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    BRICS 2015 : An Overview

    By

    July 15, 2015

    Few days ago our dear Prime Minister, Narendra Modi ji, hopped on yet another plane (oh no!) and flew away to extend India’s heart, soul and love to his fellow counterparts, as we bid him goodbye for his yet another travel and our parents looked at the burning hole in their pockets in vain.

    Much happiness and sadness!

    CORRECTS NAME AND TITLE - Indian Prime Minister, Narenda Modi, gestures upon arrival in Ufa, Russia, Wednesday, July 8, 2015. Ufa hosts SOC (Shanghai Cooperation Organization) and BRICS (Brazil, Russia, India, China and South Africa) summits. (Host photo agency/RIA Novosti Pool Photo via AP)

    Let’s not crib because this was not another one of his ‘just like that’ travels. He had gone to represent India at the BRICS Summit 2015 held at Ufa, Russia *drumrolls*

    BRICS_heads_of_state_and_government_hold_hands_ahead_of_the_2014_G-20_summit_in_Brisbane,_Australia_(Agencia_Brasil)

    For those of you for whom BRICS is misspelt for bricks, you are utterly mistaken. BRICS is an acronym for five major developing economies of the world namely Brazil, Russia, India, China and South Africa.

    These nations together represent more than 40% of the world’s population [3 billion people combined] and the amalgamated nominal GDP accounts for 20% of the Gross World Product.

    Bilateral relations have thrived among these nations on the basis of non-interference, equality and mutual benefit.

    Now, let’s see what really happened at the BRICS 2015 summit.

    This summit brought together leaders of myriad hues, ideologies and distinct social, economic and political spheres. These five most powerful emerging market economies deliberated and debated on the present world economic landscape, and peace and co-operation between member countries in the future.

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    THE HAPPENINGS

    • The BRICS plenary institutionalized a $100 billion New Development Bank and a currency reserve pool of another $100 billion. It has been defined as an alternative and supplement to existing international “hard” currency institutions.

    With its headquarters at Shanghai, the NDB would see the mobilization of resources for infrastructure and sustainable development projects and is scheduled to commence operations by April, 2016.

    • The countries said there should be no “political approaches” or “selective application” in dealing with terrorism and also that all countries should be equal partners in fighting this menace of terrorism that has crippled the world.

    I hope the Pakistani PM did take notes!

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    • In the declaration, China and Russia came out in support of the aspirations of India, South Africa and Brazil to hold a permanent seat in the United Nations Security Council.
    • Denouncing “double standards”, they promised to work closely with the United Nations to uphold treaties of international importance.
    • Russia got full support and assistance from its fellow nations by opposing the Western sanctions against Russia over the conflict with Ukraine.
    • The five foreign ministers joined hands to create a BRICS website which would act as the virtual secretary of the group.
    • The Greek question wasn’t left untouched during President Putin’s Q & A session with the journalists on the last day of BRICS summit.

    Putin had earlier expressed his desire to lend to Greece even before the referendum. With the results of the referendum now out, it makes it all the more convenient and easier for him to offer a helping hand to Greece.

    MODI’S ADDRESS

    Modi doled out a 10-point programme for a balanced and stable world in the future.

    Modi’s ‘Das Kadam’ proposed during his address at the BRICS summit 2015 included a trade fair, a railway research centre, co-operation among supreme audit institutions, an agricultural research centre, a digital initiative, a forum of state/local governments among the BRICS nations, a sports council and an annual sports meet, co-operation among cities in urbanization, the first major project of the New Development Bank to be in the field of clean energy, and a film festival.

    He also said a trade boost among the five countries would be a welcome move and for that he suggested custom arrangements.

    He offered to host the first trade fair and a football event when the BRICS summit would be held in India next year.

    Seeing all these intelligent pointers being fired by Modi, we must appreciate and acknowledge that our Prime Minister has a very dynamic and hardworking team constantly aiding him. Though he always remains on ‘flight mode’, he has brought our country many laurels, definitely more than his ‘silent mode’ predecessor.

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    And for now, we can bring home the point that BRICS holds substantial potential but is masked by great uncertainty. The success and impact of BRICS will largely depend on the countries that weren’t present at the summit – the western world.

    To turn tables, BRICS has to find its own ground and pave its way within the global network and system so that it can contribute to the greater good.

    Image credits : Google Images

    Views presented in the article are those of the author and not of ED.

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