Context:
Recently, BRICS foreign ministers held their first meeting since the BRICS was expanded to add Egypt, Iran, UAE, Saudi Arabia, and Ethiopia in 2023. They have joined the BRICS with effect from 1st January 2024.
Relevance:
GS II: International Relations
Dimensions of the Article:
- What is BRICS?
- Significance of the Enlarged BRICS Group
- Geopolitical Importance of Recently Included BRICS Members
What is BRICS?
- BRICS is the international grouping of Brazil, Russia, India, China and South Africa.
- This was set up as a move towards greater multipolarity; hence the spread across three continents and both hemispheres.
- In terms of GDP, China occupies the second position; India the fifth; Brazil the ninth; Russia the 11th; and South Africa the 35th.
- In terms of growth rates, China grew at 6%; India at 4.5%, Russia 1.7%, Brazil 1.2% and South Africa 0.1%.
- BRICS does not exist in form of organization, but it is an annual summit between the supreme leaders of five nations.
- The Chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
- The BRICS seeks to deepen, broaden and intensify cooperation within the grouping and among the individual countries for more sustainable, equitable and mutually beneficial development.
- BRICS takes into consideration each member’s growth, development and poverty objectives to ensure relations are built on the respective country’s economic strengths and to avoid competition where possible.
- BRICS is emerging as a new and promising political-diplomatic entity with diverse objectives, far beyond the original objective of reforming global financial institutions.
Significance of the Enlarged BRICS Group:
- Population:
- The enlarged BRICS group now consists of approximately 3.5 billion people, which represents about 45% of the world’s population.
- Economic Impact:
- The combined economies of the BRICS members exceed USD 28.5 trillion, making up around 28% of the global economy.
- Oil Production:
- Iran, Saudi Arabia, and the UAE, as part of the BRICS group, collectively contribute to roughly 44% of the world’s crude oil production.
Geopolitical Importance of Recently Included BRICS Members:
- Energy Access:
- The inclusion of Saudi Arabia and Iran significantly enhances BRICS’ access to vast energy reserves. Saudi oil is increasingly directed towards China and India, while Iran continues to expand its oil exports to China despite international sanctions. This underscores the importance of energy cooperation within BRICS.
- Energy Supply Diversification:
- Russia’s exploration of new markets within BRICS for its energy exports helps diversify the group’s energy supply. This reduces Russia’s reliance on traditional markets and strengthens the coalition’s energy security.
- Strategic Maritime Influence:
- The strategic inclusion of Egypt and Ethiopia boosts BRICS’ geopolitical significance. It provides greater influence and access to crucial maritime trade routes in the Horn of Africa and the Red Sea region.
-Source: The Hindu
