15th BRICS summit hosted by South Africa in Johannesburg, holds significant importance against the backdrop of geopolitical changes and global economic dynamics.Notably, this summit marks the first in-person gathering since 2019 due to the Covid -19 pandemic.The theme for the 15th BRICS Summit is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism”.
Key Highlights of the 15th BRICS Summit
BRICS Expansion
- BRICS marked its 15th summit by expanding its membership from five to eleven countries, reflecting a concerted effort to enhance its global standing.
- Egypt, Iran, Saudi Arabia, UAE, Ethiopia, and Argentina joined the BRICS fold, amplifying the group’s representation across the Middle East, Africa, and South America.
- Full membership will take effect on January 1, 2024.
- The original BRIC members had two things in common: large economies, and high potential growth rates.
- The expanded BRICS-11 is a less coherent group; some are going through crises, and others are thriving. This could signal an expansion of the agenda beyond economics.
India’s Stakes in the BRICS Summit
- The summit is important for India, as it is the first in-person meeting since the India-China military standoff at the Line of Actual Control.
- After the bilateral talks between the Prime Minister (PM) of India and President of China, both nations have agreed to step up efforts for the disengagement of troops and de-escalation of tensions along the LAC.
- India played a key role in drafting membership criteria and promoting strategic partnerships among new entrants.
- India leverages BRICS to expand its network of allies and enhance its geopolitical influence.
- India sees BRICS as a “non-western” rather than an “anti-western” group, emphasizing the platform’s diversity of perspectives.
- India aims to enhance cooperation with China and Russia for the Leader’s declaration.
- The Indian PM proposed to establish a BRICS space exploration consortium to advance cooperation in the field of space technology and research.
- India called for BRICS collaboration under the International Big Cat Alliance in protecting the endangered big cats that live in their countries .
Geopolitical Context and Significance
- The summit gains new importance as it follows the Russian invasion of Ukraine in 2022, impacting global stability and security.
- BRICS discussions are perceived to carry a “counter-western” perspective.
- Amidst attempts to “isolate” Russia over the Ukraine conflict, BRICS deliberations gain importance.
United Nations Reform
- India and other BRICS members support comprehensive reform of the United Nations, including the Security Council, to make it more democratic, representative, effective and efficient.
Climate Change
- BRICS members agreed to address the challenges posed by climate change while also ensuring a just, affordable and sustainable transition to a low-carbon and low-emission economy.
- The five nations called on developed countries to lead by example and support developing countries towards such transitions.
- BRICS nations opposed trade barriers imposed by certain developed countries under the pretext of tackling climate change.
BRICS
- BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
- In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
- The grouping was formalized during the first meeting of BRIC Foreign Ministers in 2006.
- South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
- The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16 % of the global trade.
- The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
- India hosted the chair for the 2021 BRICS Summit.