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BRICS Summit and the Future of Expansion - SRIRAMs IAS



  Aug 01, 2023

BRICS Summit and Expansion


Q. What is BRICS, and who are its member countries?

BRICS stands for Brazil, Russia, India, China, and South Africa. These five countries are part of an association that aims to promote cooperation and collaboration in various areas, including economics, finance, culture, and geopolitics.
 

Q. When and where is the 15th BRICS Summit taking place?

The 15th BRICS Summit is scheduled to be held in Johannesburg, South Africa, from August 22 to 24. Russian President Vladimir Putin will participate virtually in the summit.
 

Q. How did BRICS originate, and what was its initial purpose?

The term BRICS was coined by economist Jim O'Neill of Goldman Sachs to highlight the potential of these countries in shaping the global economy by 2050. Initially, it was known as RIC (Russia, India, China) and later became BRIC with the inclusion of Brazil in 2009. South Africa joined in 2010, transforming it into BRICS.
 

Q. What are the key goals and focus areas of BRICS?

BRICS aims to create a more equitable and multipolar world, reform global governance to be inclusive and representative, promote sustainable development, and support a rules-based multilateral trading system. The group also collaborates on addressing security challenges like terrorism, cybercrimes, and money laundering.
 

Q. What achievements has BRICS accomplished so far?

One significant achievement is the establishment of the New Development Bank (NDB) in 2015 with a capital of $100 billion to fund sustainable development and infrastructure projects in member countries. The Contingent Reserve Arrangement was also formed to protect members' economies from financial instability.
 

Q. What is the discussion about BRICS expansion?

Some countries, including Egypt, the UAE, Uruguay, and Bangladesh, have expressed interest in joining BRICS. China has supported expanding the group, but other members have been more cautious, emphasizing the need for transparency, balanced approaches, and consensus-based decisions in admitting new members.
 

Q. What are the potential benefits and challenges of BRICS expansion?

Expanding BRICS could enhance its influence and economic assistance for new members. However, it might also complicate decision-making and require careful consideration of how new countries can contribute to the group's objectives without deepening divisions.
 

Q. How has BRICS navigated global geopolitics?

BRICS has maintained a non-confrontational stance between Western countries and the China-Russia-Iran axis, promoting cooperation and avoiding taking sides in global rivalries.
 

Q. What is the role of BRICS Sherpas in the expansion process?

BRICS Sherpas are responsible for working on guiding principles, standards, criteria, and procedures for admitting new members. They are tasked with ensuring a transparent and gradual expansion that strengthens the group's functioning.
 

Q. What are the potential benefits and challenges of BRICS expansion?

Expanding BRICS could enhance its influence and economic assistance for new members. However, it might also complicate decision-making and require careful consideration of how new countries can contribute to the group's objectives without deepening divisions.

The potential benefits of BRICS expansion lie in the opportunity to strengthen its collective influence on the global stage. By welcoming new members, the group can increase its economic and political weight, allowing for more impactful decisions and actions. Moreover, an expanded BRICS can extend its support and economic assistance to aspiring member countries, fostering development and cooperation among a broader range of nations.

However, challenges may arise during the expansion process. Admitting new countries requires careful consideration to ensure that they align with BRICS' founding principles and objectives. Striking a balance between existing members' interests and accommodating new entrants' needs may prove challenging, potentially leading to complex decision-making and prolonged negotiations.

Moreover, expanding BRICS demands a cohesive approach to prevent deepening ideological or geopolitical divisions within the group. Navigating the differing perspectives and interests of diverse member countries will necessitate diplomatic skill and consensus-building efforts.

Overall, BRICS expansion holds the potential for mutually beneficial growth and increased global influence. Yet, addressing the challenges thoughtfully and collectively will be crucial to maintaining the group's unity and effectiveness in promoting a multipolar world and sustainable development.

Differing Priorities: One challenge of BRICS expansion is the potential divergence in priorities among member countries. Each new entrant may have distinct national interests and goals, leading to differences in the group's agenda. For instance, if a new member places a strong emphasis on territorial disputes or geopolitical issues, it could create tension and hinder cohesive decision-making within BRICS.
 

Q. What are the future prospects of BRICS and its impact on global geopolitics?

BRICS represents a significant portion of the global population and economy. As it continues to grow and collaborate, its influence in shaping global governance and geopolitics is likely to increase, presenting both opportunities and challenges for member countries and potential new entrants.
 


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