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Topic : BRICS Grouping and its Expansion

GS-2 Mains  : IR

Revision Notes

Recent Developments:

  • BRICS Foreign Ministers met in Russia, the first meeting after the group’s expansion in 2023.
  • Egypt, Ethiopia, Iran, Saudi Arabia, and UAE joined the original BRICS members (Brazil, Russia, India, China, South Africa).
  • Discussions focused on using local currencies in trade among member nations.

About BRICS:

  • Established in 2006 with the first meeting of leaders from Brazil, Russia, India, and China (BRIC).
  • South Africa joined in 2010, forming the present BRICS.
  • Represents major emerging economies with significant global influence.

Main Pillars of BRICS Cooperation:

  1. Political and Security:
    • Enhances cooperation on global security issues and reforms the multilateral system.
    • Focuses on counter-terrorism and regional security challenges.
  2. Economic and Financial:
    • Promotes economic growth and development through intra-BRICS trade, investment, and financial collaboration.
    • Aims to achieve Sustainable Development Goals through collaborative efforts.
  3. Cultural and People-to-People Exchanges:
    • Encourages cultural, academic, youth, and business exchanges to build stronger ties.
    • Regular interactions between parliamentarians and young scientists foster connections.

Significance of BRICS Expansion:

  • Strengthens collective action and fosters a shared vision for a more equitable world order.
  • Offers access to new markets, trade opportunities, and diversified perspectives.
  • Enhances economic growth, stability, and resilience through market expansion and risk mitigation.

Emerging Challenges:

  • Internal coherence and overcoming contradictions among member states.
  • Addressing global issues like climate change, pandemics, regional conflicts, and instability in the Middle East and North Africa.
  • Establishing a common currency faces hurdles due to economic disparities and differing national priorities.
  • China’s economic dominance within BRICS might raise concerns about fair benefit distribution and currency influence.

Conclusion and Way Forward:

  • BRICS advocates for a more equitable global order based on mutual respect and trust.
  • It has transformed from a dialogue forum to a significant player on the world stage.
  • Collective strength and shared objectives position BRICS as a platform with immense potential.
  • The grouping remains committed to playing a pivotal role in global governance and building a balanced international order.
  • India’s support for the expansion reflects its belief in BRICS’ potential as a more inclusive organization.

 

 

 

 

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