At BRICS, keep difficult conversations alive, Pg10

Key Highlights:

• The 18th BRICS Summit is being held amidst global fragmentation caused by wars, disrupted energy supplies, and soaring costs.
• The BRICS grouping has expanded, with new full members including Iran, Saudi Arabia, and the UAE.
• Indian Prime Minister Narendra Modi is participating, aiming to advance India's interests in resilient supply chains and greater use of national currencies in trade.
• Russian President Vladimir Putin and Chinese President Xi Jinping are also attending the summit.
• A significant bilateral meeting is anticipated between PM Modi and President Xi, marking Xi's first visit to India since the Galwan clashes.

Detailed Insights:

• The expansion of BRICS to include diverse nations like Iran, Saudi Arabia, and the UAE highlights the varied interests and potential for both cooperation and conflict within the bloc.
• India's foreign policy emphasizes strategic autonomy, viewing forums like BRICS as crucial for maintaining relationships across the global spectrum.
• India seeks to enhance economic exchange within the BRICS bloc and the Global South to navigate a global financial system unsettled by the weaponization of tariffs.
• Increased economic cooperation within BRICS is seen not as an anti-Western alliance, but as a collective desire for free trade, secure supplies, and reform of global institutions.
• India aims to reduce its economic dependence on China, despite Chinese imports being deeply integrated into its manufacturing supply chains.
• The summit provides an opportunity for India and China to broaden cooperation and mitigate competition, particularly in the aftermath of the Galwan clashes.
• India's strategy is to leverage BRICS as a forum for practical collaboration, strengthening its credibility as a voice for the Global South and expanding its diplomatic maneuverability.

Key Concepts Involved:

• BRICS: An acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa, which has recently expanded.
• Strategic Autonomy: A nation's ability to pursue its foreign policy interests independently, without being unduly influenced by other powers.
• Global South: A term used to refer to countries often described as developing or less developed, primarily located in Asia, Africa, and Latin America.
• Weaponisation of Tariffs: The use of import duties as a political or economic tool to exert pressure or achieve strategic objectives against other countries.