The BRICS bloc—comprising Brazil, Russia, India, China, and South Africa—has emerged as a significant global player in recent years. With its annual summits, the group sets the stage for critical discussions on international economic reforms, geopolitical strategies, and sustainable development.
Understanding the BRICS Summit and its objectives becomes vital for UPSC aspirants as the bloc expands. This blog provides essential BRICS UPSC notes, covering key details about the summit's evolution and the growing influence of BRICS nations. Dive into the expansion strategies and objectives shaping global governance's future.
Introduction to BRICS
BRICS is an informal group of five countries: Brazil, Russia, India, China, and South Africa. BRIC was founded in 2006, and the group became BRICS when South Africa officially joined in 2010. BRICS represents five of the world's major emerging markets. BRICS countries collectively contribute about 30% of the global GDP and account for 45% of the world’s population. These countries are recognized for their rapidly growing economies, large populations, and significant global influence.
The BRICS group does not have a permanent secretariat or office. Instead, the BRICS cooperation structure includes:
BRICS Business Council: A group of business leaders from each BRICS country recommending trade and investment. The Government of India designated FICCI as the technical secretariat for the BRICS Business Council.
BRICS Women's Business Alliance: A group that addresses the challenges of micro, small, and medium enterprises and the need to include women more in the economy.
BRICS Academic Forum: A group of academics from across BRICS.
Primary Objectives
BRICS seeks to enhance collaboration on various fronts, with a focus on:
Economic cooperation to strengthen trade, investment, and financial linkages among member nations.
Political dialogue to address global challenges like climate change, energy security, and geopolitical issues.
Promoting a multipolar world order where global governance is not dominated by a few developed nations but shaped by inclusive cooperation.
Annual Summits
BRICS hosts annual summits to discuss key issues, such as:
Global economic reforms, including the need for a more equitable international financial system.
Sustainable development, addressing challenges like poverty reduction, environmental sustainability, and climate action.
Cooperation in sectors like technology, innovation, healthcare, and infrastructure.
Historical Timeline and Formation of BRICS
2001 – The Term "BRIC" is Coined: Economist Jim O’Neillfrom Goldman Sachs coined the term BRIC (Brazil, Russia, India, China) in his 2001 paper, predicting the economic rise of these emerging markets.
2006 – Informal Beginnings: BRIC nations held their first informal meeting during the G8 Outreach Summit in Russia, marking the beginning of cooperative dialogue among the countries.
2009 – First BRIC Summit: The first official BRIC Summit was held in Yekaterinburg, Russia. The focus was on reforming international financial institutions and addressing global economic issues.
2010—South Africa Joins: South Africa was invited to join the group, which led to the transformation of BRIC into BRICS. The group officially became BRICS after South Africa attended the 2011 summit.
2014 – Creation of New Development Bank (NDB): During the 6th BRICS Summit in Brazil, the countries launched the New Development Bank (NDB), which will fund infrastructure and sustainable development projects.
Here's a simplified flowchart representation of the timeline for BRICS formation:
Historical Timeline
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2001: The term "BRIC" coined by Jim O’Neill
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2006: Informal BRIC meeting at G8 Outreach Summit
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2009: First official BRIC Summit
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2010: South Africa joins, transforming BRIC into BRICS
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2014: Establishment of New Development Bank (NDB)
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Important BRICS Summits and Their Key Declarations
BRICS Summits have been pivotal in shaping the group’s global influence and driving cooperation on economic, political, and development issues. Since the first summit, each meeting has produced key declarations that reflect the bloc's evolving priorities. Below are some of the most notable BRICS Summits and their significant outcomes.
First BRIC Summit (2009) – Yekaterinburg, Russia
This was the first official summit of the BRIC nations, marking a new era of cooperation among Brazil, Russia, India, and China.
Focus Areas:
The summit concentrated on reforming international financial institutions like the World Bank and the IMF, aiming for a more representative governance structure.
Emphasised the need for greater financial regulation following the 2008 global financial crisis.
Discussed the potential for joint action on global challenges, such as climate change and food security.
Stressed the importance of multilateral diplomacy and cooperation within the framework of the United Nations.
This first summit laid the groundwork for future collaboration, setting the stage for forming institutions and joint initiatives to reform global governance.
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6th BRICS Summit Fortaleza Declaration (2014) – Fortaleza, Brazil
One of the Fortaleza Summit's most significant outcomes was the creation of the New Development Bank (NDB).
Focus Areas:
New Development Bank (NDB): The NDB was established to finance infrastructure and sustainable development projects in BRICS countries and other developing nations.
Headquarters were set up in Shanghai, China.
Each BRICS member contributes equally to the bank’s capital.
Contingent Reserve Arrangement (CRA): This framework supported BRICS nations during balance-of-payment crises, offering a safety net against financial shocks.
