The BRICS summit is an event that holds great importance, both for India and the world at large. In the year 2001, it was Jim O’Neill, the British Economist who came forward with the term BRIC to talk about the four emerging economies of the world, viz., Brazil, Russia, India, and China.
It was at the time of the very first meeting of the BRIC Foreign Ministers in New York in the year 2006 that the grouping was formalized. The very first BRIC Summit was held in June 2009 at Yekaterinburg, Russia.
Before understanding the relevance of BRIC for India, let us first have a glance at what relevance the BRICS summit holds in the global order.
To begin with, the BRICS nations account for a total of 42 percent of the population of the world altogether. Moreover, these nations together account for a third of the global GDP, along with a total of 17 percent share of world trade.
The sizable contribution of the BRICS nation to global trade, investment, and growth is huge, which makes it an essential pillar of the global order.
The next important factor to consider is world security. On one hand, the world sees the unilateral withdrawal of the US from the Intermediate-Range Nuclear Forces (INF) treaty. Not to miss, the Iran deal has also led to a huge security threat to global peace. BRICS on the other hand, holds the potential to play the role in assuring world peace by means of playing an important role in dispute resolution on the robust principles of fairness.
Speaking financially, the global financial crisis of the year 2008 along with newer threats to the world economy emerging as a result of unilateral economic sanctions and trade war have led to structural imbalances. The BRICS is contributing to the world economy substantially. It is also increasing the relevance of economic relations among the BRIC and other Emerging Market and Developing Countries (EMDCs). It paves the way for fresh initiatives that would aid in supporting inclusive and sustainable development and growth.
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How is BRICS important for India?
First things first, the geopolitics at present showcase a tough battle, and India somewhere finds itself in the very middle of it. It is getting troublesome for India to take a neutral stand and find a middle oath for the purpose of balancing the strategic interests of the United States and the Russia-China equation.
Thus, the BRICS platforms offer a golden opportunity for India to balance the Russia-China axis.
Secondly, a common objective of bringing reforms in the international financial and monetary system is shared among the BRICS nations, with a robust desire to create a more balanced international order. Therefore, the BRICS community plays a crucial role in the G20 in encouraging financial stability.
The world can never and has never overlooked the global issue of terrorism. The BRICS offers a robust platform for India to take just the right steps against terrorism. India has worked within the group to take a robust stand against the world problem of terrorism and commence focused consultations on the particular components and aspects of the problem.
How is the BRICS Summit 2023 important for India?
The leaders in the BRICS Summit 2023 will be discussing some of the most controversial yet important issues, including the BRICS expansion by means of adding new members. The guiding principles and the admission criteria will also be discussed.
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Source: vcmp.edu.vn