All About BRICS

It is a very popular and important organisation because it focuses on improving economic, political, diplomatic, and trade-related relationships among the member nations. BRICS headquarters in Shanghai hosts various summits annually in its different member countries from time to time. The most recent was its 13th BRICS summit hosted by India on 9 September 2021. The next summit, i.e. the 14th BRICS, will be hosted by China in June this year. Various countries in this organisation put their point of view on the current prevailing economic situation in the world. The member nations make their policies based on these decisions and reach a consensus.

More About BRICS

BRICS headquarters aim to achieve economic ties with other member countries and strengthen bilateral relations among the member nations. BRICS provides a unique platform for the countries to develop certain trade policies and enact various legislations dealing with trade-related matters. The countries must do a deep and proper analysis of their external and internal environment, find emerging opportunities and threats, and develop realistic and attainable strategies. This analysis helps identify various alternatives and choose the most appropriate alternative according to the prevailing situation. BRICS headquarters also provides the scope for firms to expand their operations and provides strong returns to institutional investors. Various other countries like Argentina, Bangladesh, Indonesia, Mexico, and Turkey have also shown interest in joining the organisation.

The History of BRICS Established

BRICS was established in 2001 by the recommendation of economist Jim O’Neill of Goldman Sachs, in which the major economies of Brazil, Russia, India, and China have the major share of the world’s production and population. This had created a forum for discussing various matters at the state and central level in annual summits. In 2009, at the Yekaterinburg summit, the dialogue had reached deep functioning and expanded its scope. BRICS has become a promising and world-class organisation with its global reach.

Objectives of BRICS

1. To strengthen relationships among the member nations.
2. To cooperate and collaborate on various matters.
3. To achieve its overall aims and objectives.
4. To give member nations a stand and raise their voice on an international platform.
5. To provide sustainable, equitable, and poverty-related objectives.
6. BRICS headquarters have created a joint forum for initiating the free flow of trade between member countries and providing them with various incentives for promoting economic relationships and enhancing the level of satisfaction.
7. BRICS established employment opportunities as various experienced professionals are needed for carrying out the work and raising the standard of living of persons. 
8. BRICS also brings peace and harmony among the member nations.

Challenges of BRICS

1. There is a need to expand the operations and increase the number of member nations in the BRICS organisation, as only major countries are leading the dominant positions, such as Russia, China, and India.
2. Until now, BRICS focused on only two major global issues, climate change and development finance, but there is a need to increase its scope and maintain its relevance in the worldwide market.
3. BRICS has to develop collective strength with India and provides various benefits by consultation and cooperation on economic issues of mutual benefit like international terrorism, climate change, food, and energy security, etc.
4. It is urgent to reform the organisation’s existing structure, keep in mind various changes in the global market, and make a dynamic system of planning and management with the help of different member nations.
5. China’s currency is mainly leading the top position in the organisation, posing a threat to other countries.
6. There is a challenge of war between countries which not only affects the affected countries but also poses a risk to other nations because of disruption between nations and affecting the overall functioning of the organisation.
7. Sometimes there is an urgency due to war to postpone the upcoming summits, resulting in a delay of various issues.

Three Pillars of BRICS Headquarters

1. Political Security- To cooperate and collaborate on political relationships and ensure a secure system of interest of member nations.
2. Economic and Financial- To boost the economic and financial performance of the nations through the system of banking and regulatory authorities of financial matters.
3. Cultural and People-to-People Exchanges- To ensure cultural ties and boost people exchanges through effective relationships.

Conclusion

BRICS international organisation has gained a lot of momentum in the past few years as it has done fabulous and outstanding work in the area of business and commerce and has given the members a big picture of their identity. Without BRICS, it isn’t easy to understand our nations and build a strong and mutually beneficial relationship with them. 

BRICS has developed the countries in every respect and provided them with the path of overall growth and development in today’s competitive environment. It has played a vital role in the country’s business relationships with other countries. It gives them a chance to discover new and innovative methods of doing business and make the best use of available resources such as workforce, financial, technological, human, and infrastructure. 

The member nations also brought various amendments from time to time as per the needs and requirements. Various member nation leaders meet annually at a fixed place and time to discuss the most pressing issues of that time, find solutions and develop policies and plans for resolving them. Suppose there is any dispute between the member countries. BRICS also helps build personal relationships between leaders of member nations and benefits both countries in a friendly manner. According to reports, India and China will dominate as the world’s first and third-largest economies by 2050.