DOCSLIB.ORG

Prime Minister to Attend BRICS Summit at Brazil from 13Th to 14Th November

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Prime Minister to Attend BRICS Summit at Brazil from 13Th to 14Th November Prime Minister to attend BRICS Summit at Brazil from 13th to 14th November Syllabus subtopic: Bilateral, regional and global groupings and agreements involving India and/or affecting India's interests News: Prime Minister Narendra Modi will be in Brasilia, Brazil on 13th - 14th November 2019 to attend the 11th BRICS summit. The theme of the BRICS summit this year is "Economic Growth for an Innovative Future.” Prelims focus: About BRICS and its member countries Mains focus: Significance of BRICS for India and Indian concerns About BRICS: BRICS brings together five major emerging economies( Brazil, Russia, India, China, South Africa) comprising 42 percent of the world's population, having 23 percent of the global GDP and around 17 percent of the share and world trade. BRICS countries come from Asia, Africa, Europe and Latin America and all are member of G-20 Together the nation account for 26.46% of world’s land area, 42.58% of world’s population, 13.24% of world bank voting power and 14.91% of IMF quota shares Through BRICS, the countries can have multilateral relations in their local currencies. This helps all of them directly as the Forex is not depleted and their own currencies are strengthened. They promote South-South cooperation and North-South dialogue. (South represents developing countries and North represents Developed) According to IMF estimate BRICS countries generated 22.53% of worlds GDP and they contributed more than 50% of economic growth during the last 10 years. BRICS cooperation has two pillars including consultations on issues of mutual interest through meeting of leaders and ministers as well as cooperation through meeting of senior officials in a number of areas including trade, finance, health, education, science and technology, agriculture, communications IT etc. Achievement of BRICS in 10 Years There is a fair degree of cooperation on issues such as trade, infrastructure finance, urbanization and climate change Institutionalization of the New Development Bank (NDB) and the Contingency Reserve Arrangement BRICS countries have become a significant constructive force in promoting multilateral global order, propelling international economic globalization and promoting cultural diversity BRICS nations adhere to the principle of equality, negotiation, and pragmatic cooperation. The principle of equality is the foremost one BRICS nations have successfully pushed for reforms to the Bretton Woods system, the World Bank and the IMF. BRICS’s contribution to world’s GDP has increased from 12 percent to 23 percent and its trade volume has increased from 11 percent to 16 percent of the world total People-to-people exchanges and education cooperation Issues/Challenges Changing power equations within BRICS. China’s dominance is a reality even as the grouping asserts the sovereign equality of all members. Bilateral issues, as for example, recent military standoff between India and China on the Doklam plateau There is only hollow promise by Russia and China over the UN reform and admission of India and Brazil in UNSC as permanent members The economic structures and development trends of the BRICS countries are very similar which leads to economic competition and conflicts NDB failed to act as an alternative to IMF and WB till now. NDB has dispersed loans totalling $5.1 billion — all to its members only Delay to set up the BRICS credit rating agency that India favours Way Ahead Establish an arbitration mechanism to resolve economic conflicts that emerge among nation NDB should disperse more loan to other developing countries of Asia and Africa BRICS should also work towards creating a common currency and credit rating agency to reduce its dependence on dollar and western countries Develop a framework to fight against protectionist trade policy adopted by US Develop a mechanism to resolve bilateral issues Adopt proactive measures to resolve rising inequality among member countries The ultimate aim for the BRICS should be to take up a leadership role inreforming global financial and political institutions. This couldn’t be happen without enhanced engagement .
Load more

Recommended publications
  • Brics” Economies the New Phase of Globalisation
    The Rise of “Brics” Economies the New Phase of Globalisation Aswani Alexander Assistant professor Department of management St Paul institute of professional studies Indore INTRODUCTION Coordination between Brazil, Russia, India and China (BRIC) began informally in 2006, with a working meeting of the foreign ministers of the four countries on the sidelines of the United Nations General Assembly. Since then, the acronym, created a few years earlier by the financial market, no longer confined itself to identifying four emerging economies. BRIC became a mechanism for cooperation in areas that have the potential to generate concrete results for Brazilians and the peoples of the other member countries. Since 2009, the Heads of State and Government of the group meet annually. In 2011, at the Sanya Summit, South Africa became part of the grouping, adding the "S" to the acronym, now BRICS. In the last 10 years, 10 Summit meetings have taken place, with the presence of all the leaders of the mechanism: 1st Summit: Yekaterinburg, Russia, June 2009; 2nd Summit: Brasília, Brazil, April 2010; 3rd Summit: Sanya, China, April 2011; 4th Summit: New Delhi, India, March 2012; 5th Summit: Durban, South Africa, March 2013; 6th Summit: Fortaleza, Brazil, July 2014; 7th Summit: Ufa, Russia, July 2015; 8th Summit: Benaulim (Goa), India, October 2016; 9th Summit: Xiamen, China, September 2017; 10th Summit: Johannesburg, South Africa, July 2018; and 11th Summit: Brasília, Brazil, November 2019 Since the first summit in 2009, BRICS has significantly expanded its activities in several fields, but it was the financial field that guaranteed greater group visibility from the outset.
