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BRICS

An article on BRICS meet.

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Youth ki pukar
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34 views2 pages

BRICS

An article on BRICS meet.

Uploaded by

Youth ki pukar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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"BRICS: Redefining Global Trade"

For years, Western policymakers have largely dismissed BRICS as more bark
than bite. After all, the bloc long aimed to create an alternative to Western
dominance in the global financial system—and failed. BRICS is all set to rewrite
the rules of international trade, materialize its currency, and its alternative
payment systems is yet to dent the U.S. dollar’s global dominance.
The 2024 BRICS summit, the sixteenth of its kind, was held in Kazan, Russia,
from October 22 to 24, 2024.
BRICS represents nearly 30% of the world’s GDP and 46% of the global
population. For India, this bloc provides opportunities for enhanced trade and
investment, particularly with emerging markets
The founding nations of Brazil, Russia, India, and China held their first leaders'
summit in Russia in 2009 under the name BRIC. The group was renamed after
South Africa joined in 2010, and the country participated in its first summit as a
BRICS member in 2011. Russia initiated its formation.
The alliance later added four new members - Egypt, Ethiopia, Iran and the
United Arab Emirates - on January 1, 2024. This expansion marks a significant
shift towards creating a more multipolar world order, challenging Western-
dominated framework
India's participation in BRICS positions it as a key player in shaping the bloc’s
agenda, especially in advocating for a more inclusive global governance system.
This is part of India's strategy to enhance its influence in the Global South
Prime Minister Narendra Modi met with Russian President Vladimir Putin
during the 16th BRICS Summit in Kazan. Modi invited Putin to visit India next
year for the 23rd India-Russia Annual Summit. The two leaders discussed
cooperation in various areas, including politics, economics, defence, energy,
and people-to-people ties, according to a press release from the prime
minister's office. President Vladimir Putin, opening the BRICS summit in Kazan,
said that the formation of a "multipolar world order" is in progress and
irreversible. Addressing leaders from countries including India and China, he
described this transformation as dynamic.
Prime Minister Narendra Modi and Chinese President Xi Jinping held their first
bilateral talks in 5 years on the sidelines of the BRICS summit today in Russia's
Kazan. This comes after both India and China took significant steps to ease the
border dispute between the neighbouring countries. The last time Modi
interacted with Jinping was in 2019 in Mahabalipuram, Tamil Nadu, just a few
months before the military standoff at Galwan in June 2020 which led to
multiple casualties.
It shall be interesting to watch out the turns of geopolitics in the course of
catastrop

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