Joint Statement on Multilateralism: BRICS

• 09 Jun 2021

Why in News

The BRICS Foreign Ministers, in a recent meet, put out a joint statement on multilateralism.

• BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China and South Africa.

Key Points

• Multilateralism:
  
  • Meaning:
    • It is the process of organizing relations between groups of three or more states.
    • It generally comprises certain qualitative elements or principles that shape the character of the arrangement or institution. These principles are:
      • Indivisibility of interests among participants.
      • Commitment to diffuse reciprocity, i.e. mutual exchange.
      • System of dispute settlement intended to enforce a particular mode of behaviour.
  • Significance:
    • Multilateral institutions have played a significant role in post-war global governance and are arguably more stable than other forms of organization because the principles underlying them appear to be more durable and more able to adapt to external changes.
  • Need:
    • Increasing Incidences of Lawfare:
      • It means the misuse of existing International and national laws by several countries (via forced technology requirements, intellectual property rights violations, and subsidies), to gain an unfair advantage over other countries.
        • The imposition of extraterritorial sanction (under CAATSA) by the US has affected development in developing economies like India and China.
        • Paralysis of the World Trade Organization (WTO), due to the tussle between the developed and developing world.
    • Dual Use of Global Supply Chain:
      • Some of the developed countries have jurisdiction and control over global supply chains. Due to growing convergence between commercial interests and strategic goals, these supply chains enable them to have vast extraterritorial influence and have created new power asymmetries.
        • China through BRI (Belt and Road Initiative) is enhancing its role in global economic governance.
        • There are fears pertaining to dual-use (commercial viability and military application) of Industrial Revolution 4.0.
    • Lack of Global Framework:
      • The global community has not been able to come on a single platform or frame a Global Agenda on issues related to terrorism, Climate Change, cybersecurity etc.
      • Also, due to the lack of any global public health framework, Covid-19 has spread into a pandemic.
• Six Principles laid out by BRICS for the task of Strengthening and and Reforming the Multilateral System:
  
  • First, it should make global governance more inclusive, representative and participatory to facilitate greater and more meaningful participation of developing and least developed countries.
  • Second, it should be based on inclusive consultation and collaboration for the benefit of all.
  • Third, it should make multilateral organisations more responsive, action-oriented and solution-oriented based on the norms and principles of international law and the spirit of mutual respect, justice, equality, and mutually beneficial cooperation.
  • Fourth, it should use innovative and inclusive solutions, including digital and technological tools.
  • Fifth, it should strengthen the capacities of individual States and international organizations.
  • Sixth, it should promote people-centered international cooperation at the core. .

BRICS

• 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 formalised 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.
• India has assumed the BRICS Presidency from January 2021.

Structure

• BRICS does not exist in the form of organization, but it is an annual summit between the supreme leaders of five nations.
• The Chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.

Source: TH