Adoption of Kazan Declaration at 16th BRICS Summit

Syllabus: GS2/ International Relations

Context

The Summit in Kazan, hosted by Russia, focused on Strengthening Multilateralism for Just Global Development and Security.

The Kazan Declaration, issued at the summit, is a comprehensive document that emphasizes the need for enhanced cooperation among the participating countries and presents the bloc’s unified stance on key global issues.
The Kazan Declaration emphasized “Strengthening Multilateralism for Just Global Development and Security” with commitment to fostering peace, ensuring a fairer international order, and promoting sustainable development.
Russia emphasized a BRICS-led payment system against SWIFT, an international financial network that Russian banks were cut off from in 2022, as well as the escalating situation in West Asia.
The BRICS nations agreed to explore initiatives, such as BRICS Grain Exchange and BRICS (Re)Insurance Company.
The summit also endorsed the creation of a BRICS Partner Country category, which would allow other nations to collaborate with BRICS on various projects.
BRICS R&D Vaccine Center was announced for fostering research in vaccine development.
India’s initiative to create an International Big Cats Alliance was recognized during the summit.

It is an acronym that refers to a group of five major emerging national economies: Brazil, Russia, India, China, and South Africa.
Origin: The term BRIC was coined by British economist Jim O’Neill in 2001 to represent emerging economies.
- The group began holding annual meetings starting in 2006 on the sidelines of the UN General Assembly (UNGA), and its success led to formal summits.
- BRICS nations have met annually at formal summits since 2009.
- South Africa was inducted in 2010.
Expansion of BRICS: Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, and the UAE are the six new additions to the BRICS.

It brings together five of the largest developing countries of the world, representing around 41% of the global population, around 24% of the global GDP and around 16% of global trade.

Strengthening South-South Cooperation: India views BRICS as a platform for fostering collaboration among developing countries, amplifying their voices in global institutions like the UN and World Bank.
Balancing Global Power: BRICS serves as a counterbalance to Western-dominated alliances such as the G7. For India, this helps in diversifying its foreign relations and reducing dependency on Western powers.
Trade Diversification: BRICS promotes economic cooperation, trade, and investment between member countries.
New Development Bank (NDB): It provides BRICS nations with access to funding for infrastructure and sustainable development projects, aligning with India’s growth objectives.

Varying Agendas: India’s concerns over terrorism and border security may differ from other members like China and Russia, who may prioritize their regional and geopolitical interests over these issues.
Geopolitical Rivalry: China’s growing influence within BRICS, especially with the inclusion of countries like Iran and Saudi Arabia (which have strong ties with China), raises concerns about BRICS tilting towards a pro-China bloc.
Balancing Middle Eastern Alliances: The inclusion of Iran, Saudi Arabia, and the UAE introduces complexities in India’s relationships within the Middle East.
Trade Barriers: Intra-BRICS trade barriers such as tariffs, regulatory differences, and currency issues persist, limiting India’s ability to fully capitalize on trade opportunities within the group.

India’s participation in BRICS is crucial, both for advancing its national interests and for shaping global governance in an increasingly dynamic geopolitical environment.
As one of the founding members, India has consistently played a key role in ensuring that BRICS remains a collaborative platform for emerging economies to assert their influence on the global stage.
BRICS presents India with a unique opportunity to diversify its trade networks, attract foreign investments, and engage in joint infrastructure and development initiatives.
In this context, India should strategically utilize the resources of the New Development Bank (NDB) to finance critical projects that align with its long-term growth goals.

Source: TH

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