The world’s five emerging economies—Brazil, Russia, India, China, and South Africa are together referred to as BRICS. The alliance was formally established at the inaugural BRIC Foreign Ministers’ Conference in 2006. In December 2010, South Africa received an invitation to join BRIC, which led to the name BRICS being used for the group.
In August 2023, the 15th BRICS Summit is anticipated to take place in Johannesburg, South Africa. The past three summits, which were presided over by Russia, India, and China, were held four years ago, making this the first one to take place in person.
The BRICS initiative seeks to improve political and economic stability. These nations are anticipated to dominate the global supply of goods, services, and raw materials by the year 2050. The BRICS’s primary goals can be summed up as follows:
For instance, India rejected China’s desire for Pakistan, Sri Lanka, and Mexico to join the BRICS. India was of the opinion that focusing on strengthening current members rather than welcoming new ones would strangle the BRICS as a coalition and lead it down the same route as the European Union.
The role of BRICS in Today’s BRICS geopolitics are different:
Since the pandemic spread to many regions of the world. Both the economy and its effects have been felt. The creation of cooperative macroeconomic policy helps alleviate economic problems. The BRICS Economic Partnership Strategy 2025 must be continued, the summit reaffirmed. The New Development Bank’s membership has grown, which has also increased the institution’s influence.
In response to the crisis in Russia and Ukraine, the BRICS conference resolved to help and provide aid. Despite geopolitical differences, the conference encouraged contact between Russia and Ukraine.
The 14th BRICS summit recognized the need of protecting customers in the age of e-commerce, which prompted the formation of the Digital Economy Working Group.
The 14th BRICS Summit agreed that there should be an increase in cooperation with regard to trade-related activities. The BRICS business council and the BRICS national focal points will work together as required by the BRICS Framework for Cooperation on Trade in Services.
The Comprehensive Convention on International Terrorism has been ratified and is currently being put into effect under the auspices of the UN. The primary goal of this legislation is to stop biological and chemical terrorism.
The challenges of Afghanistan and terrorism were also highlighted at the BRICS conference. A campaign has been launched to increase public awareness of anti-corruption practices.
BRICS must overcome a number of obstacles, including internal conflicts, a slowing global economy, and geopolitical concerns. The group can, however, continue to be influential by broadening its goals to support all-encompassing development and improved interstate collaboration. The democratization of global concerns, tolerance for cultural variety, and amicable dispute resolution should also be top priorities for BRICS.
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The key objectives of the BRICS initiative are to strengthen collaboration among member nations, encourage equitable and sustainable growth, utilize each nation's economic advantages, foster connections, minimize conflict, and play a dominant role in the global supply of goods, services, and raw materials by 2050.
BRICS serves as the voice of developing nations, contributing significantly to global trade, GDP, and population. It facilitates international cooperation on sustainable development and climate change mitigation. BRICS also supports the idea of a multipolar world, reforms in global financial structures, and a revamped world trading system.
The BRICS nations face challenges such as China's growing dominance compared to other member countries, Russia's dependence on China due to geopolitical conflicts, India's strained relations with China and its focus on maintaining a multipolar Asia, and the need to navigate geopolitical complexities.
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