DMPQ- . Discuss the significance of BRICS organization in the changing geostrategic world. Also mention the challenges associated with the success of this Organization.

. The 13th BRICS summit 2021 is set to be held in digital format under India’s chairmanship. This plurilateral grouping comprising Brazil, Russia, India, China and South Africa is chaired by turn. India held the chair in 2012 and 2016 too. The grouping succeeded up to a point but it now confronts multiple challenges. It is high time to identify the challenges and take some steps forwards.

Significance of BRICS

Big Five Nations: Launched by a meeting of the Foreign Ministers of Brazil, Russia, India and China in 2006 and riding on the political synergy created by regular summits since 2009, BRIC turned itself into BRICS in 2010, with the entry of South Africa.

Bridge Between North and South: The grouping has gone through a reasonably productive journey. It strove to serve as a bridge between the Global North and Global South.

Common Global Perspective: The BRICs called for the reform of multilateral institutions in order that they reflect the structural changes in the world economy and the increasingly central role that emerging markets now play.

Development Cooperation: It developed a common perspective on a wide range of global and regional issues; established the New Development Bank(NDB); created a financial stability net in the form of Contingency Reserve Arrangement; and is on the verge of setting up a Vaccine Research and Development Virtual Center.

Challenges associated With the BRICS

Marred by Various Issues: Group has seen conflicts such as China’s aggression in eastern Ladakh last year brought India-China relations to their lowest point in several decades.

Heterogeneity: It is claimed by critics that heterogeneity (variable/diverse nature of countries) of the BRICS nations with its diverse interests possess a threat to the viability of the grouping.

China Centric: All the countries in the BRICS group trade with China more than each other, therefore it is blamed as a platform to promote China’s interest. Balancing trade deficit with China is a huge challenge for other partner nations.

Global Model for Governance: Amidst, global slowdown, trade war and protectionism, the critical challenge for the BRICS consists in the development of a new global model of governance which should not be unipolar but inclusive and constructive.

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