Daily Current Affairs : 21-August-2023
BRICS, an acronym for Brazil, Russia, India, China, and later South Africa, is an influential grouping of emerging economies. This alliance, initially labeled BRIC, was conceived by economist Jim O’Neill in 2001, predicting their dominance in the global economy by 2050. The main strength of BRICS lay in their low labor costs, favorable demographics, and abundant natural resources, particularly during the global commodities boom.
Origin of BRICS: Russia’s Initiative
The genesis of BRICS can be traced back to Russia, which initiated its creation. In 2006, Russia hosted the first BRICS Ministerial Meeting, and in 2008, they convened a crucial gathering of BRICS Foreign Ministers in Yekaterinburg. Subsequently, the first BRIC Summit was held in 2009. Russia’s vision was to promote transparent, open, proactive, and incremental cooperation among these nations.
Role of BRICS: A Collaborative Endeavor
BRICS countries have undertaken various measures, such as strengthening the IMF’s capacity to combat crises and establishing the BRICS Interbank Cooperation Mechanism and the BRICS Exchanges Alliance. They have also addressed regional issues and worked together on resolving conflicts, IMF reform, fighting illicit drug trafficking, and promoting technology development for barrier-free trade.
Principles of BRICS: Foundations of Unity
BRICS operates on principles of solidarity, openness, pragmatism, neutrality concerning third parties, and a non-bloc nature. These principles underpin the cooperative spirit of the group.
Rationale Behind BRICS: A Platform for the Global South
BRICS was created in response to the dominance of Western countries in international forums. The Global South, comprising nations outside the traditional power centers, needed a platform to voice their concerns. BRICS emerged as an alternative to traditional groupings like the G8 and G7.
BRICS Agenda for 2023: Focus on Africa
Each year, the BRICS Chair sets the agenda. In 2023, the theme is “BRICS in Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.” This underscores the group’s commitment to African development.
Significance of Other Countries for BRICS: Expanding the Group
China and Russia have bolstered their presence in Africa through significant investments. Numerous countries, including Saudi Arabia, Iran, Argentina, UAE, Algeria, Egypt, Bahrain, and Indonesia, have expressed interest in joining BRICS. For India, BRICS provides an opportunity to represent the Global South.
Significance of the 15th BRICS Summit: Geopolitical Context
The 15th BRICS Summit assumes paramount importance due to several factors:
- Post-Pandemic Recovery: It is the first in-person summit since the COVID-19 pandemic, emphasizing the need for collective recovery efforts.
- Russia’s Ukraine Conflict: Occurring after Russia’s invasion of Ukraine in 2022, this summit gains added significance in light of Russia’s evolving international relations.
- Brazil’s Political Shift: With Luiz Inácio Lula da Silva returning to power in Brazil, BRICS deliberations may take on a more socialist, anti-Western tone.
- Counter-Western Influence: BRICS is perceived as carrying a “counter-Western” slant, which is important as the U.S. and EU seek to isolate Russia.
Significance for India: Key Priorities
India’s role at the 15th BRICS Summit holds particular importance for several reasons:
- Border Dispute Resolution: Amid the military standoff with China at the Line of Actual Control (LAC) since 2020, this summit presents an opportunity to address the LAC situation and de-escalate tensions.
- G20 Leadership: India is set to host the G20 summit and seeks cooperation from BRICS members, especially China and Russia, to facilitate discussions and agreements at the upcoming G20 gathering.
Important Points:
BRICS Overview:
- BRICS stands for Brazil, Russia, India, China, and South Africa.
- It was originally BRIC and coined by economist Jim O’Neill in 2001.
- These nations were recognized for their rapid economic growth, low labor costs, and abundant resources.
- South Africa joined in 2010, making it BRICS.
Origin and Role:
- Russia initiated BRICS and hosted the first BRICS Ministerial Meeting in 2006.
- BRICS aims for transparent, open, proactive, and incremental cooperation.
- They cooperate on IMF reform, resolving conflicts, and promoting technology.
- BRICS principles include solidarity, openness, pragmatism, neutrality, and non-bloc nature.
Rationale for BRICS:
- BRICS was created as an alternative to Western-dominated international forums.
- It represents the Global South and counters Western influence.
BRICS Agenda for 2023:
- The theme for the 15th Summit is ‘BRICS in Africa: Partnership for Growth, Sustainable Development, and Inclusive Multilateralism.’
- This reflects the group’s commitment to African development.
Significance of Other Countries:
- China and Russia have increased their presence in Africa.
- Many countries, including Saudi Arabia, Iran, Argentina, UAE, Algeria, Egypt, Bahrain, and Indonesia, have expressed interest in joining BRICS.
Significance of the 15th BRICS Summit:
- It’s the first in-person summit since the COVID-19 pandemic.
- Occurring after Russia’s invasion of Ukraine in 2022.
- Brazil’s political shift with the return of Lula.
- BRICS is seen as having a “counter-Western” influence.
Significance for India:
- Resolution of the border dispute with China is a key priority.
- India will host the G20 summit and seeks cooperation from BRICS members, especially China and Russia.
Why In News
The Prime Minister of India is eagerly anticipating his visit to South Africa for the upcoming BRICS Summit in Johannesburg. This summit will provide a platform for leaders from Brazil, Russia, India, China, and South Africa to discuss key global issues. During his visit, the Prime Minister will engage in crucial diplomatic discussions aimed at strengthening India’s ties with these important nations, fostering cooperation, and addressing pressing global challenges.
MCQs about BRICS: India’s Role and Significance in a Shifting World
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What does the acronym BRICS stand for?
A. Big Emerging Economies
B. Brazil, Russia, India, China, South Africa
C. Western Dominated Forums
D. G20 Countries
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Why was BRICS created?
A. To establish Western dominance in international forums.
B. To promote a non-bloc nature.
C. To represent the Global South and counter Western influence.
D. To enhance G8 and G7 groupings.
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What is the theme of the 15th BRICS Summit in 2023?
A. BRICS Solidarity: Building a Stronger Future
B. BRICS Economic Cooperation: A Vision for Growth
C. BRICS in Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism
D. BRICS Summit 2023: Global Challenges and Solutions
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Why is the 15th BRICS Summit significant for India?
A. To discuss the impact of the COVID-19 pandemic.
B. To address the conflict with Brazil.
C. To resolve the border dispute with China.
D. To promote Western dominance.
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