BRICS: Objectives and History

“BRIC” was an acronym for the four emerging countries that are expected to be the world’s foremost providers of manufactured products, services, and raw resources by the year 2050: Brazil, Russia, India and China. Both China and India are on track to overtake Brazil and Russia as the world’s leading suppliers of manufactured products and services, respectively. South Africa became a member of the BRICS group in 2010, and the acronym BRICS now refers to the entire organization.

BRICS: Objectives

It was born out of a common interest in promoting trade and development across countries in the region. It was formed to improve the economies of these nations and the global socio-economic situation. 

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Salient Features: India’s Role

1. India’s Role as a Growth Maker for Other BRICS Countries: India spent almost $4 billion in South Africa, and the Global Executive Development Program was established to equip the workforce.
2. India’s Role in South Asian Trade: India has taken several encouraging steps to promote trade, including plans for a digital, open-access BRICS platform. It has established an independent BRICS credit rating agency to correlate its ranks with other developing countries rather than other members.
3. India’s Role as a Big Brother: India is considered a strong voice in the BRICS and the UN, speaking out against policies or actions that may harm the interests of any member. For example, India turned down China’s request to join the BRICS for Pakistan, Sri Lanka, and Mexico. India believed that focusing on developing existing members rather than accepting new members would suffocate the BRICS as a coalition and follow the European Union’s path.
4. India’s Peacekeeping Role: For trade to thrive, the BRICS must be peaceful, which is why peacekeeping in trade regions such as the Mediterranean, North Africa, and the Indian Ocean is critical. India has been assisting Tibetans in their fight for independence and the Rohingyas. India has dispatched over 1,000 troops to Nigeria, Somalia, Sudan, Ethiopia, and Afghanistan as part of UN missions to suppress internal unrest.

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BRICS: Objectives for India

1. India has been an active participant in this organization from its inception. Maintaining economic growth that benefits India’s citizens in terms of job creation, GDP growth, and poverty alleviation are in the country’s national interest.
2. This forum serves as an alternative global mechanism for promoting economic and social growth, particularly when international institutions and order are under significant stress (US actions on the economic front, climate change, geopolitical uncertainties around the world).
3. India hopes to use this platform to strengthen ties with Africa and South America, continents that have been overlooked due to the “tyranny of distance” until recently.

Geo-Politics and Global Economic Order Related to BRICS

1. South Africa became a member of the grouping in December 2010. It attended the third BRIC summit in Sanya (China) in 2011, after which the group was dubbed ‘BRICS’ (Brazil, Russia, India, China and South Africa).
2. The BRICS have stated their support for a multipolar world, an alternative global financial system (as opposed to the IMF and the World Bank), and revamping the global trading system as a whole (WTO reforms).
3. The countries have established a conversation platform on major regional and global concerns.

The following are some areas where Areas of Cooperation and conversation are possible:

1. Finance and the Central Bank, Trade, Business Forums and Councils, Financial Forums, Academic and Think Tanks Councils, Health, Science and Technology
2. Terrorism, agriculture, and other security concerns
3. Youth and sports, disaster management, and statistics are just a few of the covered topics.

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Voice of Developing Nations

1. Together, the BRICS countries account for 42% of the global population, 33% of global GDP, and 17% of international commerce. As a vital pillar of world order, BRICS countries significantly contribute to global economic growth, trade, and capital investment. 
2. The escalating trade war between the United States and China and the increased level of protection afforded wealthy countries, like the United States, reflect the shifting global order.
3. International Areas of Cooperation on sustainable development and climate change mitigation is made possible by this forum, which brings together the world’s largest developing countries. So, yes, BRICS can be called the voice of developing nations. 

Conclusion

BRICS (Brazil, Russia, India, China and South Africa) have a shared and growing economy, a common identity, and a shared future. It is expected that BRICS will have a larger share of world GDP and will be able to influence its global governance. BRICS countries have an excellent potential for further development; however, the political situation is still a significant obstacle to overcome. As said by a writer, “They have a huge potential for the future, but without the political climate being more conducive to sustainable development, the world is unlikely to see the BRICS as fully developed economies”.