The recent annual BRICS summit, which was chaired by the Indian Prime Minister and held online, has been making headlines. With a theme of ‘BRICS@15: Intra-BRICS cooperation for continuity, consolidation and consensus’, this year’s conference saw several significant initiatives undertaken during India’s chairmanship.
PM’s Address: New Initiatives and Achievements
The Prime Minister highlighted a number of new initiatives including the signing of an agreement on cooperation in the field of remote-sensing satellites, the establishment of a virtual BRICS vaccine Research & Development Centre, and the formation of a green tourism alliance. He emphasised the vital role that BRICS nations can play in global recovery post-Covid. The motto of this recovery effort is ‘Build-back Resiliently, Innovatively, Credibly and Sustainably’.
BRICS Anti-Terrorism Action Plan
One key action taken during the summit was the adoption of a counter-terrorism action plan. This document outlines the approach, strategies, and actions of the BRICS nations towards countering radicalization, managing online terrorist threats, enhancing border security, and promoting information sharing/intelligence amongst others.
Delhi Declaration: Strengthening and Reforming Multilateral Systems
For the first time ever, the BRICS countries collectively adopted a stand on reforming multilateral systems, with the Delhi Declaration. The declaration called for reforms of the United Nations’ principal organs, including the UN Security Council, and advocated for an inclusive intra-Afghan dialogue for stability in Afghanistan. Conflicts in several regions like Myanmar, Syria, the Korean peninsula, Israel-Palestine, and others were also addressed.
Addressing Covid-19 and Vaccine Production
In response to the ongoing Covid-19 crisis, the BRICS nations noted a proposal by India and South Africa for waiving the Trade-Related Aspects of Intellectual Property Rights (TRIPS) mechanism at the WTO. This waiver is aimed at fostering an environment for rapid expansion of Covid-19 vaccine production worldwide.
Understanding BRICS
The term BRICS represents a collective of the world’s leading emerging economies: Brazil, Russia, India, China, and South Africa. Coined by British Economist Jim O’Neill in 2001, this group formalised during the first meeting of BRIC Foreign Ministers in 2006, with South Africa joining in 2010, thus modifying the acronym to BRICS. Today, these five countries account for 41% of the global population, 24% of the global GDP, and 16% of global trade. The chairmanship rotates annually among the members as per the acronym B-R-I-C-S.
New Development Bank and Contingent Reserve Arrangement
During the 2014 summit in Fortaleza, Brazil, BRICS leaders established the New Development Bank based in Shanghai, China, and signed the BRICS Contingent Reserve Arrangement to provide short-term liquidity support to its members.
Last Modified: February 13, 2024