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After 2005, the world countries entered into global recession. Therefore, guided by Jim O’Neil as an economic block, the emerging economies of Brazil, India, Russia and China came together to form BRICS in 2009 at Yekaterinburg, Russia.
These economies are having different political ideologies but their interest in contemporary issues is very high related to climate change, terrorism, financial frauds, base erosion and profit shifting. BRICS grouping also represent south-south cooperation. [A world map is to be made showing the BRICS countries and associated importance with recent places where BRICS summits held.]
Importance of BRICS
1. South-South Cooperation – BRICS are a block symbolizing south-south cooperation.
2. BRICS is highly important at the time of climate change to develop sustainable energy as all nations are good in some type of renewable resources as mentioned in above diagram.
3. All are the emerging nations therefore they talk of reforms in world institutions like New Development Bank and Contingency Reserve fund as an alternate to IMF.
4. People-to-people tie where these countries are working to achieve the target of sustainable development goals (SDG)
The recent meeting of BRICS took place in virtual format under the chairmanship of China. The theme was to ‘Foster high quality BRICS partnership, usher in a new era of global diplomats’
The recent summit talks mainly about:
1. Russia-Ukraine crisis and solution through bilateral diplomatic mechanisms.
Support to United nations, Red Cross and other organization to provide humanitarian assistance. Therefore, BRICS nations are asserting themselves as pro-human and not anti-human in their agenda.
Even they are not criticizing Russia because according to them it is a diplomatic issue.
2. They also talked about Afghanistan. Afghanistan under Taliban is going through its worst humanitarian crisis.
Afghanistan is the heart of Asia. Therefore, BRICS nation are taking its stability seriously to further maintain the stability of the whole region.
3. They also talked about terrorism. They condemned all forms of terrorism and again talked about role of UNSC to impose sanctions on any organization who is responsible behind terrorism and associated activities.
4. The post-COVID economic recovery. They talked of coordinated policy making, deepening economic practical cooperating and sustainable inclusive development.
Therefore, Beijing declaration came out with BRICS economic partnership strategy 2025 with help of New Development Bank.
BRICS nations, post-COVID emerge as one of the most powerful institutions. The regular meeting of this grouping highlights the south-south cooperation and changing world order.
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