    [Show full text]
  • Russia's Strategies Towards BRICS: Problems and Opportunities
    Vestnik RUDN. International Relations 2020 Vol. 20 No. 3 534—542 http://journals.rudn.ru/international‐relations Вестник РУДН. Серия: МЕЖДУНАРОДНЫЕ ОТНОШЕНИЯ DOI: 10.22363/2313-0660-2020-20-3-534-542 Research article / Научная статья Russia’s Strategies towards BRICS: Problems and Opportunities A.A. Sergunin 1 MGIMO University, Moscow, Russian Federation St. Petersburg State University, Saint-Petersburg, Russian Federation Abstract. This article aims to examine Moscow’s policy motives regarding BRICS as well as priority areas in Russia’s strategy towards this grouping. The Russian policies towards and within BRICS represent a combination of ideational and material motives. On the one hand, BRICS is important for the Kremlin in terms of status seeking: with the BRICS’ help Russia tries to return its status of a great power, shape the future world order and to make the West abide by the rules of that order. On the other hand, Moscow values its economic and strategic partnerships with the BRICS states which are important for Russia’s well-being and for counter-balancing the West in the global geopolitical and geoeconomic game. In other words, BRICS provides Russia with additional prestige in the interna- tional arena as well as greater legitimacy to its international activities. In contrast to the West’s accusations, in case of BRICS Russia’s foreign policy behavior does not fall into the category of the revisionist one. Rather, Russia (similar to other BRICS countries) prefers to act on the basis of existing international rules and norms rather than to challenge or keep them intact. Russia aims at reforming these rules to adapt them to new global realities and make them acceptable for all the members of the world community.
    [Show full text]
  • Why BRICS Matters for India
    Why BRICS matters for India Writer - Shubhajit Roy (Editor) This article is related to General Studies- Paper-II (International Relations) Indian Express 13 Nov., 2019 "As Prime Minister Narendra Modi attends the BRICS Summit in Brazil, a look at how the grouping began and has since evolved, what are the issues it will take up, and what it means for India in the global order." On Tuesday, Prime Minister Narendra Modi left for Brazil to attend the 11th BRICS Summit. What is on the agenda of this grouping, and why is it important? BRICS Summit: The origins, and now On November 30, 2001, Jim O’Neill, a British economist who was then chairman of Goldman Sachs Asset Management, coined the term ‘BRIC’ to describe the four emerging economies of Brazil, Russia, India, and China. In a paper, ‘The World Needs Better Economic BRICs’, written for the Goldman Sachs ‘Global Econom- ic Paper’ series, O’Neill — who went on to serve as Commercial Secretary to the Treasury between 2015 and 2016 in the governments headed by David Cameron and Theresa May — made a case for BRIC on the basis of econometric analyses projecting that the four economies would individually and collectively occupy far greater economic space and become among the world’s largest economies in the next 50 years or so. “In 2001 and 2002, real GDP growth in large emerging market economies will exceed that of the G7. At end-2000, GDP in US$ on a PPP basis in Brazil, Russia, India and China (BRIC) was about 23.3% of world GDP.
    [Show full text]
  • Brasília Declaration
    BRASÍLIA DECLARATION 11th BRICS Summit Preamble 1. We, the Leaders of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China and the Republic of South Africa met on 14 November 2019 in Brasília, Brazil, at the Eleventh BRICS Summit, which was held under the theme “BRICS: economic growth for an innovative future”. 2. As leaders of vibrant nations, we reaffirm our fundamental commitment to the principle of sovereignty, mutual respect and equality and to the shared goal of building a peaceful, stable and prosperous world. These concepts, values and objectives provide a solid foundation and clear guidance for our mutually beneficial and pragmatic cooperation. Building on the work of successive summits in the pillars of economy, peace and security and people-to-people exchanges, we will continue to strengthen BRICS cooperation for the benefit and welfare of our peoples and enhance the traditional ties of friendship amongst our countries. 3. We are pleased with the outcomes of the 2019 BRICS Chairship (Annex 1). We recall the more than one hundred meetings held this year (Annex 2). We welcome the Ministerial and other high-level Meetings held this year in the areas of finance, trade, foreign affairs, national security matters, communications, environment, labor and employment, science, technology and innovation, energy, agriculture, health and culture. We also note the Meeting of New Development Bank Board of Governors. 4. We welcome, among other achievements, the establishment of the Innovation BRICS Network (iBRICS); the adoption of the New Architecture on Science, Technology and Innovation (STI), which will be implemented through the BRICS STI Steering Committee, and the Terms of Reference of the BRICS Energy Research Cooperation Platform.
