Context: Nigeria has been officially admitted as a “partner country” of the BRICS bloc, which now includes nine partner nations alongside its full-time members.
About BRICS Bloc:
● BRICS was formally established in 2009, initially as BRIC (Brazil, Russia, India, and China). South Africa joined in 2010, forming BRICS. The group represents more than 25% of the global economy and nearly 45% of the world's population.
● Headquarters: BRICS does not have a permanent headquarters but operates on a rotational presidency.
● Full-Time Members: The bloc consists of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, United Arab Emirates, and Indonesia.
o In 2023, BRICS expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates. Saudi Arabia has been invited but has not yet joined.
o Indonesia joined as a full member in 2025.
● Partner Nations: Partner nations include Nigeria, Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
Evolution:
● 2006: Formed during a G8 Outreach Summit.
● 2009: First BRIC summit held in Yekaterinburg, Russia.
● 2010: South Africa joined, making it BRICS.
● 2014: The New Development Bank (NDB) was established at the Fortaleza Summit.
Functions:
1. Economic Cooperation: Promote trade and investment among member nations.
2. Global Governance Reform: Advocate for fairer representation in global institutions like the UN and IMF.
3. Development Projects: Fund infrastructure and sustainable development initiatives through the NDB.
4. South-South Cooperation: Strengthen alliances among developing nations to address global challenges collectively.
Initiatives of BRICS:
● Contingent Reserve Arrangement (CRA):
A financial mechanism providing up to $100 billion for liquidity support to member countries facing balance of payments difficulties.
● New Development Bank (NDB):
Mobilizes resources for infrastructure and sustainable development in emerging markets, with $32.8 billion committed to 96 projects.
● BRICS Payment System:
Developing an alternative to SWIFT to reduce dependence on the dollar-based payment system.
Importance of BRICS for India:
● Geo-Politics: BRICS offers India a platform to balance its strategic interests between the U.S. and the Russia-China axis, playing a key role in global geopolitical dynamics.
● Global Economic Order: BRICS countries share a common objective of reforming the international financial system, advocating for a fairer, more balanced global economic order, which helps India in shaping global policies.
● Voice of Developing Nations: BRICS represents the voice of the Global South, offering India an opportunity to protect the rights of developing countries amidst challenges from western policies on issues like trade and climate change.
● Counter-Terrorism Cooperation: BRICS serves as a platform for India to enhance its efforts against terrorism, providing a forum for discussions on counter-terrorism strategies and working towards stronger global actions.
● Global Grouping and Diplomatic Engagement: As India pursues UNSC and NSG membership, BRICS offers a space for engaging with China, resolving disputes, and garnering support from other member nations in its global diplomatic goals.
