Recently, China hosted the BRICS foreign ministers' meeting. The meeting was attended by Chinese Foreign Minister Wang Yi, Brazilian Foreign Minister Carlos Alberto Franco Fran?a, Russia¡¯s Sergey Lavrov, South Africa¡¯s Minister of International Relations Grace Naledi and India's foreign minister, Dr S Jaishankar. The diplomatic meeting is telling, for it comes at a time when a full-scale war is being waged in Ukraine.?
Given that both China and India abstained from voting against Russia's aggression on Ukraine, it is worth considering whether Russia can use this block to offset the impact of financial sanctions imposed by the West. A variety of topics were discussed in the meeting, including the Ukrainian crisis. After the meeting, Jaishankar said that they discussed the situation in Ukraine and supported talks between Russia and Ukraine.?
Similarly, "the five countries should also accommodate each other's core interests and major concerns; respect each other's sovereignty, security, and development interests; oppose hegemony and power politics; reject Cold War mentality and bloc confrontation; and work together to build a global community of security for all."
Dr Jaishankar, stressed eight essential topics. To begin, he emphasised that BRICS not only pursue socioeconomic recovery from the pandemic but also build resilient and self-sufficient supply chains. Second, the knock-on consequences of the Ukraine crisis have resulted in sharp rises in energy costs, which must be mitigated for the developing world. Third, BRICS should uphold sovereign equality, territorial integrity, and international law. Fourth, the BRICS should support UN Security Council reform unanimously.?
Fifth, the BRICS should demonstrate a credible commitment to collectively advocating for climate action and climate justice. Sixth, BRICS must display zero tolerance for cross-border terrorism. Seventh, the BRICS should strive towards a globalised and digital world because it will value trust and transparency. Finally, sustainable development goals must be met in a holistic manner.
The abbreviation BRICS stands for Brazil, Russia, India, China, and South Africa. Jim O'Neill, an economist at Goldman Sachs, invented the name BRIC in 2001, suggesting that by 2050, the four BRIC economies would come to dominate the world economy. In 2010, South Africa was added to the list. The BRICS countries account for one-quarter of global GDP. Four of the five BRICS members are among the largest countries in terms of population and land area.?
BRICS has three pillars: political and security; economic and financial; and cultural and people-to-people exchanges. The New Development Bank and the Contingent Reserve Arrangement were established at the 2014 Fortaleza Summit. So far, the NDB has sanctioned almost $8 billion in renewable energy and infrastructure projects across the BRICS countries.
The BRICS countries had a common goal of overhauling the international financial and monetary systems, as well as a strong desire to create a more just and balanced international order. The BRICS community plays a critical role in setting global economic policy and promoting financial stability, accounting for 17% of global trade and one-third of global GDP.
The BRICS countries have made significant contributions to global poverty alleviation. Continued BRICS growth is critical for poverty reduction and decreasing international disparities. Through poverty alleviation and unwavering efforts to bridge inequities, BRICS has recently emerged as the voice of developing countries, or the global South, and has played an essential role in defending the rights of the developing countries of the world.
References
Brics countries - Why Brics countries are Important? (2022, May 18). ClearTax. Retrieved May 23, 2022, from?cleartax
Jaishankar highlights eight key points during BRICS Foreign Ministers' Meeting. (2022, May 19). ANI News. Retrieved May 23, 2022, from?aninews
Roy, S. (2022, May 20). BRICS foreign ministers' meet: BRICS must meet commitments on territorial integrity, says Jaishankar. The Indian Express. Retrieved May 23, 2022,?indianexpress