16th BRICS Summit, host country Russia, theme of “strengthening multilateralism for just global development and security”.

The BRICS issued by The Kazan Declaration

Indian PM Modi highlighted the importance of citizen-centric development. Diplomatic initiatives for security challenges. The fight against terrorism, and urgent reforms in global governance.

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BRICS

The BRIC [Brazil, Russia, India, and China] idea was first conceived in 2001 by Goldman Sachs. Sachs part of an economic modeling exercise to forecast global economic trends over the next half-century.

BRICS is an acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa.

BRIC Foreign Ministers at their meeting in New York on 21st September 2010 agreed that South Africa may be invited to join BRIC. Accordingly, South Africa  invited to attend the 3rd BRICS Summit in Sanya on 14 April 2011.

Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates joined BRICS(Brazil-Russia-India-China-South Africa) as new full members; with this, the grouping has become a 10-nation body. Moscow assumed the presidency of BRICS.

In August, the top BRICS leaders at the grouping’s summit in Johannesburg approved a proposal. To admit six countries, including Argentina, into the bloc with effect from January 1 2024 .

However, Argentina’s new President Javier Milei last week withdrew his country from becoming a member of the BRICS.

The BRICS members are all developing or newly industrialized countries. Distinguished by their large, fast-growing economies and significant influence on regional and global affairs; all five are G-20 members.

BRIC brings together five major emerging economies, comprising 41% of the world population, 24% of the world GDP, and 16% share in the world trade.

 The seventh summit coincided with the entry into force of constituting agreements of the New Development Bank and the BRICS Contingent Reserve Arrangement during the summit inaugural meetings of the NDB were held, and it was announced it would be lending in local currency, and opened up membership to non-BRIC countries in the coming months.

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing American and European-dominated World Bank and International Monetary Fund. The goal of the bank is to “mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries”. The bank  headquartered in Shanghai, China. Each participant country holds an equal number of shares and equal voting rights, and none of the countries will have veto power.

The BRIC Contingent Reserve Arrangement (CRA) is a framework for the provision of support through liquidity. A precautionary instruments in response to actual or potential short-term balance of payments pressures. Established in 2015 by the BRICS countries Brazil, Russia, India, China and South Africa. The objective of this reserve is to protect against global liquidity pressures. This includes currency issues where members’ national currencies adversely affected by global financial pressures. The CRA is generally seen competitor to the International Monetary Fund (IMF). And along with the New Development Bank viewed as an example of increasing South-South cooperation.

BRIC sees itself as representing the interests of the Global South. For India, BRICS is an important forum to seek its vision of a “multipolar” world order.