    [Show full text]
  • From Yekaterinburg to Brasilia: BRICS and the G20, Road to Nowhere?
    Article From Yekaterinburg to Brasilia: BRICS and the G20, road to nowhere? DOI: http://dx.doi.org/10.1590/0034-7329202000109 Rev. Bras. Polít. Int., 63(1): e009, 2020 Revista Brasileira de Política Internacional Abstract ISSN 1983-3121 The BRICS have forged a collective identity to become a new driving force http://www.scielo.br/rbpi in Global Governance. They have used bodies such as the G20 to produce changes at global governance levels. This has raised two questions on their Niall Duggan1 role. First, can they hold a common position despite different developmental 1University College Cork, Government, agendas? Second, has the China’s economic leap produced a unique (Chinese) Cork, Ireland agenda rather than a collective (BRICS) one? ([email protected]) ORCID ID: Keywords: BRICS; Emerging powers; China; G20; Global governance. orcid.org/0000-0002-3578-1068 Juan Carlos Ladines Azalia2 2Universidad del Pacifico, International Received: January 15, 2020 Business, Lima, Peru. ([email protected]) Accepted: June 13, 2020 ORCID ID: orcid.org/0000-0002-9327-9068 Introduction he BRICS differ from one another culturally, politically, and Tdemographically. What these countries do share, however, is an aspiration to be “rule makers” instead of “rule takers” within global governance. The 2009 BRIC summit’s joint declaration outlined foundations for a common “thought” among member states, including the primacy of the rule of law and multilateral diplomacy with a leading role for the UN (Ministério das Relações Exteriores do Brasil 2008, 2). This produced a common standpoint and meant that the BRICS became a new driving force for change within global Copyright: governance, leading to the promotion of South-South cooperation.
    [Show full text]
  • Intra-BRICS Trade and Investment Targets Should Be More Ambitious: Hon'ble Prime Minister of India
    Intra-BRICS trade and investment targets should be more ambitious: Hon'ble Prime Minister of India {Hon’ble Prime Minister of India addresses BRICS Business Forum} Hon’ble Prime Minister of India, Shri Narendra Modi has addressed the BRICS Business Forum, on the sidelines of BRICS Summit in Brazil. Heads of states of other BRICS countries, also addressed the Business Forum. Speaking on the occasion, he said that BRICS countries account for 50% of the world's economic growth. Despite recession at the global level, BRICS countries accelerated economic growth, drove millions out of poverty and achieved new breakthroughs in technology and innovation, he added. He wished that Intra-BRICS trade and investment targets should be more ambitious and invited their suggestions to further reduce the cost of trade between the BRICS countries. He also suggested that by the next BRICS Summit, at least five areas should be identified in which joint ventures can be formed between the BRICS countries on the basis of complementarities. He said that important initiatives such as innovation BRICS Network, and BRICS Institution for Future Network will be considered for discussions during the summit. He requested the private sector to join these efforts focused on human resources. He also suggested that the five countries should also consider a Mutual Social Security Agreement. He said that India is the world's most open and investment friendly economy due to political stability, predictable policy and business friendly reforms. Meeting of Hon’ble Prime Minister of India with Mr. Vladimir Putin, President of Russian Federation on the margins of 11th BRICS Summit Hon’ble Prime Minister of India, Shri Narendra Modi met H.E.
    [Show full text]
  • 11Th BRICS Summit
    11th BRICS Summit drishtiias.com/printpdf/11th-brics-summit Why in News The 11th BRICS Summit took place from 13th-14th November 2019 in Brasilia, Brazil. The theme of the 2019 BRICS summit is "Economic Growth for an Innovative Future.” BRICS countries adopted the Brasilia Declaration. Brasilia Declaration It advocates and supports multilateralism, the central role of the U.N. in international affairs and respect for international law. Reforming Multilateral Systems: There is an urgent need to strengthen and reform the United Nations and other multilateral organisations, including the World Trade Organisation (WTO) and the International Monetary Fund (IMF), to address the significant challenges being faced by the developing countries. Support to Multilateralism: The trade war between China and the U.S. and rising protectionism is hurting the global economy. Multilateralism is crucial for emerging countries to protect their own interests. India’s Stand at the Summit 1/3 Intra-BRICS trade accounts for just 15% of world trade, it needs to be increased. India invited business leaders of the member nations for investment, particularly in infrastructure development. India proposed to hold the first meeting of BRICS Water Ministers in India. India highlighted the menace of terrorism which has resulted in the loss of $1 trillion to the world economy. BRICS BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa. In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China. The grouping was formalised during the first meeting of BRIC Foreign Ministers in 2006.
