BRICS (Brazil, Russia, India, China, and South Africa) is one of the major platforms of the five emerging economies, aiming at promoting peace, security, inclusive development and cooperation. The platform represents 43% of the world’s total population and 30% of the global Gross Domestic Product (GDP). Since its establishment against the backdrop of the 2008 global financial crisis, as a potential alternative to G7 platform. The BRICS has grown substantially as an effective platform to articulate views of countries in the Global South as at least one country is present from every different continent across the region. Economy, being in focus point of the grouping, the initial decade of BRICS has advanced coordinated policy initiatives in the field of global economic governance.
One of the milestone achievements of BRICS countries is to develop the legal framework for launching the New Development Bank (NDB) at the 2014 BRICS Summit in Brazil, followed by the provision of a Contingent Reserve Arrangement as a financial stability mechanism designed to assist countries with balance of payment crises. However, the Sino-India protracted rivalry is prevalent in this grouping as well. Regarding the recent expansion of the BRICS group, India and China are at odds position. Although India does not oppose it, the calculation is there to assess whether the joining of countries like Indonesia, UAE, Saudi Arabia, Bangladesh, and Iran would be in China’s interest. The India-China standoff in Ladakh has again evoked the bitter memories of the 1962 War and the 1967 conflict in Nathu La. India and China have competed in different realms, especially since the rivalry widened in recent years.
Can BRICS make these two Asian giants join hands?
All the views and opinions expressed are those of the author. Image Credit – Global Times.
About the Author
Sanchaly Bhattacharya is a teaching assistant at the Jindal School of International Affairs (JSIA). She is a contributing writer for various think tanks and news media outlets such as Organisation for Research on China and Asia (ORCA), Defence and Security Alert Magazine and Modern Diplomacy. She is currently pursuing Master of Arts (MA) in Diplomacy, Law & Business from O. P. Jindal Global University (JGU) and Master of Public Administration (MPA) in Governance & Public Policy from Netaji Subhash Open University, Kolkata. She holds a Bachelors degree in Geography & Economics from West Bengal State University.
