Why BRICS matters to India?
BRICS is an acronym for a group of five major emerging economies of the world. Brazil, Russia, India, China and South Africa. The main aim of BRICS mechanism is to promote peace, security, development and cooperation among the five countries. Countries of BRICS have emerged regularly achieving a new economic ranking every year.
In 2001, Jim O’Neill, then Chief Economist of Goldman Sachs, coined the acronym for Brazil, Russia, India and China as the largest emerging markets economies. He expected them to grow faster than the developed countries and to play an increasingly important role in the world.
The first BRIC summit was held in Yekaterinburg, Russia, in June 2009. The expansion of the group of countries took place at the Foreign Ministers’ meeting in New York in 2010. This is the time when South Africa became a part of the group and BRIC became BRICS.
Importance of BRICS for India
- Geo-Politics: Global geopolitics today represents the case of a tug of war and India finds itself in the middle of it. This has made it difficult for India to carve a middle path for balancing its strategic interests between the U.S and the Russia-China axis.
- Therefore, the BRICS platform provides an opportunity for India to balance the Russia-China axis.
- Global Economic Order: BRICS countries shared a common objective of reforming the international financial and monetary system, with a strong desire to build a more just, and balanced international order
- To this end, the BRICS community plays an important role in the G20, in shaping global economic policies and promoting financial stability.
- Voice of Developing Nations: As the western countries are raising challenges on issues ranging from the World Trade Organisation to climate change, the developing countries are crippling under the onslaught of these policies.
- In the recent period, BRICS has emerged as the voice of developing countries, or the global south and playing a significant role in protecting the rights of developing countries.
- Terrorism: BRICS also provides a platform for India to galvanize its efforts against terrorism and has worked within the grouping to take a strong stand against terrorism and bring about focused consultations on specific aspects relating to terrorism.
- Global Grouping: India is actively pursuing its membership for the United Nation Security Council (UNSC) and Nuclear Supplier Group (NSG).
- China forms the major roadblock in pursuing such goals. Therefore, BRICS provides an opportunity to actively engage with China and resolve mutual disputes. It also helps in garnering the support of other partner countries.
Future Ahead with BRICS
- BRICS should promote the development of all states, both big and small in order to enhance mutually beneficial cooperation among them based on shared interests.
- Agreements on global agendas should be reached with the widest and equal participation of all stakeholders and be based on universally recognised legal norms.
- The principle of respect all cultures and traditions of the world should be a top priority.
- BRICS should strive for peaceful settlement of crisis and conflict in various regions of the world.
BRICS, being one of the pillars of the emerging fairer polycentric world order, plays an important stabilizing role in global affairs. In the storming ocean of world politics, BRICS can contribute significantly to maintaining international stability and ensuring global economic growth and becoming a united centre of the multipolar world.
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