15th BRICS Summit

Background:

• Formation: BRICS emerged as “BRIC” in 2001 (Brazil, Russia, India, China), and expanded in 2010 to include South Africa.
• Members: Brazil (resource-rich South American nation), Russia (major energy player), India (booming IT and service sector), China (manufacturing powerhouse), and South Africa (abundant minerals).
• Summits: Annual meetings to foster economic cooperation, trade, and political dialogue.
• New Development Bank (NDB): Established by BRICS, funds infrastructure and sustainable projects.
• Challenges: Income inequality, diverse priorities, differing political systems.
• Geopolitical Impact: Shift in global power from West to emerging economies; advocates multipolar world.

Linkage:

• During the Sixth BRICS Summit in Fortaleza (Brazil) in 2014, the leaders signed the Agreement establishing the New Development Bank (NDB – Shanghai, China).
• It has so far approved 70 infrastructure and sustainable development projects.
• In 2014, the BRICS governments signed a treaty on the setting up of the contingent reserve arrangement
• In August 2021, the five space agencies signed an agreement on the Cooperation on BRICS Remote Sensing Satellite Constellation.

Current News:

• The 15th BRICS summit hosted by South Africa in Johannesburg, holds significant importance against the backdrop of geopolitical changes and global economic dynamics.
• Notably, this summit marks the first in-person gathering since 2019 due to the COVID-19 pandemic.
• The theme for the 15th BRICS Summit is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism”.

Impact:

• India-China Disengagement Efforts: India and China, as part of BRICS, have agreed to intensify their efforts to disengage troops and de-escalate tensions along the Line of Actual Control (LAC). This cooperative approach aims to reduce military confrontation and maintain stability in the region. Such efforts contribute to minimizing the potential for conflict and fostering peaceful coexistence.
• BRICS Membership Criteria and Partnerships: India played a pivotal role in establishing membership criteria for BRICS and in promoting strategic partnerships among new entrants. This demonstrates India’s influence within the group and its ability to shape the organization’s direction. By facilitating the inclusion of newer members and encouraging partnerships, India strengthens the group’s diversity and collective capabilities.
• Geopolitical Influence through BRICS: India views BRICS as a platform to enhance its geopolitical influence and expand its network of allies. By engaging with fellow member countries and participating in discussions on various global issues, India can assert its stance on important matters and gain support for its diplomatic initiatives.
• Cooperation with China and Russia: India seeks to enhance cooperation with China and Russia within the framework of BRICS. Collaboration with these influential nations allows India to align its interests with theirs, fostering joint declarations and initiatives that hold significance on the global stage.
• Space Exploration Consortium: The Indian Prime Minister proposed the establishment of a BRICS space exploration consortium. This initiative aims to facilitate collaboration in space technology and research among BRICS countries. Such a consortium can lead to shared advancements in space exploration and technology, benefitting all member nations.
• Conservation of Endangered Big Cats: India highlighted the need for BRICS collaboration under the International Big Cat Alliance to protect endangered big cats found in the member countries. This initiative demonstrates the group’s commitment to biodiversity conservation and the preservation of natural habitats.
• Post-Russian-Ukraine Conflict Importance: The BRICS summit assumes heightened significance due to the aftermath of Russia’s invasion of Ukraine. The discussions gain relevance as they occur in a changed global context, impacting regional stability, security dynamics, and global political relationships.