The BRICS Summit is an event of great importance, both for India and for the world in general. In the year 2001, it was Jim O’Neill, the British economist, who coined the term BRIC to talk about the four emerging economies of the world, namely Brazil, Russia, India and China.
It was at the time of the first meeting of BRIC Foreign Ministers in New York in 2006 that the grouping was formalized. The first BRIC summit was held in June 2009 in Yekaterinburg, Russia.
Before understanding the relevance of BRICs for India, let us first take a look at the relevance of the BRICS summit in the global order.
For starters, the BRICS nations account for a total of 42 percent of the world’s population combined. Furthermore, these nations together account for a third of world GDP, along with a total share of 17 percent of world trade.
The considerable contribution of the BRICS nation to global trade, investment and growth is enormous, making it an essential pillar of the global order.
The next important factor to consider is global security. On the one hand, the world sees the unilateral US withdrawal from the Intermediate-Range Nuclear Forces (INF) treaty. Don’t miss, the Iran deal has also led to a major security threat to world peace. The BRICS, on the other hand, have the potential to play the role of ensuring world peace by playing an important role in resolving disputes over sound principles of justice.
In financial terms, the global financial crisis of 2008, together with new threats to the world economy arising as a result of unilateral economic sanctions and the trade war, have caused structural imbalances. The BRICS are contributing substantially to the world economy. The importance of economic relations between the BRICs and other emerging market and developing countries (EMDCs) is also increasing in importance. It paves the way for new initiatives that would help support inclusive and sustainable development and growth.
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How important are the BRICS to India?
First things first, geopolitics is currently in an uphill battle, and India is somewhere in the middle of it. It is becoming increasingly problematic for India to adopt a neutral stance and find a middle ground in order to balance the strategic interests of the United States and the Russia-China equation.
Therefore, the BRICS platforms offer a golden opportunity for India to balance the Russia-China axis.
Second, the BRICS countries share the common goal of introducing reforms in the international financial and monetary system, with a strong desire to create a more balanced international order. Therefore, the BRICS community plays a crucial role in the G20 to foster financial stability.
The world can never and never has ignored the global issue of terrorism. The BRICS offer a solid platform for India to take appropriate measures against terrorism. India has worked within the group to take a strong stance on the global problem of terrorism and to initiate consultations focused on the particular components and aspects of the problem.
How important is the BRICS Summit 2023 for India?
The leaders of the BRICS Summit 2023 will discuss some of the most controversial but important issues, including the expansion of the BRICS by adding new members. Guiding principles and admission criteria will also be discussed.
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Source: ptivs2.edu.vn