The 15th BRICS summit, hosted by South Africa in Johannesburg, holds significant importance against the backdrop of global economic dynamics and geopolitical changes. This is the first in-person gathering since 2019, due to the Covid-19 pandemic. The theme for this summit is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism.”
Key Highlights of the 15th BRICS Summit
In a marked effort to enhance its global standing, BRICS expanded its membership from five to eleven countries at its 15th summit. Egypt, Iran, Saudi Arabia, UAE, Ethiopia, and Argentina joined the BRICS fold, amplifying the group’s representation across the Middle East, Africa, and South America. Full membership will take effect on January 1, 2024.
Original and Expanded BRICS Membership
Initially, BRIC members had two things in common: large economies and high potential growth rates. Now taking on a more diverse persona with the expanded BRICS-11, some members are going through crises, while others are thriving. This could signal a broadening of the agenda beyond just economics.
India’s Stakes in the BRICS Summit
The BRICS summit carries significant weight for India, as it is the first in-person meeting since the India-China military standoff at the Line of Actual Control (LAC). After bilateral talks between the Prime Minister (PM) of India and President of China, both nations agreed to step up efforts for troop disengagement and de-escalation of tensions along the LAC.
India’s role in BRICS
India played a crucial part in drafting membership criteria and promoting strategic partnerships among new entrants. Leveraging BRICS to expand its network of allies and enhance its geopolitical influence, India views BRICS as a “non-western” rather than an “anti-western” group, emphasizing the platform’s diversity of perspectives.
BRICS in the Current Geopolitical Context
The summit assumes new significance as it follows Russia’s invasion of Ukraine in 2022, which has impacted global stability and security. In this context, BRICS deliberations, perceived to carry a “counter-western” perspective, gain importance.
BRICS Support for United Nations Reform
India and the other BRICS members support comprehensive reform of the United Nations, including Security Council reform, to make it more democratic, representative, effective, and efficient.
Climate Change and the BRICS Stance
With respect to climate change, BRICS members agreed to address its challenges while also ensuring a just, affordable, and sustainable transition to a low-carbon and low-emission economy. They have called upon developed countries to lead by example and support developing countries towards such transitions.
What is BRICS?
BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa. The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of global GDP, and 16 % of the global trade.
Chairmanship of BRICS
The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S. For instance, India hosted the chair for the 2021 BRICS Summit.
Key Initiatives of BRICS
Over the years, BRICS has undertaken many initiatives. These include the New Development Bank, established during the Sixth BRICS Summit in Fortaleza (Brazil) in 2014, and the Contingent Reserve Arrangement aimed at forestalling short-term balance of payments pressures. Other initiatives include Customs Agreements to ease trade transport between BRICS countries and the launch of a Remote Sensing Satellite constellation.
The New Development Bank
The New Development Bank (NDB), referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states. The bank’s headquarters are located in Shanghai, China. It was established during the sixth BRICS Summit in Fortaleza (2014) to strengthen cooperation among BRICS and supplement the efforts of multilateral and regional financial institutions for global development.
