Prime Minister Modi: BRICS a Crucial Nexus for Emerging Economies

Prime Minister Narendra Modi has reaffirmed India’s unwavering commitment to BRICS, emphasizing its pivotal role as a platform for robust cooperation among the world’s emerging economies. As he embarked on a significant five-nation tour, including attending the upcoming BRICS Summit in Brazil, the Prime Minister highlighted the bloc’s collective ambition to foster a more peaceful, equitable, just, democratic, and balanced multipolar world order.

BRICS, an acronym for Brazil, Russia, India, China, and South Africa, has progressively expanded its influence since its inception, now including Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, with Indonesia set to join in 2025. This expansion underscores the growing relevance of the grouping in shaping global economic and political discourse.

Driving Global Economic Growth and Rebalancing Power

The significance of BRICS for emerging economies and the wider Global South cannot be overstated. Collectively, the BRICS nations represent a substantial portion of the world’s population and a significant share of global GDP. Their combined economic heft allows them to advocate for greater representation and a stronger voice for developing nations in international institutions such as the UN, IMF, and World Bank, which have historically been dominated by Western powers.

According to recent projections, the combined GDP of the expanded BRICS countries is set to surpass the global average, accounting for a significant percentage of the world economy. This economic strength translates into increased capacity for infrastructure development, trade, and investment within the bloc and with other developing nations.

Key Areas of Cooperation and India’s Vision

Cooperation within BRICS spans a wide array of areas, including:

• Economic and Financial Collaboration: The establishment of the New Development Bank (NDB) by BRICS members is a prime example of their commitment to providing alternative financing mechanisms for infrastructure and sustainable development projects in emerging markets. The NDB aims to offer more flexible and equitable access to funds compared to traditional financial institutions. Furthermore, there is a growing emphasis on promoting trade in local currencies, reducing reliance on the US dollar, and exploring alternative settlement mechanisms.
• Political and Security Dialogue: BRICS serves as a forum for political and diplomatic coordination on major international issues. It provides a platform for members to align their stances and advocate for reforms in global governance, contributing to a more democratic international system. India, for its part, utilizes this platform to advance its vision of global leadership and strategic autonomy.
• People-to-People Connections: Beyond high-level governmental interactions, BRICS also fosters cooperation through various people-to-people initiatives, promoting cultural exchange, academic collaboration, and engagement across civil society.

India’s active participation in BRICS is a cornerstone of its foreign policy. New Delhi views BRICS as a vital mechanism to promote its economic interests, generate job creation, and address pressing global challenges such as climate change and terrorism. India’s commitment to the bloc is evident in its push for concrete deliverables from summits, including a framework declaration on climate finance and partnerships for eliminating socially determined diseases.

While navigating complex geopolitical dynamics, India seeks to leverage its BRICS membership to strengthen ties with key players in the Global South and foster a multipolar world order that is more inclusive and representative of diverse global perspectives. The ongoing dialogue and cooperation within BRICS are expected to continue shaping the landscape of international relations and contribute significantly to the advancement of emerging economies worldwide.