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Context: 15th BRICS summit
The 15th BRICS summit, hosted by South Africa in Johannesburg, emerges as a pivotal event against the backdrop of evolving geopolitical dynamics and global economic shifts. Marking the first in-person gathering since 2019 due to the COVID-19 pandemic, this summit brings together Brazil, Russia, India, China, and South Africa to deliberate on a theme resonating with collaborative growth and sustainable development.
BRICS Expansion: A New Chapter in Global Cooperation
One of the most notable aspects of the 15th BRICS Summit is the expansion of its membership from five to eleven countries, a strategic move aimed at enhancing the group’s global influence. Countries such as Egypt, Iran, Saudi Arabia, UAE, Ethiopia, and Argentina join the BRICS fold, broadening its representation across the Middle East, Africa, and South America. This expansion is set to take full effect on January 1, 2024, creating a more diverse and dynamic alliance.
The original BRIC members shared commonalities in large economies and high growth potential. However, the expanded BRICS-11 introduces a more heterogeneous group, with some nations facing crises while others thrive. This expansion signals a potential broadening of the agenda beyond economics, encompassing a spectrum of geopolitical and socio-economic challenges.
India’s Strategic Stakes in the BRICS Summit
For India, this summit holds particular significance, serving as the first in-person meeting since the India-China military standoff at the Line of Actual Control. Bilateral talks between the Prime Minister of India and the President of China have resulted in agreements to escalate efforts for troop disengagement and de-escalation along the LAC.
India plays a pivotal role in shaping the BRICS agenda, contributing to the drafting of membership criteria and fostering strategic partnerships among new entrants. Viewing BRICS as a “non-western” rather than an “anti-western” group, India aims to leverage the platform to expand its network of allies and enhance its geopolitical influence.
During the summit, the Indian Prime Minister proposed the establishment of a BRICS space exploration consortium, showcasing India’s commitment to advancing cooperation in space technology and research. Additionally, India advocated for collaboration under the International Big Cat Alliance to protect endangered big cats across BRICS nations.
Geopolitical Context and its Significance
The 15th BRICS Summit assumes heightened importance against the backdrop of the Russian invasion of Ukraine in 2022, impacting global stability and security. BRICS discussions are perceived to carry a “counter-western” perspective, gaining significance amid attempts to isolate Russia over the Ukraine conflict.
Global Initiatives and Collective Agreements
One of the key focal points of BRICS cooperation is comprehensive reform of the United Nations, including the Security Council, to ensure a more democratic, representative, effective, and efficient global governance structure.
On the issue of climate change, BRICS nations have committed to addressing challenges while ensuring a just, affordable, and sustainable transition to a low-carbon and low-emission economy. They call on developed countries to lead by example and support developing nations in making these transitions, opposing trade barriers imposed by certain developed countries under the pretext of tackling climate change.
Global initiatives of BRICS
New Development Bank (NDB):
- Established during the Sixth BRICS Summit in Fortaleza, Brazil, in 2014.
- The NDB is intended to provide financial support for infrastructure and sustainable development projects in BRICS and other emerging economies.
- It aims to offer an alternative to existing financial institutions and promote a more balanced global economic development.
Contingent Reserve Arrangement (CRA):
- Also established during the 2014 Summit in Fortaleza.
- The CRA is a framework for providing short-term liquidity to member countries facing balance of payments problems.
- It aims to mitigate the effects of global financial shocks and enhance the financial stability of the BRICS nations.
Customs Agreements:
- Customs agreements have been signed to coordinate and ease trade transport between BRICS countries.
- These agreements focus on reducing barriers and streamlining customs procedures to facilitate smoother trade interactions among member nations.
Cooperation on Remote Sensing Satellite Constellation:
- In August 2021, the five space agencies of BRICS nations signed an agreement on the Cooperation on BRICS Remote Sensing Satellite Constellation.
- The constellation comprises six existing satellites—developed by China, Brazil, Russia, and India—aimed at enhancing collaboration in Earth observation and remote sensing technologies.
United Nations Reform:
- BRICS members, including India, have consistently advocated for comprehensive reform of the United Nations, particularly the UN Security Council.
- The goal is to make the UN more democratic, representative, effective, and efficient in addressing contemporary global challenges.
Initiatives for Sustainable Development:
- BRICS nations are committed to addressing sustainable development challenges, including climate change.
- The member countries have called for a just and sustainable transition to a low-carbon and low-emission economy, emphasizing the importance of developed nations leading by example and supporting developing countries in this transition.
Trade and Economic Cooperation:
- BRICS promotes intra-group trade and economic cooperation.
- Various initiatives focus on enhancing economic ties, removing trade barriers, and exploring opportunities for collaboration in diverse sectors.
Cultural and People-to-People Exchanges:
- BRICS encourages cultural and people-to-people exchanges to foster mutual understanding and collaboration among member nations.
- These exchanges include educational programs, cultural events, and forums that bring together people from diverse backgrounds.
Relevance of BRICS
The emergence and continued relevance of BRICS (Brazil, Russia, India, China, and South Africa) can be attributed to several pressing needs in the evolving global landscape. Here are key reasons for the existence and importance of BRICS:
- New World Order Assertion:
- BRICS aims to assert its position on the global stage, particularly in relation to traditional powerhouses like the United States and the European Union. It represents a push for a more inclusive and representative global order that reflects the changing geopolitical dynamics.
- Multipolar Global Order:
- BRICS promotes the idea of a multipolar global order, advocating for a balance in economic and political influence among multiple major players. This vision stands in contrast to a unipolar world order dominated by a single superpower.
- Breaking Away from Post-WWII Organizations:
- BRICS seeks to break away from institutions created in the post-World War II era, such as the World Bank and the International Monetary Fund (IMF). The group aims to establish alternative financial mechanisms that better reflect the current distribution of global economic power.
- De-dollarization:
- With BRICS nations accounting for a substantial portion (18%) of world trade, the group supports efforts to reduce dependence on the U.S. dollar. This includes advocating for the increased use of national currencies for international trade and exploring the possibility of establishing a common payment system.
- Global South Representation:
- BRICS provides a platform for countries from the ‘Global South’—nations traditionally not at the center of international agenda-setting. It amplifies the voices and perspectives of these countries, contributing to a more equitable and diverse global discourse.
- Economic Rise of Member Nations:
- The economic rise of India and China, in particular, has been a significant driver for BRICS. These nations have witnessed substantial economic growth in recent decades, and BRICS serves as a forum for collaboration, allowing them to collectively shape economic policies and agendas.
- Financial Structure and New Development Bank (NDB):
- The establishment of the New Development Bank (NDB) is a concrete manifestation of BRICS’ commitment to reshaping the global financial structure. The NDB, headquartered in Shanghai, has actively invested in infrastructure development projects, providing an alternative source of financing compared to traditional Western-dominated institutions.
Conclusion: Forging a Path Towards Global Prosperity
The 15th BRICS Summit unfolds as a crucial juncture in global diplomacy, symbolizing the group’s commitment to collaborative growth, sustainable development, and inclusive multilateralism. As BRICS expands its reach and grapples with diverse challenges, the summit underscores the importance of unity and shared vision in navigating the complexities of the contemporary world. The outcomes of this summit are poised to shape a new global paradigm, setting the stage for a more interconnected and cooperative future.
