Undoubtedly, BRICS has emerged as an effective organization in the wake of recent globalization. BRICS, which stands for Brazil, Russia, India, China, and South Africa, is a politico-economic organization. It is an independent international alliance and an organization that encourages commercial, political, and cultural coalition and cooperation among the BRICS nations. It came into effect in 2011. Historically, the BRICS countries pledged $75 billion to upgrade the lending capability of the International Monetary Fund (IMF) in June 2012. Similarly, the ideology of BRIC was foremost proposed in 2001 by Goldman Sachs Group depicts that part of an economical procedure exercise to see the future global economic trends over the next half-century. However,
Transformation of BRIC into BRICS
However, it is an undeniable reality that BRIC has been named BRICS after the joining of South Africa during the third Summit. BRIC Foreign Ministers, at their meeting in New York on September 21, 2010, consented that South Africa may be invited to merge in the outskirts of BRIC. Furthermore, South Africa is the last country to join BRIC. Accordingly, it was invited to the 3rd BRICS Summit in Sanya on April 14, 2011. As a result, BRIC has been transferred to BRICS after the inclusion of South Africa.
Aims of BRICS and History
BRICS aims to promote peace and harmony, security, economic expansion, and cooperation among the five nations. It significantly contributes to establishing an additional equitable and fair globe. The objective of BRICS is to become a stable economic nation by 2050.
Objectives of BRICS
The BRICS is amidst multiple objectives that it pursues hard to achieve these influential economic, political, and security goals and objectives.
The first and foremost objective of BRICS is to be deemed as a dominant supplier to boost and accomplish economic development.
Promoting peace and prosperity for economic and political stability is the joint aim of the BRICS.
It is considered an effective platform for regional development and cutting down the roots of trade constraints and barriers.
Moreover, the appropriate use of resources is a matter of global concern. BRICS aims to authenticate the management and service of help.
Promoting peace, harmony, and cooperation among countries can be considered the fundamental aim of BRICS.
SUMMITS OF BRICS
The various summits are held to introduce new terms and policies, to invite the nations for inclusion in an organization to fulfill fundamental objectives, and to commence multiple initiatives to promote and expand peace and politico-economy, respectively.
1st BRICS Summit:
The first and foremost BRIC Summit occurred in Yekaterinburg, Russia, on June 16, 2009. The four heads of state from the BRIC allies attended. In addition, the Summit's insight was on enhancing the multinational economic circumstances and habilitating financial institutions. Similarly, one of the primary aims was to discuss how the four nations, Brazil, Russia, India, and China, could better cooperate and work together in the future to promote economic and political development along with maintaining peace.
2nd BRICS Summit:
The second BRICS Summit was held in Brasília, Brazil, on April 16, 2010. Nevertheless, this was the second BRIC Summit after Yekaterinburg, which took place in 2009. The meeting was also arranged between the four chairs of government from the BRIC states pursuing bilateral conferences in the previous days.
3rd BRICS Summit:
The third BRICS summit was held in 2011 after the joining of South Africa. This Summit took place in Sanya, China, on April 14, 2011. However, this was the third BRICS conference since 2009. Moreover, the meeting happened between the five heads of government Brazil, Russia, India, and China, from the BRICS countries aiming to promote cooperation and include new alliances.
4th BRICS Summit:
The 2012 BRICS summit was the fourth annual BRICS meeting, a global relations conference attended by the heads of state, namely, heads of government of the five member states Brazil, Russia, India, China, and South Africa. Besides this, the Summit was held at Taj Hotel in New Delhi, India, on March 29, 2012. It started at 10:00 Indian Standard Time. Surprisingly, that was the first time that India had hosted a BRICS conference. Fundamentally, the objective of the Summit was the "BRICS Partnership for Global Stability, Security and Prosperity."
5th BRICS Summit:
The fifth annual session of the BRICS summit was held in 2013. It was an international relations conference headed by the heads of states of the five-member countries Brazil, Russia, India, China, and South Africa. The Summit was carried out in Durban, South Africa, in 2013. Significantly, This Summit accomplished the first-ever round of BRICS conferences.
6th BRICS Summit:
The 6th BRICS summit was an annual diplomatic conference of the BRICS countries. It is deemed a grouping of major arising economies, including Brazil, Russia, India, China, and South Africa. However, it was hosted by Brazil. It was the first host member country of the current five-year summit cycle. On the other hand, the host city was Fortaleza. As a result, the 6th BRICS summit announced the inauguration of the New Development Bank(NDB), a multilateral development bank aimed as an alternative to the World Bank and the International Monetary Fund(IMF).
7th BRICS Summit:
The Seventh Summit of the BRICS was held on 8-9 July 2015 in Ufa, the Russian Federation. Furthermore, the host nation has given a sign to confirm the continuation of sustainability of the group's operation, to make accountable priorities put onward at the time of the Brazilian presidency of the BRICS. Similarly, it sought to enhance the group's cooperation and new opinions and strengthen its function in international infidelities and regional problems.