    [Show full text]
  • BRICS and the G20, Road to Nowhere? Revista Brasileira De Política Internacional, Vol
    Revista Brasileira de Política Internacional ISSN: 0034-7329 ISSN: 1983-3121 Instituto Brasileiro de Relações Internacionais Duggan, Niall; Azalia, Juan Carlos Ladines From Yekaterinburg to Brasilia: BRICS and the G20, road to nowhere? Revista Brasileira de Política Internacional, vol. 63, no. 1, e009, 2020 Instituto Brasileiro de Relações Internacionais DOI: https://doi.org/10.1590/0034-7329202000109 Available in: http://www.redalyc.org/articulo.oa?id=35862763011 How to cite Complete issue Scientific Information System Redalyc More information about this article Network of Scientific Journals from Latin America and the Caribbean, Spain and Journal's webpage in redalyc.org Portugal Project academic non-profit, developed under the open access initiative Article From Yekaterinburg to Brasilia: BRICS and the G20, road to nowhere? DOI: http://dx.doi.org/10.1590/0034-7329202000109 Rev. Bras. Polít. Int., 63(1): e009, 2020 Revista Brasileira de Política Internacional Abstract ISSN 1983-3121 The BRICS have forged a collective identity to become a new driving force http://www.scielo.br/rbpi in Global Governance. They have used bodies such as the G20 to produce changes at global governance levels. This has raised two questions on their Niall Duggan1 role. First, can they hold a common position despite different developmental 1University College Cork, Government, agendas? Second, has the China’s economic leap produced a unique (Chinese) Cork, Ireland agenda rather than a collective (BRICS) one? ([email protected]) ORCID ID: Keywords: BRICS; Emerging powers; China; G20; Global governance. orcid.org/0000-0002-3578-1068 Juan Carlos Ladines Azalia2 2Universidad del Pacifico, International Received: January 15, 2020 Business, Lima, Peru.
    [Show full text]
  • BRICS and Evolving Trends of Complex Interdependence: Implications for Pakistan
    Citation: Ishaque, W., Shabnam, G., & Asgher, M. F. (2020). BRICS and Evolving Trends of Complex Interdependence: Implications for Pakistan. Global Economics Review, V(III), 143-153. https://doi.org/10.31703/ger.2020(V-III).13 URL: http://dx.doi.org/10.31703/ger.2020(V-III).13 Pages: 143 – 153 DOI: 10.31703/ger.2020(V-III).13 p-ISSN: 2521-2974 e-ISSN: 2707-0093 L-ISSN: 2521-2974 Vol. V, No. III (Summer 2020) BRICS and Evolving Trends of Complex Interdependence: Implications for Pakistan Waseem Ishaque * Shabnam Gul† Muhammad Faizan Asgher ‡ Abstract By far, the Realist notion of Power politics has remained the dominant paradigm in examining interstate relations; however, I want to argue that the evolving international landscape is moving fast towards complex interdependence. The peaceful rise of China, recurrence of Russia and rising Indian stature with a stable economic outlook and human capital of over 1 billion are hard facts, which is transforming the prevailing norms of international order by way of cooperative engagement, economic collaboration, common development and creating shared destiny by way of win-win cooperation. The BRICS (Brazil, Russia, India, China, and South Africa) has assumed greater significance, as it is a trans- regional organization based on economic integration. This research article explores the contours of a successful model, identify potential challenges and opportunities and suggests a way forward for optimizing the gains promised through this economic bloc. Key Words: Complex Interdependence, Economic Integration, Power Politics JEL Classification: Introduction BRICS has become an international buzzword in the recent past due to unprecedented successes achieved by this organization by way of economic integration.
