31 Aug 15th BRICS Summit
This article covers “Daily Current Affairs” and the topic details “15th BRICS Summit”. The topic “15th BRICS Summit” has relevance in the International Relations section of the UPSC CSE exam.
Key Highlights of the 15th BRICS Summit?
GS 2: International Relations
India’s Role in the BRICS Summit?
Why in the news:
In the recently held 15th BRICS summit, it expanded its membership to include 6 more members.
Key Highlights of the 15th BRICS Summit:
Expansion of BRICS:
- The 15th BRICS Summit marked a significant expansion of its membership, evolving from five to eleven countries. This move is aimed at strengthening its global influence.
- The inclusion of Egypt, Iran, Saudi Arabia, UAE, Ethiopia, and Argentina enhances geographical representation across the Middle East, Africa, and South America.
- This expansion will come into effect on January 1, 2024.
- Their substantial economies and growth potential united the original BRIC members. The newly expanded BRICS-11 introduces greater diversity, with some members confronting challenges while others experience economic prosperity.
India’s Role in the BRICS Summit:
- The BRICS Summit holds immense importance for India, especially since it marks the first face-to-face interaction after the India-China military standoff at the Line of Actual Control (LAC).
- Following bilateral discussions between the Prime Minister of India and the President of China, both nations have committed to intensifying efforts towards troop disengagement and de-escalation along the LAC.
- Leveraging the BRICS platform, India seeks to expand its partner network and enhance its global geopolitical influence.
- India perceives BRICS as a platform representing diverse perspectives rather than one that is exclusively against Western influences.
- A novel proposition from the Indian Prime Minister involves establishing a BRICS consortium for space exploration to foster collaboration in space technology and research.
- Furthermore, India’s dedication to environmental and wildlife protection is evident through its call for collaborative efforts within the International Big Cat Alliance to safeguard endangered big cat species residing within BRICS nations.
- The ongoing summit holds paramount importance in the aftermath of the 2022 Russian invasion of Ukraine, an event that has reverberated across the globe, profoundly impacting global stability and security.
- Discussions within BRICS carry an inherent geopolitical weight, often seen as representing a perspective that contrasts Western influences.
- In light of the diplomatic efforts to “isolate” Russia due to the Ukraine conflict, the deliberations within BRICS gain heightened significance, potentially shaping broader geopolitical dynamics.
United Nations Reform:
- India and its BRICS counterparts share a cohesive stance, advocating for a comprehensive reform of the United Nations. This overhaul extends to the institution’s Security Council, aiming to imbue it with greater attributes of democracy, representation, effectiveness, and efficiency.
Addressing Climate Change:
- BRICS member nations have achieved consensus on addressing the pressing challenges of climate change. Their collective commitment extends to facilitating a just, cost-effective, and sustainable transition towards economies characterized by low carbon emissions.
- This joint commitment underlines the shared belief that developed countries should lead by example, embracing similar transitions and supporting developing nations as they strive for sustainable transformations.
- Additionally, BRICS nations express their opposition to trade barriers imposed by specific developed countries under the pretext of addressing climate change concerns, highlighting the intricacies of the intersection between climate policies and global trade dynamics.
- BRICS is an acronym representing a coalition of prominent emerging economies: Brazil, Russia, India, China, and South Africa.
Origins and Formation:
- The term BRIC was coined in 2001 by British Economist Jim O’Neill to refer to the four emerging economies – Brazil, Russia, India, and China.
- The grouping was formally established during the inaugural meeting of BRIC Foreign Ministers in 2006.
- South Africa became a part of BRICS in December 2010, leading to the adoption of the acronym BRICS.
- BRICS effectively brings together five of the world’s largest developing nations, collectively accounting for 41% of the global population, 24% of the global GDP, and 16% of global trade.
- Leadership within the forum rotates annually among the members following the sequence of B-R-I-C-S
Q.1 Consider the following regarding expansion of BRICS:
- All the new nations admitted to BRICS have robust and stable economies
- All the new members are from Africa or Asia
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Q.2 Discuss the significance of expansion of BRICS. How it helps to create a perception of a multipolar world order as desire by India.