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BRICS and the Creation of a Multipolar World - Coggle Diagram
BRICS and the Creation of a Multipolar World
Structure
Annual summit between the supreme leaders
Does not exist in form of organization
Brazil, Russia, India, China and South Africa
Chairmanship of the forum is rotated annually
Salient Features
40% of the world’s population and about 30% of the GDP
Emerging investment market and global power bloc
A critical economic engine
Genesis
2006: Initiation of formal diplomatic dialogue
2009 : First summit by Premiers in Russia
'BRICS' term coined in 2001 by economist Jim O’Neill, of Goldman Sachs
2008: Financial crises
Objectives
Consider each member’s growth, development and poverty objectives
To become a political-diplomatic entity
To deepen, broaden and intensify cooperation for more sustainable, equitable and mutually beneficial development
Areas of Cooperation
Cooperation Mechanism
Track II
: Engagement through government-affiliated institutions
Track III
: Civil society and People-to-People engagement
Track I
: Formal diplomatic engagement
Political and Security Cooperation
: African Agenda
People-to-People exchange
Young Diplomats Forum, Media Forum
Economic Cooperation
:
BRICS Business Council
Contingent Reserve Agreement
New Development Bank
Impacts of BRICS
International Monetary Fund (IMF) quota reform in 2010
It challenged western hegemony and became agenda setter
Realizing global multilateral institutional reform
Challenges With the BRICS
China Centrism
Unipolar in nature
Heterogeneity of interests
Yet to institutionalize
Marred by Various Issues eg. India-China border row
Delhi Declaration
Collective position on ‘Strengthening and Reforming Multilateral Systems’
Inclusive intra-Afghan dialogue for stability in Afghanistan
Called for reforms of the principal organs of the United Nations ex. UNSC, WHO
Discussion: Myanmar coup, Israel-Palestine etc.
Ukraine crisis and BRICS
Rupee-Ruble cross currency pairing could result in settlement of payments in non-dollar currencies
More countries looking at India’s sovereign Financial Messaging Systems (SFMS),besides SWIFT
Greater industrial and energy cross investments between Russia and India
India’s quest to build a dedicated payment mechanism for energy-related payments and settlements
India and China — may stand to reap the “best of both worlds”