Favour of BRICS

Syllabus: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.

Context

At the plenary session of the 15th BRICS summit in the historic South African city, PM urged member States to take advantage of India’s digital solutions and to work for the welfare of the Global South.

Global South focus

  • Continuing with India’s priorities in its G-20 Presidency year, PM kept the focus of his speech on the prospects of the Global South and the African Union, which is being represented at the BRICS Summit by the east African nation of Comoros.
  • One of the main issues that is forming the backdrop of the expansion-related dialogue at BRICS is Russia’s quest to create an alternative to the G-7-driven global political-economic model.
  • This has acquired urgency since the western nations unleashed economic sanctions against Moscow after Mr. Putin launched the war against Ukraine in February 2022.
  • This process has also drawn from India’s demand for changes in global multilateral systems to make them more responsive to the needs of the Global South.
  • However, unlike their counterparts in Russia and China, Indian officials have not spoken aggressively for de-dollarisation, though New Delhi has entered into local currency agreements with a few trading partners like the UAE.
  • This indicates a difference among the founding members.

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