Context:

The Indian Prime Minister attended the BRICS Summit in Russia.

About BRICS

BRICS stands for Brazil, Russia, India, China, and South Africa. These nations are recognized as major emerging economies with significant global influence.

The term "BRIC" was first coined by Goldman Sachs in a 2001 paper predicting these countries would become some of the world’s largest economies in the future.

The group formally came together in 2006 when leaders from Russia, India, and China met during the G8 Outreach Summit in St. Petersburg. South Africa joined in 2010, transforming BRIC into BRICS.

Objectives of BRICS

BRICS serves as a counterbalance to Western-dominated institutions like the World Bank and the International Monetary Fund. The group aims to promote economic cooperation and development among its members, promoting a more balanced global economic order.

Significance of the BRICS 2024 Summit for India

The Indian PM meeting with the Russian President reflects the importance of India-Russia relations, especially as Russia faces increased pressure from the West due to the ongoing conflict in Ukraine. India’s participation underlines its solidarity with Russia.

There’s a possibility that the Indian PM will meet with the Chinese President. The last meeting between these two leaders was also at a BRICS Summit. The ongoing disengagement along the LAC provides a backdrop for discussions aimed at promoting stability and cooperation.

The participation of the Iranian President brings attention to the geopolitical complexities in West Asia. Iran’s involvement in regional conflicts highlights the need for dialogue and cooperation among BRICS nations.

India’s Strategic Goals in BRICS

India’s engagement in BRICS aligns with its broader foreign policy objectives, particularly its commitment to multilateralism and enhancing the voice of the Global South. Indian Prime Minister emphasized the following goals:

Collaborating on developmental initiatives that align with the needs of emerging economies, focusing on sustainable development and poverty alleviation.
Promoting a more equitable and inclusive global governance framework, challenging the dominance of traditional Western powers.
Addressing climate change through sustainable practices, technology sharing, and green initiatives.
Strengthening cultural ties and enhancing people-to-people exchanges, to promote mutual learning and cooperation.

BRICS Expansion

At the 2023 BRICS summit in South Africa, six new members were invited: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. All accepted except Argentina, whose newly elected President guided the country towards a pro-West stance.

Saudi Arabia accepted but has delayed its official joining without detailed explanation.

Iran, Egypt, Ethiopia, and the United Arab Emirates attended their first summit as member states at the 2024 summit in Russia.

Significance of the expansion

Enhanced Global Influence

With the inclusion of Iran, Ethiopia, Egypt, and the UAE, BRICS now has 9 members. This widens the group's representation and influence, making it a more significant entity on the global stage.

With the new members, BRICS now represents nearly 30% of the global economy and more than 45% of population, enhancing its ability to influence international economic policies and decisions.

Geopolitical Balance

The expansion is seen as a strategic move to counterbalance the dominance of Western-led institutions like the IMF, World Bank, and G7. It aims to create a more multipolar world order where emerging economies have a stronger voice.

By including countries from different regions, BRICS reinforces its commitment to representing the interests of the Global South and promoting multilateralism.

Economic and Trade Opportunities

The new members bring diverse economic strengths, such as oil production (Iran, UAE), and strategic geographic locations (Egypt, Ethiopia). This diversification can lead to enhanced trade and investment opportunities within the group.

The expanded BRICS can collaborate on large-scale infrastructure and development projects, leveraging the combined resources and expertise of its members.

Importance of BRICS Expansion for India

BRICS represents more than 45% of the global population and nearly 30% of the world economy, this enhances India’s influence in a multipolar world, it provides a platform to advocate for developing nations.

The expanded membership allows India to diversify its partnerships outside traditional alliances, leading to new economic and strategic collaborations.

The expansion aligns with India's foreign policy goals of promoting multilateralism, engaging with the Global South, and advocating for UN reforms.

Challenges

Despite its potential, BRICS has faced criticism for not fully realizing its capabilities.

Anti-Western sentiments among some member nations, especially Russia and China hamper collective action.

The expansion offers new opportunities, however, it also presents challenges. Internal differences, especially between India and China, and India and Pakistan complicate consensus-building. India's capability to navigate these differences will be crucial for BRICS's effectiveness.

While Russia and China may advocate for a more confrontational stance toward the West, other BRICS members may have different views, complicating unified responses to global issues.

Way Forward

Establish consistent high-level meetings and working groups to ensure all members are aligned on key issues and policies, and develop effective mechanisms to resolve geopolitical tensions or conflicts that may arise among member states.

Develop comprehensive trade agreements to encourage smooth and efficient trade among BRICS members. Collaborate on large-scale infrastructure projects that benefit multiple member countries, such as transportation networks and energy grids.

Present a united front in international organizations like the UN, IMF, and World Bank to advocate for reforms and greater representation of emerging economies, and form alliances with other regional groups and countries to increase global influence and promote multilateralism.

Strengthen existing BRICS institutions like the New Development Bank (NDB), and provide technical assistance and capacity-building programs to help member countries implement BRICS initiatives effectively.

Conclusion

The BRICS Summit is a platform for India to strengthen its commitment to multilateralism and its role within this evolving grouping. The challenges and opportunities presented by an expanded BRICS require India to engage actively with other members, promoting collaboration while addressing bilateral concerns, particularly with China.

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Source:

Indian Express