Daily Hot Topic
Topic : Why do Southeast Asian Nations Want to Join BRICS?
GS-2 Mains : IR
Southeast Asian countries like Malaysia and Thailand are interested in joining BRICS.
BRICS (Brazil, Russia, India, China, and South Africa) is a bloc of emerging economies considering expansion. The new name is unofficially referred to as BRICS+.
Benefits of Joining BRICS for Southeast Asian Nations
- Strengthen Trade Ties with China: China is a major trading partner for Southeast Asia. Joining BRICS could solidify and expand these ties.
- Geopolitical Influence: BRICS promotes a multipolar world order, challenging Western dominance. Southeast Asia can leverage this for more autonomy.
- South-South Cooperation: BRICS emphasizes collaboration among developing countries. Southeast Asia can learn from BRICS’ experiences.
- Diversifying Economic Partnerships: BRICS membership reduces over-reliance on traditional Western trade partners.
- Aligning with BRICS Principles: BRICS emphasizes respecting sovereignty, aligning with ASEAN’s values. This can foster stronger international cooperation.
Significance for India
- Expansion holds significance for India in terms of expanding partnerships and geopolitical influence.
- There are concerns about potential pro-China dominance within the alliance.
Challenges of Joining BRICS
- Geopolitical Challenges
- Balancing Act with Existing Alliances: Strong ties with the US and other Western powers might be strained.
- Tensions within BRICS: The diverse geopolitical interests of BRICS members could create challenges.
- Economic Challenges
- Over-reliance on China: Increased economic dependence on China could expose Southeast Asian economies to vulnerabilities.
- Differing Economic Priorities: The diverse economic structures and development priorities of BRICS members could lead to conflicts of interest.
- Political Challenges
- Domestic Opposition: Joining BRICS could face domestic political opposition.
- Compromising Values: BRICS’ approach to human rights and democracy might not align with some Southeast Asian nations.
- Limited Influence: Given the size and economic power of existing BRICS members, Southeast Asian nations might have limited influence.
Way Ahead
- Southeast Asian nations need to carefully assess the potential benefits and risks of joining BRICS.
- Thorough consultations with stakeholders are necessary before making a decision.
About BRICS
- Members: Brazil, Russia, India, China, and South Africa.
- Origin: Coined by British economist Jim O’Neill in 2001.
- First Meeting: Foreign Ministers met on the sidelines of the UNGA in 2006.
- Summits: Annual summits since 2009.
- Significance: Major emerging economies representing 45% of the world’s population, 28% of the global economy, and over 16% of world trade.
- Pillars of Cooperation: Political and security, economic and financial, and cultural and people-to-people exchanges.
- New Development Bank: A multilateral development bank established by the BRICS states.
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