By Janakie Seneviratne*
COLOMBO, Sri Lanka | 15 October 2024 (IDN) — BRICS, the brainchild of Russia’s President Vladimir Putin, was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2011. In January, this year, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates became full members of the Group — naming it BRICS +.
This group of emerging economies now represents about 3.6 billion people, or 45% of the world’s population. They account for 28% of the world’s nominal gross domestic product and more than one-third (31.5%) of global GDP in purchasing power parity terms. Together, the ten members account for around 44% of global oil production.
15 Summits so far
Thus far, there have been 15 BRICS summits, each reinforcing the bloc’s commitment to a multipolar world and international cooperation among emerging economies:
1st Summit (2009, Yekaterinburg, Russia): Formal establishment of BRIC, emphasizing economic cooperation and advocating for reforms in international financial institutions.
2nd Summit (2010, Brasília, Brazil): South Africa joined, transforming BRIC into BRICS; leaders emphasized UN Security Council reform and cooperation in trade and investment.
3rd Summit (2011, Sanya, China): Adoption of the Sanya Declaration reaffirmed commitment to a multipolar world and initiated discussions on a development bank.
4th Summit (2012, New Delhi, India): Produced the Delhi Declaration, discussing a BRICS Development Bank for infrastructure projects.
5th Summit (2013, Durban, South Africa): Leaders adopted the Durban Declaration, Declaration, agreeing to establish the New Development Bank (NDB).
6th Summit (2014, Fortaleza, Brazil): The Fortaleza Declaration called for fair global economic governance, resulting in the establishment of the NDB and Contingent Reserve Arrangement (CRA).
7th Summit (2015, Ufa, Russia): The Declaration emphasized economic cooperation and launched the NDB’s first projects.
8th Summit (2016, Goa, India): Produced the BRICS Action Plan to promote connectivity and sustainable development.
9th Summit (2017, Xiamen, China): Focused on sustainable development and innovation, addressing global challenges such as terrorism and climate change.
10th Summit (2018, Johannesburg, South Africa): The Johannesburg Declaration emphasized economic growth and the BRICS Partnership on New Industrial Revolution.
11th Summit (2019, Brasília, Brazil): Focused on sustainable development and reforming international financial institutions.
12th Summit (2020, virtual): The Moscow Declaration addressed health crises during the COVID-19 pandemic, promoting vaccine accessibility.
13th Summit (2021, virtual): The New Delhi Declaration called for equitable vaccine distribution amid ongoing health emergencies.
14th Summit (2022, virtual): The Beijing Declaration reaffirmed multilateralism and equitable access to healthcare.
15th Summit (2023, Johannesburg, South Africa): The Johannesburg Declaration focused on reforming global governance and enhancing cooperation in technology and cultural exchanges.
This year, Russia hosts the 16th BRICS Summit in Kazan from October 22 to 24, with the theme “Strengthening Multilateralism for Just Global Development and Security”.
The primary aim
The primary aim of BRICS is to promote economic cooperation and development among its members, while advocating for a more balanced global economic order. BRICS seeks to challenge the influence of Western-led institutions like the World Bank and IMF, focusing on financial stability, trade, and sustainable development. As a key geopolitical rival to the G7 bloc, BRICS has implemented competing initiatives such as the New Development Bank, the BRICS Contingent Reserve Arrangement, BRICS Pay, the BRICS Joint Statistical Publication, and the BRICS basket reserve currency.
A major achievement of BRICS is the establishment of the New Development Bank (NDB) in 2014 as an alternative to the World Bank and IMF. The NDB addresses the concerns of developing countries that often find themselves trapped in cycles of debt, austerity, and privatization due to traditional loans. Its focus is on providing development funding to BRICS and other developing nations, prioritizing poverty alleviation and infrastructure development for a more inclusive and sustainable future.
An increasing number of countries within BRICS, the Association of Southeast Asian Nations (ASEAN), and the Shanghai Cooperation Organization (SCO) are shifting away from the US dollar in favour of local currencies to counter American dominance in the global financial system.
This trend is primarily driven by aggressive US sanctions and the use of the dollar as a tool for economic and geopolitical pressure against nations that diverge from Western interests. The BRICS nations are actively exploring the establishment of a common currency, potentially based on a basket of their national currencies and possibly backed by gold or rare earth metals, to circumvent the US dollar and better address their economic needs.
BRICS has evolved from focusing primarily on economic cooperation to addressing broader global governance issues, engaging with geopolitical tensions like NATO’s expansion, US-China relations, and Middle East crises. This shift underscores the bloc’s commitment to multilateralism and tackling global challenges. Since 2012, BRICS has also planned the BRICS Cable, a submarine optical fibre system to enhance telecommunications among members, partly driven by concerns over US surveillance. However, construction has yet to begin as of 2023.
The BRICS Women’s Business Alliance (WBA) was proposed by Russia during the First International Women’s Congress of the SCO and BRICS member states on July 4, 2017.
Objectives of BRICS-WBA under Russia’s BRICS Chairmanship, the inaugural meeting of the WBA took place on July 20, 2020. The BRICS Women’s Business Alliance is focused on enhancing women’s participation in economic activities across the BRICS countries, emphasizing its dedication to empowering women in business and strengthening economic cooperation among member nations.
Key objectives
Key objectives include promoting the active involvement of women in economic processes, facilitating the development of women’s business networks across and within the BRICS countries, and adopting a structured organization modelled after the BRICS Business Council. Each member country will have a national chapter consisting of five representatives, led by women entrepreneurs or CEO’s who have successfully overcome significant barriers and are focused on entering international markets.
BRICS cultural initiatives facilitate exchanges such as art exhibitions, film festivals, and cultural performances, celebrating the rich diversity of BRICS nations. The countries have engaged in cultural exchange programs, including reciprocal visits by performing artists and the exchange of artistic works, particularly in cinema. Additionally, at the BRICS Academic Forum in May 2023 in Russia, a proposal was made to enhance access to translated literature from various BRICS regions.
BRICS emphasizes youth engagement to empower younger generations in fostering development and cooperation among member countries. Key initiatives include BRICS Youth Summits and Forums, Youth Innovation Programs, the BRICS Youth Energy Agency, and Educational Exchanges. These efforts focus on promoting academic and cultural collaboration, offering scholarships, internships, and joint research projects for students and researchers from the member nations. Through these initiatives, BRICS aims to foster a generation of young leaders equipped with the skills, knowledge, and collaborative spirit necessary to address global challenges and strengthen ties among member countries.
Several countries have expressed interest or applied to join BRICS as the bloc continues to expand its global influence. Among the nations that have applied or shown interest are Indonesia, Mexico, Turkey, Bangladesh, Algeria, Senegal, Nigeria, and Thailand. These countries see BRICS as a platform for enhancing their international standing and contributing to a multipolar world order. Sri Lanka recently announced its decision to join BRICS, marking a significant step for the country in aligning with the bloc’s goals and initiatives.
*Janakie Seneviratne, an Economics graduate of Moscow’s Friendship University, is a dedicated researcher on women’s issues and a committed social activist in Sri Lanka. [IDN-InDepthNews]
Photo: The 16th BRICS Summit on 22-24 October 2024 in Kazan in southwestern Russia, is the highlight of Russia’s Chairship of BRICS in 2024.