BRICS is a pan continental informal grouping of newly industrialized emerging economies- Brazil, Russia, India, China & South Africa. Set up to address the greater need for flexibility mechanisms to achieve larger geo-economic goals.
Objectives of BRICS:
- Initially: it was found to enhance the representation of emerging economies in global financial institutions.
- Later: it expanded its activities to coordination in meetings and international organization; and the development of an agenda for multisectorial cooperation among its members.
Effectiveness of BRICS:
- BRICS helps create new instruments for global relevance and influence for each of its members.
- Successful developments:
- Setting up of BRICS development bank or New Development Bank (NDB) – aimed at the financing of infrastructure projects and sustainable development in emerging economies and developing countries
- Contingent Reserves Arrangement (CRA) –for promoting mutual support amongst the BRICS members in situations of instability in the balance of payment
- Political coordination too hasn’t seen a element of coordination
- It has collectively raised voices against human rights violations in war ridden Libya, Syria.
CRITICS: Just “anti-Western” sentiment is not enough to hold together an organization when the BRICS countries do not share a deeper common interest.
India & BRICS:
- BRICS is an integral part of India’s grand strategy, and a vehicle in India’s journey from being a norm taker to a norm shaper.
- It offers greater bargaining space as India seeks to gain more prominence in institutions of global governance, and shape them in the liberal international tradition with a southern ethos.
Challenges to BRICS:
- BRICS internal challenges:
- Russia and Brazil have both fallen into recession, while China, has seen a sharp contraction in overall economic activity as well as institutional weakness and politico-economic crisis in Brazil and South Africa
- Diverse political system of the member nations.
- Territorial dispute between India and China creates mutual suspicion.
Role of BRICS in multi-polar world:
- BRICS needs to acquire weight in the international space so as to respond to contemporary realities. It needs the engagement of all the stakeholders
- The economic-financial sphere stands out as one of the most promising areas of activity for the BRICS.
- High growth rate, economic potential and demographic development are putting the BRICS increasingly in a leading position in setting the global agenda and having a greater say in the global governance.
- Also, BRICS as a group are expected to step up their role and extend to pressing peace and security challenges, from terrorism, piracy and nuclear non-proliferation to regional security in North Africa and the Middle East.
- In areas of Climate change BRICS as a grouping works on common agreed principles.
- Hearing voices of 40% of world is a step towards equality.
To make rightful place in the 21st century, the BRICS countries must create more open, accountable, and trustworthy systems of governance. In order to promote multipolarity, it should go beyond economic cooperation and have common goals.
