BRICS Summit showed that Russia was not without friends

 

The BRICS Summit showed that Russia was not without friends

(Source – The Hindu, International Edition – Page No. – 4)

Context The 16th BRICS Summit in Kazan showcased Russia’s efforts to counter isolation amid the Ukraine conflict and highlighted BRICS’ expanding influence with new members.

16th BRICS Summit in Kazan And Key Take Aways

Overview of the Summit and Participants

• The 16th BRICS Summit held in Kazan, Russia, was a significant event as it was the largest conference hosted by Russia since the Ukraine conflict began in 2022.
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• Attended by leaders from nine countries, with Saudi Arabia represented by its Foreign Minister, the summit included around 30 Global South leaders at a special BRICS outreach conference.
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• This summit was carefully observed by Western countries, given its implications on the global economic and political landscape.

Message of Global Unity and Economic Cooperation

• Through this summit, Russia projected that it had not been “isolated” due to the Ukraine conflict.
• The Kazan Declaration emphasised a commitment to strengthening economic cooperation within BRICS, a bloc that represents about one-third of the global GDP.
• The summit signalled that unilateral sanctions, especially against Russia and Iran, are not universally endorsed.

Key Agreements and Initiatives

• Several agreements aimed at economic independence and resilience were discussed:
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  • Establishment of an interbank cooperation mechanism to facilitate financial transactions.
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  • Development of a grain exchange platform and a cross-border payment system.
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  • Creation of a dedicated insurance company and the expansion of the BRICS New Development Bank (NDB).
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• BRICS also provides an opportunity for members to address bilateral disputes, such as tensions between countries within the group.

Expansion of BRICS Membership

• BRICS has expanded its membership to include Iran, Egypt, Ethiopia, the UAE, and Saudi Arabia,reinforcing its role as a coalition of emerging economies.
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• This expanded membership emphasises the bloc’s position as a counterbalancing force to Western dominance, challenging any dismissal of BRICS’s relevance in the global order.

India’s Balancing Act and Position on Global Governance

• India’s approach to BRICS reflects a balance, as it is also a member of U.S.-led groupings like the Quad and the Indo-Pacific Economic Framework.
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• India emphasised that BRICS is inclusive and works for the benefit of humanity, not as a divisive entity.
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• India’s consistent stance on “dialogue and diplomacy, not war
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More About BRICS:

Formation: Established in 2009, BRICS includes Brazil, Russia, India, China, and South Africa (joined in 2010).Objective: Aims to promote a more equitable, multipolar world order to counterbalance Western dominance. Purpose: Focuses on promoting economic cooperation, political stability, and development among emerging economies. Global Influence: Represents about 45% of the world’s population, 37% of GDP, and 25% of global trade. Key Institutions: New Development Bank (NDB) for infrastructure funding; Contingent Reserve Arrangement (CRA) for financial stability. Membership Expansion: Recent membership expansion include Iran, Egypt, Ethiopia, the UAE, and Saudi Arabia, reflecting efforts to broaden influence and inclusivity. Challenges: Internal geopolitical tensions, diverse economic systems, and differing policy priorities.