Can India and China use BRICS to build a house?: 

Can India and China use BRICS to build a house?: 

Context

• India and China have managed to metaphorically avoid stepping on another land line in Doklam plateau, at the tri-junction of India.
• This September 3, the two Asian giants’ is going to take a step in the right direction when prime minister Narendra Modi meets Chinese president Xi Jinping, along with other leaders from Brazil, Russia and South Africa at the 9th annual BRICS Summit.

Importance of BRICS

• The informal bloc of BRIC(S) nations was established as a response to global financial crisis of 2008.
• It was a result of the cracks that had begun to form in the global financial system lead by the Bretton Woods institutions and dominated by the west.
• The BRICS nations have together promoted their exports, coordinated responses in international legal disputes, successfully negotiated for an increase in voting shares at the World Bank.
• In an increasingly overpopulated topography of multi-lateral institutions, BRICS have consolidated their reserves to become creditors of foreign aid rather than just borrowers of the same.
• The bloc has achieved much economically – of course, there is much left to be desired politically.
• The coming decade presents the opportunity to make the world institutions more equitable politically. For the success of that, India and China need to find common ground before the economic momentum that is behind them begins to fade.
• It would be wise for China to stop treating India as an economic laggard to itself that can be coerced into submission and realise that such actions only push India, against its will, towards the west.
• India on the other hand must continue to advocate for an increased joint collaboration with China in multi-lateral institutions, even if it’s voting shares in such institutions is second to China.