in global institutions like the UN, WTO, and WHO, ensuring more effective global adaptation.

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