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Recently there have been internal conflicts about the nature and scope of the potential expansion of BRICS.

Facts About:

• BRICS is an acronym for five regional economies: Brazil, Russia, India, China and South Africa.
• The first four were initially grouped as “BRIC” in 2001 by an economist Jim O’Neill, who coined the term to describe fast-growing economies that would collectively dominate the global economy by 2050.
• Summits: The governments of the BRICS states have met annually at formal summits since 2009.
• India hosted the 13th BRICS summit in 2021 virtually.
• China hosted the 14th BRICS summit in 2022.
• South Africa will host the 15th summit 2023.
• BRICS is an important grouping bringing together the major emerging economies from the world, comprising:
  • 41% of the world population,
  • 24% of the world GDP
  • Over 16% share in world trade.
  • Total combined area of 29.3% of the total land surface of the world
• Over a period of time, BRICS countries have come together to deliberate on important issues under the three pillars of:
  • political and security,
  • economic and financial and
  • Cultural and people-to-people exchanges.
• New Development Bank and BRICS: Formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states.
  • The Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments.

The need for BRICS expansion

• Economic strength: The economic strength of the five members of the grouping is not as promising as it was when the platform was first announced in 2009.
  • Though the BRICS nations certainly represent 43% of the world’s population and around 30% of the global economy, their economic weaknesses are certain.
• China’s anti-western orientation: China is focused on a quick expansion of BRICS with the aim of giving the platform a distinctly anti-western orientation.
• Prevailing Anti-Western sentiment: Many realize that the doors of other groupings are closed to them.
  • The clamour reflects prevailing anti-western sentiments and a pervasive desire to create a sizeable forum of the Global South.
• Global challenges: Russia is being marginalised in the global economy, while China is facing a difficult economic environment with the west turning against it.

Challenges with expanding BRICS grouping:

• An increase in membership is likely to weigh the group in favour of Chinabecause some countries waiting to join are also part of the Chinese Belt and Road Initiative.
  • This raise concerns that an expanded BRICS could be seen as a Chinese-led anti-American bloc. 
• India, which has been strengthening its bilateral relationship with the US, has been concerned about expansion.
  • India views China’s role in driving these countries for membership of BRICS along with the support of Russia.
• India also raised its concern in last year’s BRICS that any addition of new members must follow the carefully thought-out objective criteria for membership.
  • This should be mutually discussed among the present members, so that all are of the same view regarding expansion.
• Further, at the BRICS foreign ministers’ meeting last month, India’s External Affairs Minister S Jaishankar emphasized the need to consider the ways in which existing BRICS countries collaborate with each other and engages with non-BRICS countries.

Way Forward:

The 15th BRICS summit holds multifaceted importance for India, offering a platform for addressing geopolitical concerns, facilitating bilateral talks, and advancing economic collaborations. As the global landscape continues to evolve, BRICS remains a critical forum for emerging economies to engage and collaborate on key global challenges. The outcomes of this summit will not only affect the member nations but also shape the broader trajectory of international relations and cooperation.

Source: https://indianexpress.com/article/explained/explained-global/brics-expansion-significance-for-india-8907925/