15th BRICS Summit

SANSAD TV - Discussion May 23, 2024 126 Add to Reading List

During the 15th BRICS summit in Johannesburg, a significant milestone occurred as the BRICS group, consisting of Brazil, Russia, India, China, and South Africa, broadened its scope by extending invitations to six additional nations.

Among the newly invited countries are Iran, Saudi Arabia, and the United Arab Emirates (UAE) from West Asia; Egypt and Ethiopia from Africa; and Argentina from Latin America.

What is BRICS?

BRICS is an acronym for the grouping of the world’s leading emerging economies: Brazil, Russia, India, China, and South Africa. In 2001, the British economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China. The grouping was formalized during the first meeting of BRIC Foreign Ministers in 2006. South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.

The Johannesburg Declaration 2023, issued after the summit, announced that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) had been invited to become full members starting January 1, 2024. The BRICS (prior to expansion) represented 41% of the global population, 24% of the global GDP, and 16% of the global trade. Since 2009, its summits are held annually.

Outcomes of the 15th BRICS Summit

1. Reaffirming Multilateralism and Reform:

Commitment to Multilateralism: BRICS leaders reiterated their dedication to multilateralism, adherence to international law, and the promotion of sustainable development.
Institutional Reform: They voiced support for restructuring the United Nations and other global organizations to enhance inclusivity and responsiveness to the needs of developing nations.

2. Expanding Membership and Influence:

Membership Expansion: BRICS invited 15 countries from Africa and the Global South to join a Friends of BRICS gathering.
First Phase of Expansion: Invitations were extended to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE to join BRICS.
Interest from Other Nations: Over 40 nations have shown keen interest in joining BRICS.

3. Common Currency:

Exploration of a Shared Currency: BRICS leaders decided to investigate the potential development of a shared currency for trade and investment, aimed at reducing reliance on the US dollar and other major currencies.
Task Assigned: Finance ministers and central bank governors were assigned to analyze the feasibility and benefits of this currency.

4. Space Cooperation:

Proposal for Space Consortium: The Indian Prime Minister proposed the formation of a BRICS space exploration consortium.
Significance: This proposal gains importance as India recently became the first country to land on the South Pole of the Moon.

5. Addressing Regional and Global Concerns:

Discussion Topics: The BRICS leaders discussed issues such as the COVID-19 pandemic, climate change, terrorism, cybersecurity, energy security, trade, and investment.
Vaccine and Health Cooperation: They advocated for fair access to vaccines and medical resources for all nations and committed to strengthening collaboration in health, research, and innovation.

Regional Developments Influencing BRICS Expansion

1. Independent Foreign Policy:

Saudi Arabia and UAE: Both countries have been actively pursuing independent foreign policies, especially since 2020, asserting their sovereignty and making decisions based on national interests.

2. Resolution of Qatar Blockade:

Lifting of Blockade: Saudi Arabia lifted the blockade on Qatar in January 2021, signaling a willingness to resolve regional disputes and enhance relations.

3. Normalization of Iran-UAE Relations:

Steps Towards Normalization: The UAE has been normalizing ties with Iran, expanding its maritime presence in the Gulf, Gulf of Aden, Red Sea, and Horn of Africa.

4. BRICS and Iran:

Economic Cooperation: Including Iran in BRICS presents opportunities for regional economic cooperation and revitalizing connectivity projects, especially through the Chabahar port in which India is actively involved.

5. Other Reasons for Expansion:

China's Strategic Influence: China's maneuver for global influence.
Collaboration with Aligned Nations: Increased collaboration with nations sharing similar goals.
Alternatives and Sentiments: Limited alternatives in other alliances and sentiments against the West among Global South nations.

Geostrategic Significance of New BRICS Members

1. Energy Resources:

Saudi Arabia and Iran: These countries hold significant energy reserves, crucial for BRICS nations like China and India.
Energy Cooperation: Iran's increased oil production and export to China emphasizes the importance of energy cooperation among BRICS members.

2. Diversification of Energy Suppliers:

Russia's Market Exploration: Russia is exploring additional markets for its energy exports within the BRICS framework.

3. Strategic Geographical Presence:

Egypt and Ethiopia: Their strategic positions in the Horn of Africa and the Red Sea region enhance BRICS' geopolitical significance.

4. Latin American Economic Influence:

Argentina: Strengthens BRICS' presence and influence in Latin America.

Challenges India Encounters in BRICS

1. Adapting to Shifting Alliances:

Global Dynamics: Changing geopolitical dynamics may impact the cohesion and collective bargaining power of BRICS.

2. Coordinating on Multilateral Platforms:

Diverse Priorities: Aligning strategies among BRICS members with diverse priorities and approaches.

3. Addressing Challenges from China:

Security and Trade: Border disputes, maritime security, trade imbalances, and competition with China.

4. Upholding Democratic Principles:

Normative Expectations: Navigating Western expectations without compromising autonomy or sovereignty.

5. Balancing BRICS Dynamics:

Internal Balance: Promoting a balanced dynamic within BRICS, considering the perspectives of other global South countries.

6. Managing Bilateral Differences:

Border Disputes and Rivalry: Handling unresolved issues with China and Pakistan while fostering multilateral cooperation.

7. Evaluating Russia's Reliability:

Russia's Alignment with China: Concerns about Russia's involvement in the Ukraine war and its alignment with China.

8. Addressing Varied Security Concerns:

Security Challenges: Negotiating and aligning diverse security concerns for effective joint initiatives.

9. Addressing Trade Imbalances:

Economic Fairness: India's trade deficit with China and its impact on economic stability.

10. Ensuring Equality in BRICS:

Decision-Making by Consensus: Maintaining the principle of equality and consensus in decision-making within an expanded BRICS.

Leveraging BRICS Platform for India's Advantage

1. Embracing Global Governance:

Philosophy of Universal Participation: Ensuring that BRICS adopt a governance philosophy emphasizing extensive consultation, joint contribution, and shared benefits.

2. Advocating Universal Security:

Balanced Security Architecture: Promoting dialogue over confrontation and fostering a balanced regional security architecture.

3. Promoting Collaboration:

Internal Balance: Reducing China's dominance and promoting balanced internal dynamics within BRICS.

4. Ensuring Economic Contributions:

Mutually Beneficial Cooperation: Enhancing cooperation in supply chains, energy, food, and financial resilience.

5. Enhancing Public Health Governance:

Advancing Global Health: Leveraging strengths to advance global health governance favoring developing countries.

Conclusion

Building consensus on bilateral issues is vital, and acknowledging differences is crucial for effective multilateral collaboration. India's pragmatic and principled approach within BRICS, advocating for reforms in global institutions, emphasizes the need for adapting to the 21st-century geopolitical landscape. The expansion of BRICS sets a precedent for necessary reforms, aiming for a more inclusive and effective global governance system.