Reforming Global Governance: The declaration reaffirmed the bloc’s commitment to promoting reforms in the governance of global financial institutions to reflect emerging economies' growing role in the world economy.
Focused on enhancing intra-BRICS cooperation in sectors like science, technology, and innovation, as well as ensuring sustainable and inclusive growth.
The Fortaleza Declaration marked a major turning point as BRICS moved from dialogue to creating concrete institutions, solidifying its influence on the global economic stage.
15th BRICS Summit (2023) – Johannesburg, South Africa
Expansion and discussions on a common currency dominated the agenda at this summit.
Focus Areas:
BRICS Expansion: The summit led to a historic decision to expand the bloc by inviting six additional countries to join: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. This expanded BRICS' global reach, enhancing its role in promoting a multipolar world order.
Common Currency Discussion: One of the summit's most intriguing topics was the proposal for a BRICS common currency. While no formal decision was made, the idea was discussed to reduce dependence on the US dollar and promote greater financial integration among member nations.
Geopolitical Cooperation: Leaders discussed global security and the ongoing geopolitical shifts. The summit emphasised the importance of non-interference and respect for national sovereignty.
Sustainable Development Goals (SDGs): The members reinforced their commitment to achieving the 2030 Agenda for Sustainable Development, which focuses on poverty eradication, climate change mitigation, and equitable access to resources.
African Development Focus: Given the summit’s location in South Africa, there was a strong emphasis on enhancing BRICS' cooperation with African nations to promote regional development and infrastructure projects.
From Mains answer writing, understanding the challenges faced by BRICS and its way forward is crucial for addressing questions related to global cooperation, multilateralism, and international organizations.
As BRICS evolves, it encounters several obstacles that could impact its effectiveness in the long term. Equally important is identifying the steps to overcome these hurdles and solidifying its position as a leading multilateral organization.
Challenges
Economic Disparities: BRICS members, such as China and India, have significantly larger economies than Brazil, South Africa, and Russia.
Growth Trajectories: While China has seen consistently high growth rates, others (e.g., Brazil and South Africa) face economic stagnation or recessions.
Development Needs: Each country's developmental priorities differ, making it difficult to agree on standard policies that serve all members equally.
Political Systems: BRICS consists of countries with both democratic governance (India, Brazil, South Africa) and more authoritarian regimes (Russia, China). This creates friction when discussing human rights, governance, and freedom of speech.
Geopolitical Rivalries: Internal political differences and geopolitical rivalries, especially between India and China, pose challenges for unified decision-making within the bloc.
Multilateral Cooperation: BRICS has established institutions like the New Development Bank (NDB), but there is still a lack of institutional coherence and strategy.
Institutional Framework: Unlike other organisations like the EU or NATO, BRICS lacks a robust institutional framework for cooperation, making it challenging to execute decisions
Promote Intra-BRICS Trade: Increasing intra-BRICS trade and reducing tariffs can help member countries benefit more from each other’s markets.
Focus on Infrastructure Development: BRICS could prioritise infrastructure projects that connect member nations and promote regional economic integration.
Long-Term Strategy: BRICS should formulate a coherent long-term strategy for global engagement, focusing on key areas like economic development, innovation, and sustainable growth.
Aligning Development Goals: It is essential to align the development goals of all members, focusing on shared challenges like climate change, poverty reduction, and healthcare.
Strengthen the NDB: The New Development Bank should be more significant in funding projects, particularly in member states with weaker economies.
Create a BRICS Secretariat: Establishing a permanent BRICS Secretariat to coordinate policies and ensure smoother communication and implementation of decisions can strengthen the bloc’s institutional capacity.
Diplomatic Channels: BRICS should prioritise diplomatic dialogue to manage internal disputes, especially between India and China, ensuring that these differences do not hinder cooperation.
BRICS Expansion: Expanding BRICS membership to include other emerging economies, such as the recent addition of countries like Argentina and Saudi Arabia, can enhance its global reach and influence in international affairs.
Leading on Global Governance Reforms: BRICS can continue to advocate for reforms in global governance institutions, such as the UN and IMF, ensuring fairer representation for developing countries.
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Conclusion
BRICS continues to play a critical role in shaping a multipolar world, promoting the interests of emerging economies. For UPSC aspirants, understanding the objectives and expansion of BRICS is vital in grasping the dynamics of global governance. These BRICS UPSC notes offer insight into the organisation’s growing influence and prepare you to tackle related questions in the exam confidently.
Revise these notes regularly, ensuring they are up-to-date with the latest summits and key declarations. This knowledge can be pivotal for the Prelims, Mains, and the essay section.
Stay informed, stay prepared, and integrate these insights into your preparation strategy to boost your overall exam performance.
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