BRICS 15th Summit: Unveiling the Power of Unity

In a world marked by rapid changes and complex geopolitical dynamics, the 15th BRICS Summit has taken center stage. This landmark event was held in Johannesburg from the 22nd to the 24th of August 2023. It has set the course for international collaboration, economic advancement and strategic alignment.

So today I’ll write for you all about the BRICS. I’ll go through the history of this global forum and its objectives. Later I’ll focus on the latest summit i.e.,15th summit and its significance for the world.

The Genesis of BRICS

BRICS is a short way to talk about five big developing countries: Brazil, Russia, India, China, and South Africa. The idea for it actually started back in 2001 when an economist named Jim O’Neill from Goldman Sachs came up with the word “BRIC” to talk about Brazil, Russia, India, and China becoming powerful economies. This collaboration came into existence with the motive to change the way in which the world was operating.

It wasn’t until 2006 that the concept of BRIC began to take a more formal shape when the Foreign Ministers of Brazil, Russia, India, and China held a meeting. The grouping officially gained its current form when South Africa joined in 2010, turning BRIC into BRICS. This expansion was important as it added the African thought of development to the team.

Objectives of BRICS

The member nations have several shared goals that underpin their collaboration:

1. Multipolar Global Order: BRICS is rooted in the idea of promoting a multipolar global order where no single country or group of countries dominates the international arena. This was taken as a remedy to the unilateral dominance of some global powers.
2. Breaking Away from Traditional Institutions: One of the big aims of BRICS was to make a new institution that was similar in operation to the World Bank and the International Monetary Fund (IMF). As these institutions are often criticized for being partial.
3. Economic Cooperation: With the collective economic weight of around 18% of global trade, BRICS envisions boosting the use of their national currencies in international trade, reducing reliance on the US dollar. The establishment of the New Development Bank (NDB) by the member countries is a landmark decision. This institution aims to finance infrastructure projects in the home country of the member nations and other developing nations.
4. Giving Voice to the Global South: It provides a platform for countries from the Global South, which have historically been on the fringes of international decision-making, to have a more significant say in global affairs.

Growing Economies and Changing Finances

India and China have become really strong in the economy in the past years, which has changed how money and finance work in the world. Because of this, these countries made their own group to talk about money and finance, instead of using the usual ones. One institution made by this group is called the New Development Bank (NDB), and it’s based in Shanghai.

It was the Fortaleza declaration of it which led to the formation of the New Development Bank in 2015. This bank is proof of their big plans and their seriousness. Since it started, the NDB has given a lot of money, $30 billion, to projects that build things like roads and buildings. Resulting in a remarkable difference in the economies of these countries.

Significance of 15th BRICS Summit

Following are the highlights of the summit:

1. Return to In-Person Meetings: This summit of 2023 was the first time BRICS leaders are meeting in person since 2019. It was a chance for them to talk face-to-face, even with the difficulties caused by the COVID-19 pandemic.
2. The Big Meeting in a Changing World: The summit happened while some important changes were going on world. For example, in 2022, Russia invaded Ukraine, which caused more problems between Western countries and Russia. This is why the summit mattered a lot – countries needed to talk and fix problems.
3. The Main Discussion: The summit was mostly about: “BRICS in Africa: Working Together to Make Growth, Development, and Fairness Happen Faster for Everyone.” This tells us how much BRICS countries think it’s vital to cooperate with African nations. Dialogues like BRICS-Africa Outreach and BRICS Plus are expected to foster partnerships that support sustainable development and socio-economic recovery.
4. India’s Stance: This summit was extra important for India because of how it works with different groups like BRICS and the Quad. India likes to join hands with many countries for important plans. The way India talks and helps in development fits well with what BRICS wants to do.
5. Expansion of Membership: Perhaps the most notable development is the decision to expand BRICS membership. The expansion of BRICS to BRICS-11 is to start from January 1, 2024. Argentina, Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates will join as full members. This means more countries want to be a part of BRICS because they see its good way of working and its power to make a difference worldwide.

In the meanwhile, India gained the attraction of all the countries as it was applauded for the success of Chandrayaan-3.

Wrapping Up

With the closing of the 15th BRICS Summit everyone is focused to observe the outcome of this meeting. BRICS started with just sharing money ideas, but now it’s like a powerful team. It talks about big topics, makes plans for money and even helps decide important things worldwide. Furthermore, its success has resulted in more countries joining the elite club. As the summit closure takes place in Johannesburg, everyone is excited to see changes in the global scenario until the next summit which is scheduled next year chaired by Russia.