11 May BRICS: A NEW ALTERNATE
GS PAPER 2, INSTITUTIONS
Brazil, Russia, India, China, South Africa are the members of BRICS. BRICS countries together account for 42% of the world’s population, a third of the global GDP and around 17% share of world trade. BRICS countries’ sizable contribution to global growth, trade and investment makes it an important pillar of global order.
The significance of the BRICS can be seen in following points-
- Various institutions introduced by BRICS like New Development Bank, BRICS Contingency Reserve etc are providing viable alternatives in global economic governance.
- With the withdrawal of US from the Intermediate-Range Nuclear Forces (INF) Treaty and Iran deal has posed a great security threat to global peace, In this context BRICS can play a vital role to fill the gap
- The BRICS contribution to world poverty reduction has been sizeable
- It provides a platform for the major developing countries to arrive at workable solutions to achieve sustainable development and counter the harmful impacts of global warming.
as the success achieve by BRICS in a short span of time it is seen that BRICS can contribute significantly in maintaining international stability, ensuring global economic growth and becoming a united centre of the multi-polar world