RSTV: INDIA’S WORLD – 11TH BRICS SUMMIT
This year theme of BRICS is ‘Economic Growth for an Innovative Future’. The BRICS countries are Brazil, the Russian Federation, India, China and South Africa, convene for a BRICS Leaders’ Summit annually. BRICS majorly focus on spheres of political, socio-economic coordination, in which member countries have identified business opportunities, economic complementarities and areas of cooperation. Leaders of five nations are also expected to discuss issues like the fight against organised crime, counter-terrorism, money laundering, scientific-technical cooperation and the digital economy.
BRICS: Origins and now:
- On November 30, 2001, Jim O’Neill, a British economist who was then chairman of Goldman Sachs Asset Management, coined the term ‘BRIC’ to describe the four emerging economies of Brazil, Russia, India, and China.
- It started as a investment banker
- BRIC on the basis of econometric analyses projecting that the four economies would individually and collectively occupy far greater economic space and become among the world’s largest economies in the next 50 years or so.
- It was agreed to expand BRIC to BRICS with the inclusion of South Africa at the BRICS Foreign Ministers’ meeting in New York in September 2010.
- South Africa attended the third BRICS Summit in Sanya on April 14, 2011. Last year, leaders of the grouping commemorated the 10th anniversary of BRICS in Johannesburg.
- During the sixth BRICS Summit in Fortaleza, Brazil (2014), the leaders signed the Agreement for establishing the New Development Bank (NDB).
11th BRICS Summit:
- 11th BRICS Summit was held in Brasilia, Brazil.
- At a time when the five countries are heading in different directions politically, they found ways to build a common vision for the world’s economic future
- Emphasis on multilateralism and a joint statement at Brasilia that decried “unilateral and protectionist” actions.
- Member nations held dialogues on cementing ties in trade, innovation, technology and culture.
- The grouping decided to open a regional office of the New Development Bank (NDB) in India. •
- Terrorism was one of the priority areas for BRICS 2019
India and BRICS:
- From the Indian perspective, BRICS has emerged the voice of developing countries, or the global south.
- With raising challenges on issues from WTO to climate change, New Delhi believes BRICS has to protect the rights of the developing countries.
- India has to maintain the balancing act between Russia-China on the one side and the US on the other.
- India should move closer to Latin America.
- BRICS has put counter-terrorism on top of the agenda, this has been a success for India.
- India is making efforts to address glaring gaps in areas such as counter-terrorism, the fight against climate change and UNSC reform
- India was the main BRICS country behind the establishment of the NDB and proposed the idea at the fourth BRICS summit in New Delhi.
- 2021 BRICS Summit is scheduled in India.
India’s stand in the BRICS Summit 2019
- India put forward the concern of increasing terrorism in the world.
- As per PM Modi’s speech in the summit, the menacing threat of terrorism has caused the world economy of huge value of $1 trillion.
- He proposed various steps that are needed to be taken in to account in order to overcome this loss.
- India invited the leaders of the participating countries to invest in India’s infrastructure development which will eventually help in increasing the trade participation of India.
- India also proposed to hold the first meeting of BRICS Water Ministersin India.
Key Focus areas:
- Climate Change
- International global development architecture.
- Coordination on counter terrorism
- Reformed multilateralism.
- Digital trade
- Where BRICS has failed its founders is in the vision of interdependence between the five countries
- Economic slowdown in all countries eg India is growing at 4.5%, Russia at 1% and South Africa & Brazil less than 1%.
- Despite their combined population accounting for 40% of humanity, intra-BRICS trade still makes up just 17% of world trade.
- The New Development Bank’s (NDB) vision to ‘supplement the existing efforts of multilateral and regional financial institutions for global growth and development’ remains far away from realisation.
- So far the only members of NDB are its founders and its own limitations.
- Lack of transparency and good governance among member States with the bank.
- Politically, these countries are not all on the same page at the same time.
- China has been shielding Pakistan and has been uneasy discussing the issue of terrorism on this platform.
- Lack of a binding ideology, bilateral differences, diversity in terms of socio-cultural and political systems
- China’s overwhelming presence, which reduces the space for other countries in the grouping.
- BRICS should promote comprehensive development of all states both big and small and enhanced mutually beneficial cooperation among them on the basis of shared interests.
- A civil society dialogue is much needed.
- BRICS nations should strive for peaceful and politico-diplomatic settlement of crisis and conflict in various regions of the world.
- BRICS, being one of the pillars of the emerging fairer polycentric world order, plays an important stabilising role in global affairs.
- Democratization of international issuese agreements on global agendas should be reached with the widest and equal participation of all stakeholders and be based on universally recognised legal norms.
- The principle of respect for cultural and civilizational diversity of the world should be a top priority.
- In the storming ocean of world politics, BRICS can contribute significantly in maintaining international stability and ensuring global economic growth and becoming a united centre of the multipolar world.
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