Know More About BRICS and BRICS 2021

by Yogiraj Sadaphal

“BRICS must provide a united and clear voice in shaping a peaceful, balanced and stable world. We must harness each other’s strengths, in knowledge, skills and resources”.

– Narendra Modi

BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China and South Africa.

History.

The word “BRIC” is thought to have been invented in 2001 by Jim O’Neill, then chairman of Goldman Sachs Asset Management, in his book Building Better Global Economic BRICs. But, it was actually coined by Roopa Purushothaman who was a Research Assistant in the original report. South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.

First BRIC Summit.

The BRIC grouping’s first formal summit, also held in Yekaterinburg, began on June 16, 2009, with Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the leaders of Brazil, Russia, India, and China, all in attendance. The summit focused on boosting the global economy and reforming financial institutions, as well as discussing how the four countries could work together more effectively in the future. There was also greater discussion about how developing countries, such as the BRIC members that make up 3/4 of the group, may become more involved in global issues.

Objectives-

1. For more sustainable, equitable, and mutually beneficial development, the BRICS aspire to strengthen, enhance, and intensify collaboration within the grouping and among individual nations.

2. BRICS takes each member’s growth, development, and poverty goals into account to ensure that partnerships are established on each country’s economic strengths while avoiding competition whenever possible.

3. BRICS is establishing itself as a new and promising political-diplomatic body with a wide range of goals that extend far beyond the basic goal of overhauling global financial institutions.

Areas of Cooperation-

1. Political and Security Cooperation-

BRICS offers opportunities for policy advice and best practice exchanges on domestic and regional issues, as well as advancing the restructuring of the global political architecture to make it more balanced, based on the pillar of multilateralism.

2. Economic Cooperation-

There are rapidly growing trade and investment flows between BRICS countries as well as economic cooperation activities across a range of sectors. Economic and trade cooperation, innovation cooperation, customs cooperation, strategic cooperation between the BRICS Business Council, contingent reserve agreement, and the New Development Bank all have agreements in place. These agreements help to achieve the common goals of strengthening economic cooperation and promoting integrated trade and investment markets.

3. People-to-People exchange-

The need to strengthen People-to-People interactions and create closer collaboration in the areas of culture, sport, education, cinema, and youth has been recognized by BRICS members. In the spirit of openness, inclusion, variety, and mutual learning, people-to-people exchanges aim to form new connections, develop relations, and increase mutual understanding between BRICS peoples.

BRICS Submit 2021.

The 13th BRICS Summit is going to be held under India’s Chairship in 2021. It will be the third time that India will be hosting the BRICS Summit after 2012 and 2016.

The theme for India’s Chairship is ‘BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus’. The theme reflects our approach to strengthen the founding principles of BRICS cooperation based on continuity, consolidation and consensus.

The discussion in the BRICS Summit 2021 is around three pillars:

1. Political and Security:

The discussion is centered on global and regional security. The following are the priority sectors:

Counter-Terrorism Cooperation & Reform in the Multilateral System.

2. Economic and Financial:

The emphasis is on intra-BRICS cooperation in areas including trade, agriculture, infrastructure, small and medium businesses, energy, and finance and banking. The priority under this pillar are:

•BRICS Economic Partnership Strategy 2020-25 – Implementation of this strategy was discussed.

•BRICS Agriculture Research Platform – The platform’s operations was discussed.

•Cooperation on Disaster Resilience

•Innovation Cooperation

•Digital Health and Traditional Medicine

3. Cultural and People to People:

Cultural and personal exchanges have always been beneficial to intra-group bonding, and the BRICS 13th Summit was focused on this topic.