Note4Students
From UPSC perspective, the following things are important :
Prelims level: BRICS-11, New members of BRICS
Why in the News?
Indonesia has officially joined BRICS (Brazil, Russia, India, China, South Africa) as a full member. This move was unanimously approved during the 2023 BRICS Summit in Johannesburg and announced by Brazil, which holds the presidency of BRICS in 2025.
What is BRICS?
- BRICS represents a coalition of nations committed to fostering economic growth, development cooperation, and global governance reform.
- BRICS focuses on collaboration across 3 key pillars:
- Political and Security Cooperation: Ensuring peace, global stability, and governance reform.
- Economic and Financial Cooperation: Promoting trade, investment, and economic resilience.
- Cultural and People-to-People Cooperation: Enhancing mutual understanding and societal linkages.
- Present Members of BRICS
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- Original Members: Brazil, Russia, India, China, and South Africa.
- Recent Additions: Indonesia, Egypt, Ethiopia, Iran, and the UAE.
Evolution of BRICS:
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Significance of BRICS:
- Economic Growth: Acts as a significant driver of global economic growth, contributing 24% of global GDP and over 16% of global trade.
- Multipolar World Advocacy: Promotes a multipolar world order, challenging Western dominance in global governance.
- South-South Cooperation: Strengthens collaboration among developing nations, addressing shared issues like poverty and climate change.
- Alternative Financial Systems: Explores mechanisms like the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA) to reduce reliance on Western financial institutions and the US dollar.
Challenges Faced by BRICS:
- Diverging Interests: Members have differing priorities, such as India-China tensions and varying stances on global issues.
- Economic Disparities: Wide differences in economic size and capacity, with China dominating BRICS GDP.
- Institutional Weakness: Absence of a formal structure and binding agreements limits the bloc’s effectiveness.
- Geopolitical Pressures: External challenges like Western sanctions on Russia and US-China tensions test BRICS’ cohesion and neutrality.
PYQ:[2014] With reference to a grouping of countries known as BRICS, consider the following statements: 1. The First Summit of BRICS was held in Rio de Janeiro in 2009. 2. South Africa was the last to join the BRICS grouping. Which of the statements given above is / are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2 |
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