BRICS – an acronym that represents five major emerging economies: Brazil, Russia, India, China, and South Africa, plays a pivotal role in the geopolitical and economic landscape of the world. The countries under BRICS umbrella account for about 42% of the world’s population, 30% of the land area, 24% of global Gross Domestic Product (GDP), and 16% of international trade. These statistics clearly underscore the collective weight and significance of BRICS as a global powerhouse.
Establishment of BRICS Media Forum: A Brief Overview
In recent developments, BRICS has launched a three-month-long training program for journalists, an initiative by the BRICS Media Forum. The media forum was established in 2015 by leading media organizations from the five member countries. Its primary aim is to develop an efficient coordination mechanism among BRICS media, promote innovation-driven media development, and foster the growth of BRICS countries through pragmatic cooperation under this mechanism.
BRICS: The Origin and Evolution
The term “BRICS” was first coined in 2001 by Jim O’Neill, an economist from Goldman Sachs, focusing on the growth prospects for four economies: Brazil, Russia, India, and China. Recognizing the significant share these countries had in world’s production and population, the idea gradually took shape into a more formal setup with the first meeting of BRIC foreign ministers in 2006. The first BRIC Summit was held in 2009 in Russia to discuss matters such as reform of the global financial architecture. South Africa was invited to join the group in December 2010, post which the acronym BRICS came into existence. South Africa attended the Third BRICS Summit in Sanya, China, in March 2011.
Key Initiatives by BRICS
The Sixth BRICS Summit in Fortaleza, Brazil, in 2014, marked a turning point with the establishment of the New Development Bank (NDB). This bank, headquartered in Shanghai, China, was formed when leaders signed the Agreement committing to providing short-term liquidity support to its members through the BRICS Contingent Reserve Arrangement.
The Significance and Influence of BRICS
BRICS serves as an important channel bridging the Global North and South. Common global perspectives on reforming multilateral institutions reflect the structural changes in the world economy, and underline the central role that emerging markets play nowadays. Aiding cooperation in development, BRICS has established a common perspective on various global and regional issues, created a financial stability net in the form of the Contingency Reserve Arrangement, and is now on the verge of establishing a Vaccine Research and Development Virtual Centre.
India’s Interactions with BRICS: Why it’s Important
For India, BRICS serves as a platform to balance its strategic interests amidst the present geopolitical challenges, particularly between the U.S. and the Russia-China axis. BRICS countries collectively aim at reforming the international financial and monetary system to build a more just and balanced international order. In this context, the BRICS community plays an instrumental role in the G20, shaping global economic policies and promoting financial stability. BRICS also enables India to enhance its efforts against terrorism. As India actively seeks membership for the United Nations Security Council (UNSC) and Nuclear Supplier Group (NSG), with China being a major hurdle, BRICS provides an opportunity for India to engage constructively with China and resolve mutual disputes. It also aids in garnering support from other partner countries.
