News Highlights
China hosted the 14th BRICS summit and India became part of it.
BRICS Summit 2022
- Theme – “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development”
- During the meeting, heads of state discuss intra-BRICS cooperation in areas like trade, counter-terrorism, traditional medicine, health, environment, reform of multilateral institutions and combating covid-19 pandemic.
- Indian Points Highlighted
- India highlighted structural changes in the BRICS and cooperation among the member nations in several sectors has benefited our citizens
- India hailed “practical” cooperation in a number of areas, including
- New Development Bank, a satellite agreement, a COVID Research and Development Centre set up in South Africa, and the mutual recognition of pharma products, including COVID vaccines and medicines
- Russia in the Meet
- Russia blamed “selfish actions” by western countries for the economic crisis due to sanctions
- China in the Meet
- China called upon members to reject the “Cold War mentality” and oppose what China called “unilateral sanctions” by the U.S. and the European Union
- Mutual Approach
- BRICS members have a similar approach regarding the governance of the global economy
- They focused on post Covid recovery.
- Areas of Cooperation Discussed
- There are multiple areas wherein through cooperation between BRICS nations, the citizens have benefitted, by increasing connectivity between BRICS Youth Summits, BRICS Sports, civil society organizations and think-tanks, that have strengthened our people-to-people connect
- Major Issues Discussed
- India and the other leaders discussed the situation in Ukraine and Afghanistan
- BRICS Declaration
- BRICS support talks between Russia and Ukraine.
- BRICS have also discussed our concerns over the humanitarian situation in and around Ukraine and expressed our support to efforts of the UN Secretary General, UN Agencies and International Committee of the Red Cross (ICRC) to provide humanitarian assistance in accordance with the basic principles of humanity, neutrality and impartiality,”
Significance of BRICS Meet
- This was the first such meeting of the leaders since the invasion of Ukraine on February 24, and comes just days ahead of the G7 summit in Germany, which India and South Africa will attend, where western countries are expected to deliberate on tighter sanctions against Russia.
What is BRICS?
- BRICS grouping includes world’s leading emerging economies, namely
- Structure of BRICS
- BRICS is not a formal organization; rather, it is an annual summit between the leaders of five countries.
- According to the formula B-R-I-C-S, the chairmanship of the forum is rotated annually among the members.
- Over the last decade, BRICS cooperation has grown to include an annual program of over 100 sectoral meetings.
- Objectives of BRICS
- For more sustainable, equitable, and mutually beneficial development, the BRICS aspire to deepen, broaden, and accelerate collaboration within the grouping and among individual nations.
- To guarantee that interactions are established on the respective country’s economic strengths and to prevent competition whenever possible, BRICS takes into account each member’s growth, development, and poverty objectives.
- BRICS is establishing itself as a new and promising political-diplomatic body with a wide range of goals that extend far beyond the basic goal of overhauling global financial institutions.
Way Forward
- BRICS grouping can act as a platform to solve the bilateral issues of member countries and a growth engine to the future world.
Content Source : Indian Express