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BRICS Overview PRAGNYA IAS ACADEMY BRICS Overview BRICS is the acronym coined to associate five major emerging economies: Brazil, Russia, India, China, and South Africa. The BRICS members are known for their significant influence on regional affairs. Since 2009, the governments of the BRICS states have met annually at formal summits. Russia hosted the most recent 12th BRICS summit on 17 November 2020 virtually due to the COVID-19 pandemic Members of G20, as of 2018, these five states had a combined nominal GDP of US$19.6 trillion, about 23.2% of the gross world product, a combined GDP (PPP) of around US$40.55 trillion (32% of World's GDP PPP), and an estimated US$4.46 trillion in combined foreign reserves. The BRICS have received both praise and criticism from numerous commentators. Bilateral relations among BRICS states are conducted mainly based on non-interference, equality, and mutual benefit. The existence of the BRICS grouping does not signify a formal or informal alliance; there are multiple economic, territorial, and political disputes between the five governments. The term "BRIC" is believed to be coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim O'Neill, in his publication Building Better Global Economic BRICs Entry of South Africa (BRIC to BRICS) In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year. South Africa officially became a member nation on 24 December 2010, after being formally invited by China to join and subsequently accepted by other BRIC countries. BRICS Development Bank as an Alternative to IMF and World Bank In June 2012, the BRICS nations pledged $75 billion to boost the lending power of the International Monetary Fund (IMF). However, this loan was conditional on IMF voting reforms. In late March 2013, during the fifth BRICS summit in Durban, South Africa, the member countries agreed to create a global financial institution intended to rival the western-dominated IMF and World Bank. After the summit, the BRICS stated that they planned to finalize the arrangements for this New Development Bank by 2014. However, disputes relating to burden sharing and location slowed down the agreements. HYD - B’LORE - TPT – PUNE WWW.PRAGNYAIAS.COM +91 9880487071 PRAGNYA IAS ACADEMY At the BRICS leaders meeting in St Petersburg in September 2013, China committed $41 billion towards the pool; Brazil, India, and Russia $18 billion each; and South Africa $5 billion. China, holder of the world's largest foreign exchange reserves and contributes the bulk of the currency pool, wants a more significant managing role, said one BRICS official. China also wants to be the location of the reserve. "Brazil and India want the initial capital to be shared equally. We know that China wants more," said a Brazilian official. "However, we are still negotiating, there are no tensions arising yet. Finally it was agreed in the 6th BRICS summit and the below structure has been finalized BRICS bank consists of two institutions: 1. New Development Bank & 2. Contingency Currency Pool New Development Bank (competitor to World Bank) The New Development Bank (NDB), formally referred to as the BRICS Development Bank, is a multilateral development bank operated by the five BRICS states. The bank's primary focus of lending will be infrastructure projects BRICS CRA (Competitor to IMF) The BRICS Contingent Reserve Arrangement (CRA) is a framework for providing protection against global liquidity pressures. This includes currency issues where members' national currencies are being adversely affected by global financial pressures. It is found that emerging economies that experienced rapid economic liberalization went through increased economic volatility, bringing an uncertain macroeconomic environment BRICS payment system (Alternative to SWIFT) At the 2015 BRICS summit in Russia, ministers from BRICS nations, initiated consultations for a payment system that would be an alternative to the SWIFT system. Russian Deputy Foreign Minister Sergey Ryabkov stated in an interview, "The finance ministers and executives of the BRICS central banks are HYD - B’LORE - TPT – PUNE WWW.PRAGNYAIAS.COM +91 9880487071 PRAGNYA IAS ACADEMY negotiating ... setting up payment systems and moving on to settlements in national currencies. SWIFT or not, in any case we’re talking about ... a global multilateral payment system that would provide greater independence, would create a definite guarantee for BRICS." (SWIFT is US dominated system which can help US in sharing of Information regarding the most important transactions). The Cross-Border Inter-Bank Payments System (CIPS) is a planned alternative payment system to SWIFT which would provide a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized, and reliable environment. HYD - B’LORE - TPT – PUNE WWW.PRAGNYAIAS.COM +91 9880487071 PRAGNYA IAS ACADEMY BRICS initiatives during COVID19 Global health crisis The New