• 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.