TAG: GS 2: INTERNATIONAL RELATIONS
THE CONTEXT: India warmly welcomed the new members during a key meeting in Nizhny Novgorod, Russia, held on June 10, 2024.
EXPLANATION:
- Represented by senior diplomat, the Indian delegation expressed full support for the integration of the new members into BRICS cooperation mechanisms.
- The meeting, attended by Russian Foreign Minister and Chinese Foreign Minister, was the first ministerial gathering since the bloc’s expansion.
- In August 2023, the BRICS consortium approved the inclusion of five new members: Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia.
- This expansion marks a significant development in the bloc’s history, positioning it as a more influential entity on the global stage.
- Russia assumed the BRICS presidency on January 1, 2024, setting the stage for over 250 events, including a summit in Kazan in October.
Key Outcomes of the Meeting
- The ministers discussed major global and regional issues, reaffirming their commitment to multilateralism, international law, and comprehensive reform of the United Nations.
- Specific agreements included:
- Upholding the United Nations Framework Convention on Climate Change (UNFCCC)
- Commitment to a successful COP29
- Coordination on global health issues
- Condemnation of unilateral and discriminatory protectionist measures
- Advocacy for an open and transparent World Trade Organization (WTO)
- Reforms in the global financial architecture
Strategic Focus Under Russia’s Presidency
- Russian President highlighted the enhanced role of BRICS in the international monetary system and emphasized expanding inter-banking cooperation and using national currencies in mutual trade. The priorities for Russia’s presidency include:
- Promoting cooperation in science and high technology
- Advancing healthcare initiatives
- Enhancing environmental protection
- Fostering cultural and sports exchanges
Future Prospects
- The expansion and subsequent activities under Russia’s presidency underscore BRICS’ commitment to fostering a multipolar international order and a fair global financial and trading system.
- With 30 more countries expressing interest in joining, BRICS is poised for further growth and increased global impact.
India’s Role and Historical Contributions
- India has been an active participant in BRICS, hosting summits in 2012, 2016, and 2021.
- The theme for India’s Chairship in 2021, ‘BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation, and Consensus,’ emphasized strengthening internal cooperation within the bloc.
- India’s ongoing engagement reflects its strategic interest in shaping the future trajectory of BRICS.
BRICS
- BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.
- Originally identified to highlight investment opportunities, the grouping evolved into a cohesive geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies since 2009.
- Bilateral relations among BRICS are conducted mainly on the basis of non-interference, equality, and mutual benefit.
- The founding countries of Brazil, Russia, India, and China held the first summit in Yekaterinburg in 2009, with South Africa joining the bloc a year later.
- Iran, Egypt, Ethiopia, and the United Arab Emirates joined the organization on 1 January 2024.
- Combined, the BRICS members encompass about 30% of the world’s land surface and 45% of the global population.
- Brazil, Russia, India, and China are among the world’s ten largest countries by population, area, and gross domestic product (GDP) nominal and by purchasing power parity.
- All five initial member states are members of the G20, with a combined nominal GDP of US$28 trillion (about 27% of the gross world product), a total GDP (PPP) of around US$57 trillion (33% of global GDP PPP), and an estimated US$4.5 trillion in combined foreign reserves (as of 2018)