BRICS, the acronym for Brazil, Russia, India, China and South Africa,is a coalition of the leading economies. It was established in 2006 with the aim to address various global issues like trade, economy and world peace. This huge group represents the voices of over 40% of the world’s population. From what began as a loose association is a full-fledged entity now. Each year, leaders from the member States come together to discuss various global issues at hand.
The 16th BRICS Summit
This year, Kazan Russia hosted the 16th edition of this Summit from October 22 to October 24. It was significant because it invited new countries to join. These were Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. This growth in the member countries means more strength and faster growing influence.
Secondly, Russian President Vladimir Putin hosted the Summit at Kazan, putting light on Russia’s support for the BRICS.
Issues in discussion at the BRICS Summit
With the theme of strengthening multilateralism for fair global development and security, several issues were discussed. The leaders discussed how they can increase economic tolerance and trade, and suggested a reduced dependence on Western currencies like the U.S. Dollar. As an alternative, they suggested finding new ways to make payments across countries, relying less on the USD.
They also felt that the emerging economies don’t have much say in the global atmosphere. So, they demanded more representation in the global organisations like the United Nations.
They showed concern towards climate change and discussed how they could together reverse this damage.
Why the Expansion?
Expanding the BRICS to include more and more members is a strategic and developmental move. Saudi Arabia and the UAE are rich in oil and hence are good for BRICS’ economic progress. But it is not going to be as easy as it sounds. The expansion will bring along its share of challenges as well. Iran and Saudi Arabia haven’t been friendly with each other, so, inclusion of both will need diplomatic handling. Then, India and China are two of the biggest economies in the world. This is beneficial when it comes to global trade. Likewise, all the countries included in the BRICS bring with them economic growth in some way or the other.
Members from the Middle-east and Africa are also now included which means that BRICS is placing itself in a powerful position in global politics. Now, the expansion was thought of not just with inclination towards the economy, but also towards creating a Western counterbalance. Countries like Russia and China have had sour memories with the Western policies. By including Saudi Arabia and Iran, BRICS is now more capable to challenge the Western dominated organisations like the World Bank and the International Monetary Fund (IMF).
Challenges on the Way
By including more members, BRICS has pointed at making a bigger mark in the global situation. But this isn’t going to be easy for it. With the diversity in the nations, there also comes a diverse range of problems.
Different countries have their own political and economic issues to deal with. India and China have had border issues in the past, while Iran and Saudi Arabia also haven’t been friendly. These internal issues can create problems for the expansion.
The economic wellbeing of all the members is also not the same. Some, like India and China are rich economically, while others are not so much.
Additionally, the road towards challenging the Western dominance may see hurdles when the U.S. and Europe start to see it as a threat.
What lies ahead
Inspite of the challenges, BRICS is firm on giving the emerging economies a greater say in the World affairs. The bloc aims to amplify economic cooperation, develop alternative financial systems, and advocate for reforms in global governance.
Conclusion: Why it matters
The 16th BRICS Summit was a turning point. The decisions taken here will define the economy and world politics for the future years. Big changes are in view owing to the BRICS challenge to the Western domination. Together, all the members are not just countries, but a movement towards a multiplayer world. It is uncertain whether power will be more evenly distributed now, but BRICS will be a major global player nonetheless.
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