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.

Key Points of the Summit 

  • 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.

What is BRICS?

  • 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.
Expansion-of-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.
brics-countries-and-their-gdps

Significance of BRICS for India

  • 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.

Challenges

  • 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.

Way Ahead

  • 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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