Context

• India's National Security Advisor (NSA) Ajit Doval attended the three-day meeting of BRICS and BRICS Plus high-level security officials starting on 11 September 2024.

BRICS

• It is an acronym that represents the countries of Brazil, Russia, India, China, and South Africa. These are major emerging economies that account for a significant share of the global population, land area, and gross domestic product (GDP).

Origin and goals:

• The term BRICS was coined in 2001 by Goldman Sachs economist Jim O'Neill.
• South Africa joined the group in 2010, expanding its membership and geographic reach.
• In the Johannesburg Declaration, 2023, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) were invited to become full members from January 1, 2024.
• The main objectives of BRICS are:
• Economic cooperation: The group aims to promote trade, investment and economic growth among its members.
• Political influence: BRICS seeks to increase global political influence and challenge the existing international order.
• Financial stability: The group works to strengthen the international financial system and provide alternatives to Western-dominated institutions such as the International Monetary Fund (IMF) and the World Bank.

BRICS Summit:

• 1st BRICS Summit: 16 June, 2009 (Yekaterinburg, Russia)
• 15th BRICS Summit: 22-24 August, 2023 (Johannesburg, South Africa)
• 16th BRICS Summit: 22-24 October, 2024 (Russia)

Key initiatives:

• New Development Bank (NDB): Established in 2014, the NDB is a multilateral development bank that provides loans and investments for infrastructure projects in BRICS countries and other developing nations.
• Contingent Reserve Arrangement (CRA): A financial safety net designed to provide short-term liquidity support to member countries facing balance of payments difficulties.
• BRICS Business Forum: A platform for business leaders from the five countries to discuss economic opportunities and challenges.

Challenges and opportunities:

• Economic inequality: There are significant economic differences among member countries, which can complicate decision-making and coordination.
• Political tensions: Some members have competing geopolitical interests and may disagree on some issues.
• Global economic uncertainty: The group must confront a complex and volatile global economic environment, including trade wars and geopolitical tensions.