Development Bank, located in China, plans on giving out $15 billion to member nation to help their struggling economies. Member countries are hoping for a smooth comeback and a continuation of economic trade pre-COVID-19. The summit they plan on doing virtually in St. Petersburg, Russia will discuss how to handle the COVID-19 pandemic and how to fix their multilateral system by reforms. The COVID-19 accepting rate of taking the vaccine is a mixture in the BRICS community. China, India, and South Africa are the most willing to take the vaccine while Brazil and Russia have more skepticism than the other three. Challenges to BRICS The BRICS nations (Brazil, Russia, India, China and South Africa) have a significant influence on their regional affairs, and all are members of G20. But can this be enough to bring a consensus among all the five members on global issues? If you ask me, I will certainly say ‘No’ BRICS has become less relevant today due to lack of consensus among the member countries esp. India an China. Issues related to UNSC Reforms, Permanent Membership & Veto reforms in UNSC, Terrorism, Defence and security consensus, Conflict of interest on various economic issues leading to trade war among the members itself etc., All these result in lack of United stand at the global front. Therefore this group as an alternative to the US seems less effective Another important challenge is BRICS bank as an alternative to IMF and WB are also questioned. This is due to China’s Notorious ‘Debt-Trap Diplomacy” which has gained Global attention. The very Idea that IMF and WB are instruments by the US and its allies to exploit the Underdeveloped Nations is again persued by China’s debt with much more intensity. Case studies of China’s debt trap diplomacy: Case1: Nigeria The Federal lawmakers of the national assembly are demanding a probe into China's lending practices into Nigeria, in a wake of a sovereign guarantee clause in loan agreements that they consider 'an entrapment of Chinese neo-colonial plans'. Lawmakers fear that the clause could see Nigeria sign away its sovereignty in the event of a payment default. The House of Representatives had attacked the government over clauses in Article 8(1) of the Commercial Loan Agreement signed between Nigeria and the Export-Import Bank of China. In the said agreement, Nigeria stands to concede her sovereignty to China should there be a default in the repayment of the $400 million for the Nigerian National Information and Communication Technology Infrastructure Backbone phase 2 project signed in 2018. Chinese credit accounts for 80 per cent of all bilateral lending to Nigeria. China provides loans to build railways, power plants and airports in Africa's largest oil producer (Nigeria). HYD - B’LORE - TPT – PUNE WWW.PRAGNYAIAS.COM +91 9880487071 PRAGNYA IAS ACADEMY Case2: Kenya and Ethiopia are struggling with Chinese debt. Case3: China had given a loan to develop a strategic port in Djibouti. In 2017, Djibouti's debt was projected staggering at 88 per cent of its GDP, with China responsible for the bulk of this debt. Djibouti had fallen victim to China's debt-trap and let China built its first overseas military base there. That China's first and only overseas military base is a consequence, not a coincidence. Economists have been urging African governments to ensure that they read the small prints of the "conditionalities" defined by the Chinese. In their views, it would avoid Beijing laying claim to some of their assets, as they are doing in Madagascar, Kenya, Zambia and Zimbabwe. Nigerian opposition members also allege that the Nigerian government has pledged some oil fields as collaterals for the Chinese loans Case4: Hambanthota Port Sri Lankan Parliament on Thursday approved the controversial Colombo Port City Economic Commission Bill, with the government saying the Chinese-backed project would bring in investment and boost the island-nation's economy. The vote was taken after a two-day debate on it. The Opposition parties alleged the bill would lead to the creation of a Chinese colony in Sri Lanka. The huge Chinese loans sparked concerns globally, after Sri Lanka handed over the strategic Hambantota Port to China in 2017 as debt swap, amounting to USD 1.2 billion for a 99-years lease. With this, Chinese gain full control over Colombo Port City, Hambantota ... HYD - B’LORE - TPT – PUNE WWW.PRAGNYAIAS.COM +91 9880487071 PRAGNYA IAS ACADEMY Below Image shows how loans are being granted for Unwanted needs in the name of Modernisation and ultimately the countries loosing their sovereignty, access their raw materials and Markets for the Chinese Industries (Critics call this as Chinese colonialism and imperialism). HYD - B’LORE - TPT – PUNE WWW.PRAGNYAIAS.COM +91 9880487071 PRAGNYA IAS ACADEMY In this background it is quite challenging for BRICS Development bank to win the trust of the Underdeveloped Nations.
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