India’s External Affairs Minister recently attended a meeting of the foreign ministers of BRICS (Brazil, Russia, India, China, and South Africa) in Cape Town, South Africa. The meeting aimed to finalize the agenda for the upcoming 15th BRICS summit, which will be held in South Africa. The theme of BRICS 2023 is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.” Two significant items on the agenda have garnered attention: expanding the membership of BRICS and establishing a common currency. This essay explores these key agendas and their implications.
Expanding BRICS Membership: Consolidating Geopolitical Influence
- As many as 19 countries are seeking membership in BRICS, indicating a growing interest in joining the group.
- Expansion of BRICS would strengthen the organization’s role as a representative of the developing world.
- Admitting key countries, including major oil producers such as Saudi Arabia, Iran, the UAE, Nigeria, and Venezuela, would enhance the group’s geopolitical heft.
- The rush towards BRICS is driven by anti-US sentiment and the desire for multipolarity among developing nations.
China’s Influence in BRICS
- The idea of BRICS emerged in the early 2000s, proposed by Goldman Sachs economist Jim O’Neill.
- China has been instrumental in driving the expansion of the group.
- While China aims to shape BRICS as an anti-Western coalition, India perceives it as a “non-western” group focused on cooperation and solidarity among Global South countries.
- India’s participation in other regional organizations, such as the Shanghai Cooperation Organization, reflects its multi-faceted approach to international relations.
India’s Perspective on BRICS Membership Expansion
- There is a concern that expanding BRICS membership might sideline India’s role in the group.
- India emphasizes the need for BRICS to remain a non-western alliance rather than an anti-Western one.
- Balancing relationships with Russia and China, India seeks to preserve BRICS as a platform for non-aligned countries to express their solidarity.
Exploring a Common Currency: Opportunities and Challenges
- The idea of a common currency within BRICS was proposed by Russia’s President at the Beijing BRICS summit in the previous year.
- A committee was established to study the viability of a common currency, but challenges remain.
- Establishing a common central bank for member countries with different economic and political systems presents complications.
- Some BRICS nations, including Russia and China, are not yet ready to give up the US dollar, posing further challenges to the adoption of a common currency.
Important Points:
- Key agendas:
- Finalizing the agenda for the 15th BRICS summit 📝
- Expanding BRICS membership 🌍
- Establishing a common currency 💱
- Expanding BRICS membership:
- Strengthening the group’s geopolitical influence 🌍💪
- Potential admission of key countries, including major oil producers 🛢️🌍
- Reflects anti-US sentiment and a desire for multipolarity 🙅🇺🇸🌍
- China’s influence in BRICS:
- Driving the expansion of the group 🚀🌍
- India’s perspective: BRICS as a non-western alliance 🌍🤝
- India’s perspective on BRICS membership expansion:
- Concerns about potential sidelining of India’s role 🤔🇮🇳🌍
- Emphasizing BRICS as a non-western alliance 🌍🤝
- Exploring a common currency:
- Proposed by Russia’s President at the Beijing BRICS summit 💡💱
- Challenges of establishing a common central bank and overcoming currency preferences 🏦💰
- Some countries not ready to give up the US dollar 💲🤝
- BRICS:
- Initially comprised Brazil, Russia, India, and China, with South Africa later added 🌍🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦
- Role in mobilizing resources, promoting cooperation, and addressing global issues 🤝💪🌍
Why In News
India’s External Affairs Minister arrived in Cape Town, South Africa, to participate in a crucial meeting of the foreign ministers of BRICS, aimed at strengthening diplomatic ties and fostering cooperation among the member nations. As part of the discussions, the minister will also engage in bilateral talks with his counterparts from other BRICS countries to explore avenues for enhanced collaboration in various sectors.
MCQs about BRICS
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What is the main purpose of the BRICS foreign ministers’ meeting in Cape Town, South Africa?
A. To discuss regional conflicts
B. To finalize the agenda for the upcoming BRICS summit
C. To establish a common currency
D. To address global environmental issues
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Which country has been driving the expansion of BRICS?
A. Brazil
B. Russia
C. India
D. China
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What is one of the key challenges in establishing a common currency within BRICS?
A. Lack of interest from member countries
B. Varying economic and political systems
C. Opposition from the United States
D. Insufficient resources
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What is the potential impact of expanding BRICS membership?
A. Strengthening the group’s geopolitical influence
B. Weakening the group’s role as a spokesperson for the developing world
C. Shifting the group’s focus to anti-Western alliances
D. Decreasing the representation of major oil-producing countries
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