PM Modi to attend BRICS Summit in Russia: What is the group, its significance for India

What is BRICS?

BRICS stands for Brazil, Russia, India, China and South Africa, the archetypal 5 members who were large, non-Western economies. On January 1 this year, BRICS admitted 4 caller members: Egypt, Ethiopia, Iran and the United Arab Emirates. The organisation present represents astir fractional the world’s colonisation and astir 1 4th of the world’s economy.

Essentially, BRICS has been envisaged arsenic a grouping of non-Western countries, which tin enactment arsenic a counterweight to institutions similar the World Bank and the International Monetary Fund, dominated by the Global North.

The acronym BRIC was archetypal utilized successful 2001 by Goldman Sachs successful their Global Economics Paper, ‘The World Needs Better Economic BRICs’. The insubstantial projected that Brazil, Russia, India, and China would beryllium among the world’s largest economies successful the adjacent 50 years oregon so.

As a ceremonial grouping, BRIC started aft the gathering of the leaders of Russia, India and China successful St. Petersburg connected the margins of the G8 Outreach Summit successful 2006. The grouping was formalised during the archetypal gathering of BRIC Foreign Ministers connected the margins of the UNGA successful New York successful 2006.

The archetypal BRIC Summit was held successful Yekaterinburg, Russia, successful 2009. It was decided to see South Africa astatine the BRIC Foreign Ministers’ gathering successful New York successful 2010, and accordingly, South Africa attended the 3rd BRICS Summit successful Sanya, China, successful 2011.

The adjacent question of enlargement came aft the acme successful South Africa past year. Invitations were extended to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE). While 4 of the supra joined successful January this year, Saudi Arabia has accepted the invitation but delayed ceremonial joining. Argentina, whose caller President Javier Milei is much pro-West, declined.

What is the value of BRICS Summit 2024?

PM Modi volition conscionable Russian President Vladimir Putin today, aft the 2 leaders met successful July. As Russia faces accrued unit from the West, the meetings underline the value New Delhi gives to traditionally beardown India-Russia ties. For Putin, the gathering of truthful galore satellite leaders successful Russia is simply a connection to the West that its attempts to isolate Moscow amid the Ukraine warfare person not succeeded.

Modi could perchance besides conscionable Xi. While the Ministry of External Affairs (MEA) has not confirmed the gathering yet, Foreign Secretary Vikram Misri connected Monday said Modi is expected to person “a fewer bilaterals during his visit, which are presently being worked out”. The past Modi-Xi gathering had besides travel astir connected the sidelines of a BRICS Summit, successful South Africa successful August past year.

President Masoud Pezeshkian of Iran, the large subordinate successful the different warfare raging astatine contiguous — the devastating struggle successful West Asia — volition besides be the summit.

The BRICS rank is successful enactment with India’s argumentation of multilateralism and seeking to springiness a stronger dependable to the Global South.

“India values the adjacent practice wrong BRICS which has emerged arsenic an important level for dialog and treatment connected issues concerning the planetary developmental agenda, reformed multilateralism, clime change, economical cooperation, gathering resilient proviso chains, promoting taste and radical to radical connect, among others. The enlargement of BRICS with the summation of caller members past twelvemonth has added to its inclusivity and docket for the planetary good,” PM Modi said successful a connection up of his departure for Russia.

India volition besides question to boost trade, security, economical and clime practice astatine the summit.

Many analysts judge that BRICS has truthful acold not lived up to its potential, due to the fact that of the interior differences amid members — the India-China borderline dispute, for illustration — and due to the fact that not each members stock Russia’s and China’s antipathy to the West.