Editorial Analysis || The big five at 10 : BRICS summit

• The 10th BRICS summit was held recently in South Africa leading to the Johannesburg
declaration.

• BRICS has grown in influence and established new institutions and partnerships in its 10
years.

• Goals yet to achieve:

• reform of global financial governance,

• the democratization of the United Nations, and

• expansion of the Security Council

• Delays as China and Russia do not want India, South Africa and Brazil to obtain
equality in the global order.

What are the important objectives of this summit?

• The declaration focused on rules-based, transparent, non-discriminatory, open and
inclusive multilateral trading, based on the World Trade Organization.

• The broader goal is to strengthen multilateralism, rule of law and an equitable
international order.

• The other big idea of the recent summit is to help nations prepare for the Fourth Industrial
Revolution.

• BRICS announced Partnership on New Industrial Revolution (PartNIR) to which
needs to engage the private sector and young innovators to prove meaningful.

• The BRICS Business Council has enhanced trade and economic cooperation in sectors
from manufacturing and energy to financial services and regional aviation.

• BRICS committed to an inclusive and people-centric approach to development by steady
progress in interactions through sports, films, education, culture and tourism.

• The BRICS outreach to Africa began in 2013. Africa needs big loans from the New
Development Bank (NDB) for their infrastructure projects.

What is BRICS Plus?

• “BRICS Plus” was introduced by China as it invited countries from different regions to
BRICS last year.

• South Africa invited Argentina, Jamaica, Turkey, Indonesia and Egypt
this year.

• The role of “BRICS Plus” countries will take time to evolve.

• A benefit is an opportunity for a large number of bilateral meetings on
the summit’s sidelines.

Unity and divergence

• BRICS represents over 40% of the world’s population and 22% of global GDP.

• China is dominant in BRICS even as it stresses equality of all members.

• China-Russia closeness still continues.

• New Development Bank should give loans to African Nations.

• Brazil played a low-profile role because of its political and economic problems.

• India is playing a geopolitical game with the U.S., China and Russia.

• Satisfactorily, summit declaration also focused on the problem of international
terrorism.

• However, no decision was taken to set up the BRICS credit rating agency supported by
India.

Link: https://tt93a.app.goo.gl/mPkTadZHkToYVTbe8