UPSC Notes-BRICS

Introduction

• Established: 2006
• Members: Brazil, Russia, India, China, and South Africa (South Africa joined in 2010)
• Purpose: To promote peace, security, and development in global affairs.
• Motto: “Strong Together”

Objectives

1. Economic Cooperation: Enhance cooperation in economic, trade, and investment areas.
2. Global Governance: Reform international financial and political institutions to reflect contemporary global realities.
3. Sustainable Development: Promote sustainable development and social inclusion.
4. Mutual Growth: Foster economic growth and prosperity through mutual benefit.
5. Cultural Exchange: Enhance people-to-people contact and cultural exchange.

Key Areas of Cooperation

• Economic and Financial Cooperation:
  • Establishment of the New Development Bank (NDB) in 2014 to finance infrastructure and sustainable development projects.
  • Contingent Reserve Arrangement (CRA) to provide liquidity support to members in case of balance of payments problems.
• Political and Security Cooperation:
  • Coordination on international issues and multilateral fora like the UN, G20.
  • Emphasis on respect for sovereignty, territorial integrity, and non-interference.
• Health and Science:
  • Collaboration on health issues such as the COVID-19 pandemic.
  • Joint initiatives in science, technology, and innovation.
• Cultural and People-to-People Exchange:
  • BRICS Games, BRICS Film Festival, and other cultural events to strengthen social and cultural ties.

Summits and Meetings

• Annual Summits: Leaders of BRICS nations meet annually to discuss various issues and set the agenda for cooperation.
• Ministerial Meetings: Regular meetings of foreign ministers, finance ministers, and other key officials to advance cooperation in specific areas.

Achievements

• New Development Bank (NDB):
  • Funding of various infrastructure and sustainable development projects in BRICS and other emerging economies.
  • Emphasis on green and renewable energy projects.
• Contingent Reserve Arrangement (CRA):
  • A $100 billion framework to provide financial support to member countries in case of economic crises.
• BRICS Business Council:
  • Facilitates business and trade among member countries through various initiatives and dialogues.
• BRICS Academic Forum:
  • Promotes research and academic collaboration among member countries.

Challenges

• Economic Disparities: Varied levels of economic development and growth rates among member countries.
• Political Differences: Divergent political systems and priorities can affect cohesion.
• Geopolitical Tensions: Conflicts of interest, particularly between India and China.
• Global Influence: Balancing BRICS influence with other global powers and institutions.

India and BRICS

• Strategic Importance: India views BRICS as a crucial platform for influencing global economic policies and reforming international institutions.
• Economic Benefits: Access to funding from NDB for infrastructure projects, enhanced trade, and investment opportunities.
• Diplomatic Engagement: Strengthening ties with other BRICS countries to counterbalance the influence of Western powers and regional adversaries.

Future Prospects

• Enhanced Cooperation: Increasing cooperation in areas like digital economy, counter-terrorism, climate change, and space exploration.
• Expansion: Possible inclusion of new member countries to broaden the group’s reach and influence.
• Global Leadership: Positioning BRICS as a key player in shaping a more multipolar world order.