Be Mains Ready

• Mention some relevant data about BRICS in the introduction.
• Mentions its relevance for the developing nations.
• Add some challenges emanating from this partnership.
• Conclude by mentioning how India can benefit from the grouping.

Introduction

BRICS countries together account for 42% of the world’s population, a third of the global GDP and around 17% share of world trade. BRICS countries’ sizable contribution to global growth, trade and investment makes it an important pillar of global order. The rising protection of the developed nations, the US in particular and the ongoing US-China trade war reflects the changing world order.

Body

Relevance of BRICS in upholding the voice of developing nations:

• Global economic order: BRICS countries shared a common objective of reforming the international financial and monetary system, with a strong desire to build a more just, and balanced international order.
  
  • Institutions like New Development Bank and BRICS Contingency Reserve Arrangement are proving to be viable alternatives in global economic governance. The earlier institutions like the World Bank, IMF, etc are dominated by developed countries and developing countries have limited voice in these institutions.
• Security: The US unilateral withdrawal from the Intermediate-Range Nuclear Forces (INF) Treaty and Iran deal has posed a great security threat to global peace.
  
  • BRICS can play a significant role in assuring world peace through dispute resolution based on the principle of fairness.
• Poverty Reduction: The BRICS contribution to world poverty reduction has been sizable. Continued BRICS growth remains important for poverty reduction as well as for reducing international inequalities.
• Tackling climate change: It provides a platform for the major developing countries to arrive at workable solutions to achieve sustainable development and counter the harmful impacts of global warming.
• Democratization of institutions: With two permanent members (Russia and China) of UNSC in the BRICS grouping, it has the potential to raise the voice of the global south in other international platforms like UNSC, WTO, etc.

Challenges with the grouping:

• The marked dominance of big three Russia-China-India is a challenge for the BRICS as it moves ahead. To become a true representative of large emerging markets and developing countries across the world, BRICS must become pan-continental. Its membership must include more countries from other regions and continents.
• The BRICS will need to expand its agenda for increasing its relevance in the global order. As of now, climate change and development finance, aimed at building infrastructure dominate the agenda.
• As BRICS moves forward foundational principles of BRICS i.e. respect for sovereign equality and pluralism in global governance are liable to be tested as the five member countries pursue their own national agendas.
• The military standoff between India and China on the Doklam plateau, which has effectively brought to an end the naive notion that a comfortable political relationship is always possible amongst the BRICS members.
• China’s efforts to co-opt nation states, which are integral to its Belt and Road Initiative, into a broader political arrangement has potential to cause conflict among BRICS members especially China and India.

Conclusion

Hence, BRICS can contribute significantly in maintaining international stability, ensuring global economic growth and becoming a united centre of the multi-polar world. India should utilize this platform for both geo-political interests such as maintaining strategic balancing between the US and Russia-China axis and economic interests through boosting trade and investment.