{"id":261328,"date":"2023-09-22T20:25:43","date_gmt":"2023-09-22T14:55:43","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=261328"},"modified":"2023-09-22T20:25:43","modified_gmt":"2023-09-22T14:55:43","slug":"shyam-saran-writes-brics-is-growing-and-that-doesnt-hurt-indias-interests","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/shyam-saran-writes-brics-is-growing-and-that-doesnt-hurt-indias-interests\/","title":{"rendered":"Shyam Saran writes: BRICS is growing \u2013 and that doesn\u2019t hurt India\u2019s interests"},"content":{"rendered":"\n

Source<\/strong>– The post is based on the article \u201cShyam Saran writes: BRICS is growing \u2013 and that doesn\u2019t hurt India\u2019s interests\u201d <\/strong>published in \u201cThe Indian Express\u201d <\/strong>on 22nd September 2023<\/strong>.<\/p>\n

Syllabus: <\/strong>GS3- Regional and global groupings<\/p>\n

News<\/strong>– The recent BRICS summit in Johannesburg, South Africa witnessed the joining of five major emerging economies.<\/p>\n

What are some facts about BRICS expansion?<\/strong><\/h2>\n

The group was formed in 2009<\/strong>. Initially it consisted of Brazil, Russia, India, and China, with South Africa joining a year later.<\/p>\n

Six new members <\/strong>have been added: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.<\/p>\n

There is also interest from several developing countries<\/strong> to join. It may lead to further expansions. <\/strong><\/p>\n

Initially, there were indications that India and Brazil were not particularly enthusiastic about such an expansion.<\/p>\n

India was concerned that an expanded membership<\/strong> may bolster China’s influence<\/strong> within the group.<\/p>\n

However, it appears that the selection of new members was driven more by political compromise t<\/strong>han by agreed-upon criteria. <\/strong><\/p>\n

Except for Iran, the new members have significant relationships<\/strong> with the West.<\/p>\n

Why do developing countries want to join BRICS?<\/strong><\/h2>\n

They want to protect themselves in an increasingly uncertain world<\/strong> characterised by shifting political and security dynamics<\/strong>. There is a prevailing concern about their vulnerability to US sanctions. <\/strong><\/p>\n

There may be an expectation that China will lead a shift towards an alternative global currency. <\/strong>It reflects growing frustration among developing countries that their interests and aspirations<\/strong> continue to be overlooked by developed nations.<\/p>\n

International institutions such as the UN and multilateral financial institutions<\/strong> like the IMF and the World Bank remain dominated by the G7. Major emerging economies<\/strong> are demanding a greater say in global governance. <\/strong><\/p>\n

What are the achievements of BRICS?<\/strong><\/h2>\n

It has established the BRICS New Development Bank (NDB)<\/strong>. However, it conducts its business in US dollars, despite the group’s stated objective of diversifying away from the dominant US currency.<\/p>\n

BRICS has also created a contingency reserve<\/strong> that member countries can tap into in case of balance of payments issues.<\/p>\n

What is the comparison between BRICS and G7?<\/strong><\/h2>\n

Unlike the G7, BRICS lacks a strong ideological alignment and cohesiveness. <\/strong>The G7 has evolved over five decades.<\/strong> In contrast, BRICS has a relatively short history of just 15 years.<\/strong><\/p>\n

It faces more internal disagreements<\/strong> among its members as compared to G7. The rivalry between India and China is a notable example.<\/p>\n

The G7 is a closely-knit security alliance<\/strong>. All its members are part of NATO and Japan is a US treaty alliance.<\/strong> In contrast, BRICS countries do not share a unified security perspective.<\/strong><\/p>\n

Why Western countries claim BRICS undermining the established international order created by the West are hollow?<\/strong><\/h2>\n

Western nations themselves have been gradually weakening and disregarding<\/strong> the rules and norms of this order. <\/strong><\/p>\n

This includes the gradual sidelining<\/strong> of the United Nations, the adoption of protectionist trade measures,<\/strong> and an attempt to shift the responsibility for a more sustainable energy transition <\/strong>onto developing nations.<\/p>\n

The application of the principles of the “liberal international order<\/strong>” has become selective.<\/p>\n

It is essential for the G7 to engage with these emerging powers to formulate a new set of mutually acceptable international rules. <\/strong><\/p>\n

What are the options for India?<\/strong><\/h2>\n

For India, a policy of active participation in multiple international groups<\/strong> has proven to be wise. Joining an expanded BRICS does not conflict with India’s interests.<\/p>\n

India does not need to make an exclusive choice<\/strong> between BRICS, the Shanghai Cooperation Organisation, the Quad, and regular engagement <\/strong>with the G7.<\/p>\n

These engagements broaden India’s diplomatic options<\/strong> and contribute to help India in an increasingly polarised global landscape.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Source– The post is based on the article \u201cShyam Saran writes: BRICS is growing \u2013 and that doesn\u2019t hurt India\u2019s interests\u201d published in \u201cThe Indian Express\u201d on 22nd September 2023. Syllabus: GS3- Regional and global groupings News– The recent BRICS summit in Johannesburg, South Africa witnessed the joining of five major emerging economies. What are… Continue reading Shyam Saran writes: BRICS is growing \u2013 and that doesn\u2019t hurt India\u2019s interests<\/span><\/a><\/p>\n","protected":false},"author":10320,"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":[216,10500,406],"class_list":["post-261328","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-indian-express","tag-internal-security","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/261328","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\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=261328"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/261328\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=261328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=261328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=261328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}