BRICS: 5 countries officially join the Group of Emerging Nations

Syllabus: GS-II

Subject: International Relations

Topic: International Institutions, agencies and fora

  • New Members: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) have confirmed joining BRICS.
  • Members aim to reshape what they see as an outdated world order through BRICS.
  • Argentina, initially invited, has declined the invitation to join BRICS.

Take Away Notes for Mains:

What BRICS expansion means for India:

·         It offers India a platform for non-Western collaboration.

·         Provides avenues for cooperation with Russia and China, among others.

·         Emphasizes BRICS as a “non-Western” group.

 

Institution in News (Prelims)

BRICS: Brazil, Russia, India, China, and South Africa, represent major emerging economies.

Aim: Focus on cooperation across economics, finance, politics, and culture, while advocating for a fairer global order.

·         The leadership of the forum rotates annually among the member nations, following the acronym B-R-I-C-S.

·         Unlike a formal organization, BRICS functions as a forum for dialogue and cooperation rather than a structured institution.

·         BRICS represents significant global influence, with member countries collectively accounting for 41% of the global population, 24% of global GDP, and 16% of global trade.

Important Outcomes:

  •  Fourth BRICS Summit: New Development Bank
  • Sixth BRICS Summit:  Fortaleza (2014) the leaders signed the Agreement establishing the New Development Bank (NDB).

 

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