23 Apr BRICS: Pillar of emerging polycentric world order
GS PAPER 3, INSTITUTUINS
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 make it an important pillar of global order.
The significance of the BRICS can be seen in the following points-
- Various institutions introduced by BRICS like New Development Bank, BRICS Contingency Reserve, etc are providing viable alternatives in global economic governance.
- The withdrawal of the 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.
Hence, as the success achieved 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 center of the multi-polar world