    [Show full text]
  • BRICS) - a Brief Overview BRICS Latest Update – on 19Th February, the Ministry of External Affairs Has Launched the Website on BRICS 2021
    Brazil, Russia, India, China, South Africa (BRICS) - A Brief Overview BRICS Latest Update – On 19th February, the Ministry of External Affairs has launched the website on BRICS 2021. India is set to launch the 2021 BRICS Summit which will be the 13th summit of the grouping. BRICS 2021 will mark the 15th anniversary of the international grouping. India has earlier hosted BRICS Summit 2012 and 2016. What is BRICS? BRICS is an acronym for 5 emerging economies of the world viz. – Brazil, Russia, India, China, South Africa. The term BRIC was coined by Jim O‟ Neil, the then chairman of Goldman Sachs in 2001. The first BRIC summit took place in the year 2009 in Yekaterinburg (Russia). In 2010, South Africa joined formally into the association making it BRICS. BRICS 2021 – India Hosting 13th BRICS Summit The chair of BRICS 2021 is India. The theme of the 13th BRICS Summit is, „BRICS @ 15: Intra- BRICS Cooperation for Continuity, Consolidation and Consensus.‟ The discussion in the BRICS Summit 2021 is around three pillars: 1. Political and Security – The focus is on the discussion over global and regional security. The priority sectors are: Reform of the Multilateral System Counter-Terrorism Cooperation 2. Economic and Financial – The focus in on intra-BRICS cooperation in sectors such as trade, agriculture, infrastructure, small and medium enterprises, energy and finance & banking. The priority under this pillar are: BRICS Economic Partnership Strategy 2020-25 – Implementation of this strategy will be discussed. BRICS Agriculture Research Platform – The platform‟s operations will be discussed. Cooperation on Disaster Resilience Innovation Cooperation Digital Health and Traditional Medicine 3.
    [Show full text]
  • Significance of BRICS for India
    Insights Mindmaps Topic: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests Significance of BRICS for India 1) Introduction • The 11th BRICS summit concluded in Brazil with calls for strengthening multilateralism and reforming global institutions such as the UN Security Council (UNSC), World Trade Organisation, World Bank (WB) and International Monetary Fund (IMF). • Initially, BRICS mainly had an economic agenda but gradually, the scope has widened to include security, health, science and technology, culture and civil society. 2) Present Status • India and China have kept afloat the grouping with their growth. • BRICS has been dimmed by sluggish growth in Brazil and South Africa, and Russia’s sanction-laden slowdown. • However, the group has adapted to the times and proven its resilience. 3) 11th BRICS Summit • 11th BRICS Summit was held in Brasilia, Brazil. • At a time when the five countries are heading in different directions politically, they found ways to build a common vision for the world’s economic future • Emphasis on multilateralism and a joint statement at Brasilia that decried “unilateral and protectionist” actions. • Member nations held dialogues on cementing ties in trade, innovation, technology and culture. • The grouping decided to open a regional office of the New Development Bank (NDB) in India. • Terrorism was one of the priority areas for BRICS 2019 4) India and BRICS • From the Indian perspective, BRICS has emerged the voice of developing countries, or the global south. • With raising challenges on issues from WTO to climate change, New Delhi believes BRICS has to protect the rights of the developing countries.
    [Show full text]
  • Brics Summit
    RSTV Big Picture: BRICS SUMMIT • Context: The 11th BRICS Summit was held in Brasília, Brazil. • The 2019 Brasilia Presidency focuses on the theme, ‘BRICS: Economic Growth for an Innovative Future’. • The BRICS countries, Brazil, the Russian Federation, India, China and South Africa, convene for a BRICS Leaders’ Summit annually. • Discussions focus on spheres of political and socioeconomic coordination, in which member countries have identified business opportunities, economic complementarities and areas of cooperation. • The new areas of BRICS cooperation spearheaded by Brazil, are: ➢ strengthening of cooperation on science, technology and innovation; ➢ enhancement of cooperation on digital economy; ➢ invigoration of cooperation on the fight against transnational crime, especially against organized crime, money laundering and drug trafficking; and ➢ encouragement to the rapprochement between the New Development Bank (NDB) and the BRICS Business Council. • History of BRICS: ➢ It was the Russian side that initiated the creation of BRICS. ➢ On 20 September 2006, the first BRICS Ministerial Meeting was held at the proposal of Russian President Vladimir Putin on the margins of a UN General Assembly Session in New York. Foreign ministers of Russia, Brazil and China and the Indian Defence Minister took part in the meeting. ➢ They expressed their interest in expanding multilateral cooperation. ➢ On 16 May 2008, Yekaterinburg hosted Meeting of BRIC Foreign Ministers on the initiative of Russia. After the meeting, a Joint Communique was issued, reflecting common stances on topical global development issues. ➢ On the Russian initiative on 16 June 2009, Yekaterinburg hosted the first BRIC Summit. BRIC Leaders issued a joint statement after the Summit. ➢ The document set forth the goals of BRIC “to promote dialogue and cooperation among our countries in an incremental, proactive, pragmatic, open and transparent way.
    [Show full text]