Context:
- Prime Minister Narendra Modi has embarked on a significant diplomatic mission to Kazan, Russia, where he will participate in the 16th BRICS Summit from October 22-24, 2024.
- This marks his second Russian visit this year, following his July trip to Moscow for the India-Russia annual summit
List of Countries Participating in BRICS Summit 2024:
- Russia, China, India, South Africa, Brazil (Original Founding members)
- UAE, Iran, Saudi Arabia, Egypt, Ethiopia, Argentina (Non-Founding members)
Know about BRICS:
- BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
- In 2001, the British Economist Jim O’Neill coined the term BRICS to describe the four emerging economies of Brazil, Russia, India, and China.
- The grouping was formalized during the first meeting of BRICS Foreign Ministers in 2006.South Africa was invited to join BRICS in December 2010, after which the group adopted the acronym BRICS.
Share of BRICS:
- The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16 % of the global trade..
Chairmanship
- The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
Initiatives of the BRICS:
New Development Bank:
- During the Sixth BRICS Summit in Fortaleza (Brazil) in 2014, the leaders signed the Agreement establishing the New Development Bank (NDB – Shanghai, China).
- As of 2024, the NDB, created as a partial alternative to the World Bank, has greenlit 96 projects totaling $32.8 billion to enhance infrastructure for its member countries.
- Capital: The Bank has an initial authorized capital of 100 billion dollars and an initial subscribed capital of 50 billion dollars.
- Membership in NDB is open to any member of the United Nations.
Contingent Reserve Arrangement:
- -In 2014, the BRICS governments had signed a treaty on the setting up of the contingent reserve arrangement.
- The arrangement is aimed at forestalling short-term balance of payments pressures, providing mutual support and strengthening the financial stability of the BRICS nations.
What holds the group together?
- Pigeonholing of BRICS is not easy.
- The group includes some countries that are allies but also some that are antagonists and rivals.
- Some of the countries opposed to the USA (Russia, Iran).
- Other are recipients of US Military aid (Egypt).
- And some hosts US military Bases (U.A.E).
- Some members are democracies many are not.
- The real Glue between them is the concept of Global South (Carl Oglesby)..
About 16th BRICS Summit:
- Theme: Strengthening Multilateralism for Just Development and Security.
Expected Implications of 16th Annual Summit:
Politics and Security: Navigating Complex Alliances.
(a) Efforts to resolve the ongoing conflict in Ukraine.
- India’s delegate position as a non-aligned power, maintaining friendly relations with both Russia and the West, gives it a potential mediatory role.
- Modi’s diplomatic balancing act will aim to navigate India’s economic and security ties with Russia while ensuring that its broader geopolitical interests, especially with the West, remain intact.
(b) Security discussions at the BRICS summit are expected to center on counter terrorism and regional stability, with India taking a leading role in pushing for enhanced multilateral frameworks
- Modi is likely to advocate for improved intelligence sharing and regional cooperation to address terrorism, particularly cross-border threats that affect both India and the wider Asian region.
Economy and Finance: Strengthening Economic Partnerships
(a) Economically, the 2024 summit comes at a pivotal moment for BRICS, which recently expanded to
include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).
- This expansion reflects a growing desire for a multipolar economic order that can counterbalance Western-dominated financial institutions.
- A renewed focus on enhancing the BRICS Contingent Reserve Arrangement.
Cultural and Humanitarian Ties: Strengthening People-to-People Connectivity.
(a) Modi’s focus on cultural diplomacy has long been a hallmark of his foreign policy, and this visit will likely see announcements regarding deeper cooperation in education, science and technology.
(b) India is also advocating for equitable vaccine distribution and the strengthening of health infrastructure across the Global South.
Another Related Development: Thawing China-India Relations.
(a) A potential meeting between Modi and Chinese President Xi Jinping at the Kazan summit signals a possible thaw in the strained relations between the two Asian giants
Note: Although the two leaders met as many as 18 times between 2014 and 2020, they have spoken publically only twice since the clashes in the Galwan Valley.
BRICS Expansion: The New World Order?
(a) The expansion of BRICS – which has now doubled in size – marks a significant milestone in the bloc’s evolution.
- This new configuration is seen as a challenge to Western-dominated international institutions, with Modi emphasizing India’s role in promoting a more inclusive global governance system.
- For India, the inclusion of these new members opens doors to expand its influence in the Middle East and Africa, regions where it has steadily increased its diplomatic and economic footprint.
On Northern Sea Route:
(a) India’s involvement in the resource-rich Russian Arctic and the Northern Sea Route (NSR) will be significant agenda items.
- An India-Russia joint working group on the NSR has explored objectives for Indian-Russian cargo
transit along the route, collaborative projects in Arctic shipbuilding, and potential training programs for Indian sailors in polar navigation.
Conclusion:
The potential for improved relations with China, coupled with the expanding influence of the BRICS bloc, underscores the transformative potential of this summit in reshaping global governance and fostering a more equitable world order