8th BRICS Summit:
The eighth annual BRICS Summit was held in 2016. It is an international relations Summit attended by the heads of nations or leaders of the government of the five-member states. However, the Summit was held for two days, from 15 to October 16, 2016, at the Taj Exotica hotel in Benaulim, Goa, India. Furthermore, India retained the chair of the BRICS from February 2016 to December 2016.
9th BRICS Summit:
The 9th BRICS summit was held in 2017. The Summit was carried out in Xiamen, China. The five member countries were tartpartthis session. In addition, China has hosted the Summit for the second time after the 2011 summit.
10th BRICS Summit:
It is the 10th BRICK summit held in 2018. The conference was held in Johannesburg, South Africa. It's the fact that all five members of an organization participated in the 10th annual session. Further the second time South Africa has hosted the meeting after the 2013 summit.
11th BRICS Summit:
The eleventh annual BRICS session was held in 2019 along with the government of the five-member countries Brazil, Russia, India, China, and South Africa. However, the session was brought at the Itamaraty Palace. Additionally, the capital of Brazil hosted the BRICS summit for the second time. Also, the Sherpa seminar was held in the Brazilian city of Curitiba between March 14 and 15.
12th BRICS Summit:
Importantly, the 12th annual BRICS summit was held in 2020, attended by the rulers of the state or heads of the nations of the five member states Brazil, Russia, India, China, and South Africa. Surprisingly, the conference was initially scheduled to hold in Saint Petersburg from July 21 to 23, 2020. However, it was altered to a video conference held on November 17 due to the global COVID-19 pandemic outbreak.
13th BRICS Summit:
The 13th BRICS summit was held in 2021 by the heads of nations or leaders of the five member states Brazil, Russia, India, China, and South Africa. Nevertheless, It was the third time that India carried out and hosted the BRICS Summit after 2012 and 2016. Significantly, the Summit was hosted virtually by video conference due to the outbreak of the coronavirus pandemic.
Successes Of BRICS in Economic Development:
It was when the term BRIC (Brazil, Russia, India, and China) was inaugurated by Jim O'Neill in 2001; a paper was published in a German journal. However, the report's title was "BRIC as a group of non-equals." After that, there has been continuous growth and development in the BRICS group, and it has been established as a force to reckon with. Finally, after joining South Africa in 2010, it became BRICS
Furthermore, BRICS has played a significant role in the world economy in terms of population which were 40%, Gross Domestic Product (GDP) which was 25%, land coverage (l2as 30% and world trade at 18%. As an organization, as well as the group, worked effectively from 2001 to 2010 on sectoral cooperation in many localities and spheres. Moreover, it would not be an exaggeration to state that the contributions of BRICS are unforgettable in science and technology, trade progression and facilitation, energy sector, health, education- a key to development, multiple technological innovations, and the fight against transnational crime. Currently, sectoral partnership accounts for more than 30 subject regions. Similarly, these areas have conveyed specific advantages to the masses of the group of nations.
BRICS and NDB:
BRICS, no doubt, has achieved multifarious successes around the globe through creating effective and accountable institutions. Hence, there is no denying the fact that the 11th Summit took place in Brazil, and the organization established the New Development Bank(NDB) and the Contingent Reserve Arrangement(CRA) in 2014. Generally, these organizations have far-reaching and durable politico-economy and security repercussions all over the globe, particularly BRICS in the economic realm. As a result of the formation of BRICS, these organizations have played a pivotal role in uplifting economic growth and socio-economic advancement in the member countries.
Notably, the success of BRICS has been observed through multiple factors. However, New Development Bank(NDB) has approved seventy adequate infrastructure and sustainable development projects worth US$25.07 billion along with the loans under the leadership of the NDB emergency Assistant Facility among the member states during the last five years. Significantly, India achieved 18 projects worth US$ 6.9 bill billion. Similarly, the 12th Summit was held in Russia to include new policies and dimensions on December 20, 2020. Furthermore, global stability, shared security, and technological growth.
COVID-19 and BRICS:
It was a tough time when the world was coping with the worst pandemic, namely COVID-19. In consideration, it greatly affected the global economic and social domains. At that time, BRICS had played a significant role with its member states.
The world was in the midst of a persistent dilemma caused by the COVID-19 pandemic. However, BRICS comes across to fare as a promising, more sufficient, and more efficient institution and organization in comparison to other global governance institutions. Not all nations within the group are at the same level of economic outcome. Nevertheless, it is essential to consider that all states were functioning towards a shared vision to accelerate cooperation in health care and social welfare realms.
In a nutshell, the creation of BRICS has negatively impacted the economies of the leading member states. Moreover, a group of five member states will develop economies by 2050. Notably, the primary pursuit of BRICS is to enable peace, shared security, economic and infrastructure development, and cooperation among the BRICS governments. The formation of the New Development Bank(NDB) is one of the successful steps of an organization. Surprisingly, besides the BRICS member-states, United Arab Emirates(UAE), Bangladesh, and Uruguay have become the new members of the New Development Bank(NDB). Also, it is noteworthy to depict the struggle of BRICS in the wake of the coronavirus pandemic. Therefore, it is pertinent to state that BRICS has played a significant role in the social, political, economic, security, and health advancement and development sectors in this globalized world.