The article begins with a brief introduction.
In November of 2019, the 11th BRICS Summit took place in Brasilia, Brazil. Over two days, from the 13th to the 14th, leaders of Brazil, Russia, India, China, and South Africa gathered under the theme “Economic Growth for an Innovative Future” to discuss economic, social, and geopolitical issues. This resulted in the adoption of the ‘Brasilia Declaration’, a document that lays out the collective vision and agreements of these leading emerging economies.
The BRICS Summit and the Brasilia Declaration
At the heart of the 11th BRICS Summit was the Brasilia Declaration. This document advocates for and supports multilateralism, the central role of the United Nations (U.N.) in international affairs, and respect for international law. It acknowledges the vital need for global cooperation and unity in tackling the challenges faced by developing countries.
Reforming Multilateral Systems
One of the significant topics in the Declaration is the need for strengthening and reforming multilateral organizations. As suggested by the BRICS countries, there is an urgent need to reform bodies such as the United Nations, the World Trade Organisation (WTO), and the International Monetary Fund (IMF). The purpose of reforming these organizations is to better address the significant hurdles being faced by the developing countries, especially in today’s uncertain geopolitical environment.
Support for Multilateralism
The Declaration also throws light on the necessity of multilateralism amidst rising global conflicts and protectionism. A significant instance is the ongoing trade war between China and the U.S., which is negatively impacting the global economy. Thus, multilateralism is crucial for enabling emerging economies like BRICS to protect their interests.
India’s Stand at the Summit
India made several proposals during the Summit. It pushed for an increase in intra-BRICS trade, which currently only accounts for 15% of world trade. India also invited business leaders of BRICS nations to invest in infrastructure development in the country, and proposed holding the first meeting of BRICS Water Ministers in India. Highlighting the impact of terrorism on the global economy, India drew attention to the loss of $1 trillion due to this menace.
| BRICS Country | Population (%) | GDP (%) | World Trade (%) |
|---|---|---|---|
| Brazil, Russia, India, China, South Africa | 42 | 23 | 17 |
The Formation and Evolution of BRICS
The term BRIC was first coined by British Economist Jim O’Neill in 2001 to describe the emerging economies of Brazil, Russia, India, and China. The grouping was formalized during the first meeting of BRIC Foreign Ministers in 2006. Later, in December 2010, South Africa joined the group, resulting in the acronym BRICS.
The chairmanship of BRICS is rotated annually among the members following the order of the acronym. As of 2019, Brazil is the current chair.
The Role and Impact of BRICS
BRICS nations represent a major chunk of the world’s population, global GDP, and world trade. During the Sixth BRICS Summit held in Fortaleza in 2014, the leaders established the New Development Bank (NDB) and agreed on the BRICS Contingent Reserve Arrangement, further solidifying the influence of the bloc in global affairs.
Meetings on the Sidelines of BRICS Summit
While the BRICS Summit was the primary focus, there were also several important bilateral meetings. India and Brazil agreed on visa-free travel for Indian citizens, while China and India scheduled a third informal summit in China in 2020. Reviewing preparations for the 70th anniversary of diplomatic relations between the two countries was also on the agenda. Meanwhile, India and Russia discussed plans for the first Bilateral Regional Forum to be held in 2020, with Russia inviting India for investment in the Arctic region.
