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Daily Current Affairs for UPSC

First BRICS 2024 Meeting under Russian Presidency

Syllabus: International Relations [GS Paper-2]

Context

India welcomed Egypt, Iran, UAE, Saudi Arabia, Ethiopia during the first BRICS meeting which was hosted by Russia. The Indian team was headed by First Secretary and joint secretary for the civil aviation ministry Dammu Ravi during the meeting held in Nizhny Novgorod.

The Expansion of BRICS

  • The outcome of the summit was the announcement of the expansion of new members into the BRICS community which took place in Johannesburg, South Africa in the year 2023. 
  • The five new members were agreed to become a part of the grouping as the full members from January 1, 2024.
  • It is expansionary and is historic in its terms and implications and basically signals a new age of cooperation amongst the BRICS nations. 
  • The grouping now consists of 10 members, representing over 3.5 billion people and a combined GDP of over $28.5 trillion.

India Welcomes New Members

  • India has also endorsed the addition of more members to the BRICS and the five members in question as well.
  • According to the India government’s assertions, this expansion will inject new vitality into BRICS cooperation mechanism and enhance BRICS force promulgating world peace and development. 
  • India has also stressed the BRICS role in driving growth, trade, and investment in the international economy.

Benefits for India

  • It is the consideration of the fact that the expansion of BRICS is advantageous for India in the following respects.
  • First, this was the forum for India to advance its economic agenda and collaborate with other emerging economies. 
  • Secondly, it cements India’s seat at the multilateral table as well as the prime representative of the South. Lastly, it provides a market for the Indian products and investment opportunities that would propel economic development.

Challenges and Opportunities

It will be important for India to focus on ways in which its expansion within BRICS can be effectively managed while realizing increased benefits throughout the group. Besides, India has to enhance Trade relations and cooperation in economy with other members of the BRICS group in order to accomplish set objectives and aims while doing so it may be challenging and stringent as the organisation has a rather structured economy.

Conclusion

In conclusion, it can be concluded that the BRICS expansion is a distinct progress in the sphere of global governance and more comprehensive cooperation. India has expressed its support and encouragement for the expansion and the addition of the five new members and clearly underlined the role of BRICS in driving the global economy forward and advancing trade and investment.

Source: The Economics Times

UPSC Mains Practice Question

Q. Discuss the strategic significance of expanding BRICS membership. What potential benefits and challenges could arise from the addition of new countries to the group?

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