BRICS
Introduction :-
- Development is an abbreviation for the group of five fastest emerging economies of the world, Brazil, Russia, India, and South Africa. BRICS is not an international inter-governmental organization. Nor is it established under any treaty. It can be called a unified platform of five countries. Copies of the Supreme Leaders of the BRICS countries and other ministerial meetings are held. The BRICS Summit is presided over by the Supreme Leader of the member countries in the order B - R - I - C - S every year.
Salient Feature :-
- The population of BRICS countries is about 40% of the world's population.
- Its share in the global GDP is about 30%.
- It is seen as a significant economic weight.
- It is an emerging ethnic market and a global power.
Start of BRICS :-
- The saving of BRICS was done in 2001 by Jim O'Neill of Goldman Sachs Economics in a report on the growth prospects for the economies of Brazil, Russia, India and China.
- In 2006, the four countries began a regular informal diplomatic coordination with the annual meetings of foreign ministers at the end of the general debate at the UN General Assembly.
- This successful interaction led to the decision that it should be held at the level of Heads of State and Government in the form of an annual summit.
- The first BRIC summit was held in Yekaterinburg, Russia in the year 2009 and discussed issues like reforms in the global financial system.
- In December 2010, South Africa was invited to join the BRIC and came to be known as BRICS.
- In March 2011, South Africa participated in the 3rd BRICS Summit in Sanya, China for the first time.
Objective :-
- The objective of BRICS is to advance the broad level of cooperation between the group as well as individual countries for more sustainable equitable and mutually beneficial development.
- The economic status and development of each member is taken into account by BRICS so that relations are built on the basis of economic strength of the country concerned and competition is avoided as far as possible.
Areas of cooperation (economic cooperation, people-to-people exchange, political and security cooperation)
1. Financial Cooperation :-
- Trade and investment are growing rapidly in BRICS countries along with activities of economic cooperation in many areas.
- Economic and trade cooperation, innovation cooperation, customs cooperation, Wix Business Council, Contingency Reserve Agreement and strategic cooperation between New Development Bank etc. have emerged from the BRICS understanding.
- These agreements contribute to the achievement of the common objectives of strengthening economic cooperation and promoting integrated trade and investment markets.
2. People-to-People Exchange :-
- Vicks Madasthi has recognized the need to strengthen papal-to-people exchange and promote closer collaboration among youth and in the fields of culture, sports, education, film etc.
- People-to-people exchanges are expected to strengthen ties among BRICS members in terms of openness, inclusivity, diversity and the spirit of learning, etc.
- Papal-to-people exchanges include Young Diplomats Forum, Parliamentary Forum, Trade Union Forum, Civil Bix as well as Media Forum Me.
3. Political and Security Cooperation :-
- The purpose of political and security cooperation of BRICS members is to cooperate in making the world peace, security development and more just and fair.
- Provides opportunities for BRICS member countries to exchange common policy advice and best practices for domestic and regional challenges.
- It emphasizes the restructuring of the global political system so that it is based on multilateralism and is more balanced. BRICS is used as a vehicle for South Africa's foreign policy priorities, including the African agenda and South-South cooperation.
Important challenges before BRICS :-
- The three big countries - Russia, China, India - challenge their own interests for BRICS. Development must be multicontinental to be representative of the major emerging markets of the world. Consider making members from other regions and Continent as well.
- BRICS will need to expand its agenda to increase its relevance globally. So far, climate change and finance development, infrastructure building have got prominence on the agenda.
- BRICS works on fundamental principles which include global governance, sovereignty, equality and pluralism. These have their own challenges as the five member states may be dominated by their own national agendas.
- The military standoff between India and China in Doklam has effectively put an end to the general perception that BRICS members can maintain smooth political relations.
- China's allies, which are part of its Belt and Road Initiative, may provoke conflict between BRICS members, especially China and India.
Importance of BRICS for India :-
- India provides consultation and cooperation on economic issues as well as current global issues, such as international terrorism. BRICS can benefit from collective strength through climate change, food and energy security, reform of international institutions, etc.
- The New Development Bank (NDE) will help India generate resources and generate profits for infrastructure and sustainable development projects.
- The New Development Bank (NDB) has approved its first loan, which includes a $250 million loan for India under the Renewable Energy Financing Scheme for Multitrench Financing Facility.
