New Members Welcomed to BRICS
Context:
India welcomed Egypt, Iran, UAE, Saudi Arabia, and Ethiopia as new members of BRICS.
Relevance:
GS-02 (International Relations)
Key highlights:
- The meeting in Nizhny Novgorod, Russia, was the first ministerial meeting since the BRICS expansion in 2023.
- Indian Delegation Led by Senior Diplomat Dammu Ravi, Secretary (Economic Relations) in the Ministry of External Affairs, led the Indian delegation.
- The meeting was described as a significant event with the expanded BRICS family.
- The ministers reiterated their commitment to multilateralism and upholding international law and the UN Charter.
- The ministers voiced support for comprehensive UN reforms, including the Security Council, to make it more democratic, representative, effective, and efficient.
- The BRICS members emphasized cooperation among sovereign states to maintain international peace, advance sustainable development, and protect human rights and fundamental freedoms for all.
What is BRICS?
- BRICS stands for a coalition of five of the world’s leading emerging economies: Brazil, Russia, India, China, and South Africa.
- This grouping was formalized in 2006 during the first meeting of BRIC Foreign Ministers. South Africa joined in December 2010, leading to the revised acronym, BRICS.
- The Johannesburg declaration of 2023 announced that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) would become full members starting January 1, 2024.
- Before this expansion, BRICS represented 41% of the global population, 24% of the global GDP, and 16% of global trade. Annual summits have been held since 2009.
Key Outcomes of the 15th BRICS Summit
- BRICS leaders reaffirmed their dedication to multilateralism, international law, and sustainable development, and supported UN reforms for greater inclusivity.
- Invitations were extended to 15 countries, including Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and UAE, to join BRICS.
- BRICS will investigate developing a shared currency for trade and investment, aiming to reduce reliance on the US dollar.
- India proposed a BRICS space exploration consortium, highlighting its recent success in lunar exploration.
- BRICS leaders discussed global challenges like the Covid-19 pandemic, climate change, terrorism, cyber security, and energy security, advocating for equitable vaccine access and enhanced health collaboration.
