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15th BRICS Summit Declaration

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Bharathi Pradeep
Bharathi Pradeephttps://www.getcooltricks.com/
Editor at GetCoolTricks.com. Bharathi covers topics on Competitive exams, How To guides, Current exams, Current Affairs, Study Materials, etc. Follow her on social media using the links below.

The 15th BRICS Summit is set to be held in Johannesburg from 22-24 August 2023

Official Website

Ministry of External Affairs Link

15th Summit Declaration PDF

The 15th BRICS summit hosted by South Africa in Johannesburg, holds significant importance against the backdrop of geopolitical changes and global economic dynamics.

  • Notably, this summit marks the first in-person gathering since 2019 due to the COVID-19 pandemic.
  • The theme for the 15th BRICS Summit is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism”.

What is the significance of the 15th BRICS Summit?

  • It is the first in-person summit since 2019, which meets at an important geopolitical and geo-economic moment.
  • It is the first in-person meeting since the Russian invasion of Ukraine in 2022.
  • Agenda– ‘BRICS in Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism’.
  • Participation in dialogues
    • BRICS-Africa Outreach
    • BRICS Plus Dialogue
  • Develop partnership
    • Equitable just transition, including risks associated with climate change,
    • Transforming education and skills development for the future,
    • Strengthening post-pandemic socioeconomic recovery
    • Attainment of the 2030 Agenda on Sustainable Development.
  • Discuss political issues-
    • Russia- Ukraine conflict
    • Post-coup scenario in Niger
    • Increased tension between the West and Russia.
  • Economic reforms– It is expected to advance the cause of
    • Emerging Markets and Developing Countries (EMDCs) gaining more space in international economic decision-making
    • Reform of Multilateral Development Banks (MDBs) and relief for debt stress
    • Unlocking opportunities through the African Continental Free Trade Area.
  • Expand BRICS– It is seen as an attractive alternative to the G-7 developed countries.
  • More than 40 countries have shown an interest in joining BRICS, and at least 19 countries have applied formally for membership.
  • Wider participation– South Africa has invited the African Union (AU) and about 20 other leaders who represent the Global South for sessions on the sidelines of the summit.

What is the significance for India?

  • Multi-alignment- It is an issue-based alignment strategy, which aims to simultaneously participate and pursue its interests in multiple strategic and economic coalitions, such as the Quad and BRICS.  
  • Reflect multidirectional foreign policy– It strengthens economic prosperity, technology advancements, research and innovation, norm influencing, and strengthening security.
  • Diplomacy- It allows India to pursue a development-focused diplomatic engagement that aims at increasing the membership of BRICS.
  • Broader agenda
    • Energy security
    • Combating terrorism
    • Climate change financing
  • Geopolitical force– BRICS attempts to amplify non-traditional security threats and promote economic security within the forum.
  • Political push- It would be a political push against unfair coercive practices
    • European Union’s Carbon border tax
    • Economic transaction and
    • Unilateral sanction
  • Strategic interest- It is the first in-person summit since the military standoff with China at the Line of Actual Control in 2020.
  • Ahead of the summit, the 19th round of the India-China Corps Commander Level Meeting resulted in a joint statement is a positive sign.

What is BRICS?

  • Originally conceived as BRIC by Jim O’Neill, the grouping consisted of Brazil, Russia, India, and China.
  • Launch- It was launched by a meeting of the Foreign Ministers of Brazil, Russia, India and China in 2006.
  • BRIC turned into BRICS in 2010, with the entry of South Africa.
  • Current Members- Brazil, Russia, India, China and South Africa.
  • Chair- Chaired by member countries in a rotational basis.
  • South Africa is the chair for 2023.
  • First summit- It was held in Yekaterinburg in 2009.

About

  • BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
  • In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
  • The grouping was formalized during the first meeting of BRIC Foreign Ministers in 2006.
  • South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
  • Share of BRICS:
  • The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16 % of the global trade.
  • Chairmanship:
  • The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
  • India hosted the chair for the 2021 BRICS Summit.
  • Initiatives of the BRICS:
  • New Development Bank:
  • During the Sixth BRICS Summit in Fortaleza (Brazil) in 2014, the leaders signed the Agreement establishing the New Development Bank (NDB – Shanghai, China).
  • It has so far approved 70 infrastructure and sustainable development projects.
  • Contingent Reserve Arrangement:
  • In 2014, the BRICS governments signed a treaty on the setting up of the contingent reserve arrangement
  • The arrangement is aimed at forestalling short-term balance of payments pressures, providing mutual support and strengthening the financial stability of the BRICS nations.
  • Customs Agreements:
  • Customs agreements were signed to coordinate and ease trade transport between BRICS countries
  • Launched of Remote Sensing Satellite:
  • In August 2021, the five space agencies signed an agreement on the Cooperation on BRICS Remote Sensing Satellite Constellation.
  • The constellation is made up of six existing satellites: Gaofen-6 and Ziyuan III 02, both developed by China, CBERS-4, jointly developed by Brazil and China, Kanopus-V type, developed by Russia, and Resourcesat-2 and 2A, both developed by India.

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Bharathi Pradeep
Bharathi Pradeephttps://www.getcooltricks.com/
Editor at GetCoolTricks.com. Bharathi covers topics on Competitive exams, How To guides, Current exams, Current Affairs, Study Materials, etc. Follow her on social media using the links below.
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