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DAILY NEWS ANALYSIS

  • 27 June, 2022

  • 5 Min Read

14th BRICS Summit

14th BRICS Summit

BRICS nations have supported diplomacy and dialogue between Russia and Ukraine, where three of its members China, India, and South Africa have abstained from voting on a United Nations resolution condemning Russia's invasion of Ukraine.

What is BRICS?

  • BRICS consists of Brazil, Russia, India, China, and South Africa.
  • It was launched at a meeting of the Foreign Ministers of Brazil, Russia, India, and China in the year 2006.
  • In 2010 BRIC turned into BRICS, with the entry of South Africa.
  • BRICS is chaired by turn by its member countries.
  • BRICS together define 27% of the world’s land mass, 42% of the world’s population, 24% of global GDP, and 16% of global trade, and produce 33% of the world’s food.
  • The first summit was held in Yekaterinburg in the year 2009.
  • The current summit was hosted by China this year and held virtually.

How important is BRICS to India?

  • BRICS’s objective is to create economic alternatives for countries in the global south.
  • Participation in a non-Western grouping that balances India’s growing partnerships with the West, a key aspect of its strategic autonomy policy.
  • Intra-BRICS trade presents opportunities for India in important markets, including China, which remains an important commercial partner despite security tensions.
  • India also supports the BRICS goal of shielding members from the economic fallout of Russia’s war in Ukraine.
  • And unlike within the Quad, the Ukraine issue does not create tension for India within BRICS.

What was the significance of the 14th BRICS summit?

  • India and China have been willing to attend the BRICS summit despite the standoff between the armies at the border since 2020.
  • The Nations held discussions on Counter-terrorism, trade, health, traditional medicine, environment, science, technology & innovation, agriculture, and technical and vocational education & training.
  • They also discussed the main problem in the global context, including the reform of the multilateral institutions, the COVID-19 pandemic, and global economic recovery.
  • The leaders adopted the Beijing Declaration that referred to the need to avoid politicization of the work of the UNSC sanctions committee.
  • China asked the BRICS countries to support each other and operationalize Global Security Initiative which is proposed by China for world peace and to stay away from "Cold War mentality and power politics”.
  • India will be organizing the BRICS Startup event this year to strengthen the connection between Startups in BRICS countries.
  • The summit welcomed the BRICS Initiative on Denial of Safe Haven to Corruption, which aims to further strengthen anti-corruption capacity building through education and training programs and enhance anti-corruption exchanges and cooperation within multilateral frameworks.
  • BRICS nations have also decided to establish the BRICS Think Tank Network for Finance.

What are the contradictions in BRICS?

  • Economy: Russia, Brazil, and South Africa’s economies have frequently been on the edge of collapse while the Indian economy has been disappointing.
  • Bilateral issues: members don’t discuss bilateral issues, but issues like the India-China border dispute and PLA transgressions over the LAC are bound to hurt BRICS solidarity in the long run.
  • BRI: Both India and Russia are not part of China’s big infrastructure push the Belt and Road Initiative, while Brazil and South Africa are part of it.
  • Ukraine issue: BRICS document regarding Ukraine highlights that there are differences between the members over Russia’s actions.
  • UN reforms- India and Brazil are on a common platform in terms of expanding the UN Security Council, but China yet suggested it’s not in favor of a permanent seat for India.
  • Terrorism — The recent blocking by China of an attempt by India to sanction the LeT terrorist, Abdul Rehman Makki, at the UNSC sanctions committee, served as a reminder of contrasting approaches.

Despite undeniable differences, BRICS countries have cooperated very well in the form of The National Development Bank, since its launch in 2015 has funded around $30 billion worth of projects in emerging nations. Even on space cooperation, the five countries have agreed to create a joint constellation of remote sensing satellites.

Source: The Hindu


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