The BRICS Summit is an event of great importance for both India and the world at large. In 2001, Jim O’Neill, the British Economist, coined the term BRIC to refer to the four emerging economies of the world, namely Brazil, Russia, India and China.
By the time of the first meeting of the BRIC Foreign Ministers in New York in 2006, the group had been formalized. The first BRIC summit was held in June 2009 in Yekaterinburg, Russia.
Before exploring the relevance of the BRIC to India, let us first take a look at the relevance of the BRICS summit to the global order.
First, the BRICS countries account for a total of 42% of the world’s population. Furthermore, these countries together account for a third of global GDP, together with a combined 17% share of world trade.
The BRICS nation’s enormous contribution to global trade, investment and growth is enormous, making it an essential pillar of the global order.
The next important factor to consider is world security. On the one hand, the world witnessed the US unilateral withdrawal from the Intermediate-Range Nuclear Forces (INF) treaty. Not to be overlooked, the Iran deal also poses a major security threat to global peace. On the other hand, BRICS holds the potential to play a role in ensuring world peace by playing an important role in resolving disputes based on strong principles of fairness.
Speaking of finance, the global financial crisis of 2008 along with newer threats to the world economy are emerging due to unilateral economic sanctions and trade war have resulted in structural imbalance. The BRICS are making a significant contribution to the world economy. It also increases the relevance of the economic relationship between the BRIC and other developing and emerging market (EMDC) countries. It paves the way for new initiatives to support inclusive and sustainable development and growth.
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How important is BRICS for India?
First of all, the current geopolitical situation presents an uphill battle and India is somewhere in the middle of it. It is becoming difficult for India to maintain a neutral stance and seek an oath of neutrality with the aim of balancing US strategic interests and the Russia-China balance.
Thus, the BRICS platform presents a golden opportunity for India to balance the Russia-China axis.
Second, the common goal is to bring about reforms in the international monetary and financial system shared among the BRICS countries, with a strong desire to create a more balanced international order. The BRICS community thus plays an important role in the G20 in encouraging financial stability.
The world can never and has never ignored the global problem of terrorism. The BRICS provide a solid foundation for India to take the right steps against terrorism. India worked in the group to take a strong stance against the global terrorism issue and commenced consultations focusing on specific components and aspects of the issue.
How important is the 2023 BRICS summit for India?
Leaders in the 2023 BRICS Summit will discuss some of the most important but contentious issues, including expanding the BRICS by adding new members. Guiding principles and admissions criteria will also be discussed.
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Source: pagasa.edu.vn