{"id":130572,"date":"2021-09-01T20:03:34","date_gmt":"2021-09-01T14:33:34","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=130572"},"modified":"2021-09-03T08:52:38","modified_gmt":"2021-09-03T03:22:38","slug":"its-time-to-build-brics-better","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/its-time-to-build-brics-better\/","title":{"rendered":"Its time to build BRICS better"},"content":{"rendered":"\n<p><strong>Source: <\/strong>This post is based on the article &#8220;Its time to build BRICS better&#8221; published in The Hindu on 1st September 2021.<\/p>\n<p><strong>Relevance: <\/strong>To study the importance of BRICS.<\/p>\n<p><strong>Synopsis: <\/strong>Although BRICS grouping succeeded up to a point, it now confronts multiple challenges.<\/p>\n<h5><strong>Context<\/strong>:<\/h5>\n<p>The 13<sup>th<\/sup> BRICS summit is set to be held under India\u2019s chairmanship on 9<sup>th<\/sup> September. This meeting will be held in digital and virtual format.<\/p>\n<h5><strong>What is BRICS?<\/strong><\/h5>\n<ul>\n<li>It is the acronym coined for an association of five major emerging national economies that have similar economic development. The five countries are Brazil, Russia, India, China and South Africa.<\/li>\n<li>The acronym was first used in 2001 by economist Jim O\u2019Neill. Originally, the first four were grouped as \u201cBRIC\u201d. In 2010, South Africa was officially admitted as a BRIC nation. Thus, making the current acronym BRICS.<\/li>\n<\/ul>\n<h5><strong>Structure of BRICS<\/strong><\/h5>\n<ul>\n<li>The Chairmanship of the forum is rotated annually among the members, in accordance with the acronym BRICS.<\/li>\n<li>Currently, India is holding the chairmanship of the BRICS. India was the chair in 2012 and 2016 too.<\/li>\n<\/ul>\n<h5><strong>What is the <\/strong><strong>Importance of BRICS?<\/strong><\/h5>\n<p>The BRICS nations collectively represent,<\/p>\n<ul>\n<li>42% of the world\u2019s population<\/li>\n<li>30% of the land area<\/li>\n<li>24% of global GDP<\/li>\n<li>16% of international trade<\/li>\n<\/ul>\n<h5><strong>Working of the BRICS<\/strong><\/h5>\n<p>The grouping has gone through a reasonably productive journey:<\/p>\n<ul>\n<li>It attempts to serve as a bridge between the Global North and Global South.<\/li>\n<li>It developed a common perspective on a wide range of global and regional issues.<\/li>\n<li>Furthermore, the BRICS established the New Development Bank with the objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.<\/li>\n<li>It created a financial stability net in the form of Contingency Reserve Arrangement.<\/li>\n<li>It is about to set up a Vaccine Research and Development Virtual Center.<\/li>\n<\/ul>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><strong>Read more<\/strong>: <a href=\"https:\/\/forumias.com\/blog\/brics-environment-ministers-adopt-the-new-delhi-statement-on-environment\/\" target=\"_blank\" rel=\"noopener\">BRICS Environment Ministers adopt the New Delhi Statement on Environment<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h5><strong>What are the immediate goals of the BRICS Group?<\/strong><\/h5>\n<p>As India holds the current chair, it outlined four priorities:<\/p>\n<ol>\n<li><strong>Reform of multilateral institutions<\/strong>: BRICS was founded on the desire to end the domination of the western world over institutions of global governance (IMF, World Bank, UN) and strengthen multilateralism.<\/li>\n<\/ol>\n<ol start=\"2\">\n<li><strong>Combat Terrorism<\/strong>: Terrorism is an international phenomenon impacting all parts of the world. Recent developments in Afghanistan stress the need to bridge the gap between rhetoric and action.\n<ul>\n<li>In this context, BRICS is attempting to shape its counter-terrorism strategy by crafting the BRICS Counter-Terrorism Action Plan. It contains specific measures to fight radicalisation, terrorist financing and misuse of the Internet by terrorist groups.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<ol start=\"4\">\n<li><strong>Promoting technological and digital solutions for the Sustainable Development Goals<\/strong>: This will help to improve governance and will also prove beneficial in the current situations e.g. Global pandemic response.<\/li>\n<li><strong>Expanding people-to-people cooperation<\/strong>: This will improve gradually once all the travel restrictions are eased.<\/li>\n<\/ol>\n<h5><strong>What are the challenges facing BRICS?<\/strong><\/h5>\n<ol>\n<li><strong>Relations with other countries: <\/strong>There are differences within BRICS and with other countries like:\n<ul>\n<li>There is a rift between India and China. This is because of various reasons like Chinese aggression in Eastern Ladakh.<\/li>\n<li>China and Russia have strained relations with the west. On the other hand, the other BRICS member has a liberal approach with the west. This is also impacting the functioning.<\/li>\n<li>Internal challenges of Brazil and South Africa.<\/li>\n<li>BRICS countries have not done enough to assist the Global South to win optimal support for their agenda.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Trade: <\/strong>Though BRICS seeks to deepen trade ties, Chinese domination of trade creates apprehensions in the minds of other countries that the Chinese economy may threaten their economies.<\/li>\n<li><strong>Maintaining Internal Balance: <\/strong>Current pandemic exposed the over-dependence of value chains on China and their vulnerability. Thus, there is a need to deepen intra-BRICS cooperation in areas like agriculture, trade etc. But at the same time, the BRICS have to ensure there is no critical dependency on anyone partner country.<\/li>\n<li><strong>China policies: <\/strong>China\u2019s economic rise has created a serious imbalance within BRICS. Also, its aggressive policy, especially against India, puts BRICS solidarity under exceptional strain.<\/li>\n<\/ol>\n<p>It is necessary for leaders, officials and academics of this grouping to undertake serious soul-searching and find a way out of the present predicament.<\/p>\n<h5><strong>What should be done?<\/strong><\/h5>\n<p>BRICS should narrow down its goals and focus on areas of immediate concern. Tangible deliverables will help in strengthening the group and its global perception.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: This post is based on the article &#8220;Its time to build BRICS better&#8221; published in The Hindu on 1st September 2021. Relevance: To study the importance of BRICS. Synopsis: Although BRICS grouping succeeded up to a point, it now confronts multiple challenges. Context: The 13th BRICS summit is set to be held under India\u2019s&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/its-time-to-build-brics-better\/\">Continue reading <span class=\"screen-reader-text\">Its time to build BRICS better<\/span><\/a><\/p>\n","protected":false},"author":5480,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[5625,212,8778],"class_list":["post-130572","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-brics","tag-gs-paper-2","tag-important-international-institutions","entry"],"jetpack_featured_media_url":"","views":{"total":8,"cached_at":"","cached_date":1698462556},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/130572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/5480"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=130572"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/130572\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=130572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=130572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=130572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}