BRICS SUMMIT 2016: Moving towards multilateral expansion

BUILDING RESPONSIVE, INCLUSIVE & COLLECTIVE SOLUTIONS— that is how they constructed it! The acronym BRICS was coined in 2001, by then-chairman of Goldman Sachs Asset Management, Jim O’Neill, exhibiting the world’s most recent industrialized countries to become the greatest group of economies of all time. The idea was further pushed when the leaders of Russia, India and China gathered in 2006 for the execution. Then it finally became a reality in June 2009, when the leaders of the Federative Republic of Brazil, the Russian Federation, the Republic of India and the People’s Republic of China in Ekaterinburg.

For the Present and Future It was then and it is now. After 8 years, now India takes the initiative to host the BRICS Summit the second time in Panaji, Goa. The summit will take place on the 15th and 16th October, 2016. However, there are series of events that complement the summit which have begun from February and will last till December, 2016. Afghanistan and Maldives are the guest countries that have also been invited for the summit. These countries are a part of the BIMSTEC (Bay of Bengal Initiative for Multi-Sectorial Technical and Economic Co-operation). The now BRICS was then just BRIC, it was South Africa who joined the rest of the four in 2010. Therefore, the 3rd summit that was held in 2011 was inclusive of South Africa as the fifth member of the BRICS.

The Vision is to Expand the Multilateral Trade

The initial perspective behind the BRICS was to lay emphasis on the economic issues of mutual interest. However, as the years passed by the summit widened its horizon and visions. These five G20 members collaborate annually to focus upon certain problems and issues tackled globally. BRICS stands tall with the support of its two pillars that are issues of mutual interest that cannot be undertaken by consulting just the leaders, but also the Ministers of Finance, Trade, Health, Education, Agriculture, S&T, Communication, Labour and of other such essential and external affairs. Other than this, the second pillar is to exercise co-operation and co-ordination in numerous arenas through meeting between Working Groups/Senior Officials. All these annual meets take place sometime around the G20 summit.

Aiming at Balanced Growth for All…

The goal of the 1st BRICS Summit was set with an agreement to refine the global economic situation and restructuring financial institutions. Hence, there was a demand by the BRICS for a new global reserve currency which would have to be “Diversified, Stable and Predictable”. It was in Russia in 2009, when the four freshly industrialized nations began a journey of their own. They initiated the foundation of their goals, welcoming the resumption of the economic growth where the most crucial roles are being played by the emerging market economies. As an outcome, they mention as a post-summit analysis that they were not able to build a very strong base for the world economic recovery. They have also invited all states to take part and strengthen the macroeconomic co-operation and to together secure world economic recovery also strive to achieve a stronger, sustainable, and balanced growth.

Unity at its Best….(BRICS 2015)

The emphasis was on the importance to strengthen BRICS solidarity and co-operation, and decided to further enhance their strategic partnership on the basis of principles of openness, solidarity, equality and mutual understanding along with the mutually beneficial co-operation and inclusiveness. As mentioned they agreed to step up their co-ordinated efforts in responding to emerging challenges, ensuring peace and security, promoting development in a sustainable way, addressing poverty eradication, inequality and unemployment for the benefit of the people and the international community. Not only this, they also confirmed that their intention is to further enhance the collective role of their countries in international affairs. With the aim of consolidating their engagement with other countries, particularly with the developing nations and emerging market economies, as well as with international and regional institutions, the meeting was held with the Heads of States and Governments of the countries of the Eurasian Economic Union and the Shanghai Co-operation Organization (SCO), as well as the Heads of observer States of the SCO.

Strengthening Intra-BRICS Co-operation…

Intra-BRICS activities circumscribe around sectors as Economy, Agriculture, Science and Technology, Culture, Outer Space, Internet Governance and Security, Social Security, Intellectual Property, Health, Tourism, among many others. Economic-co-operation remains the most concerned area of BRICS. India is hosting this summit for the second time and has lived up to the high expectations of our countries of the world. As announced during the 7th BRICS Summit, India would be the host for the 2016 BRICS Summit, which is to be held on the 15th – 16th October 2016. The approach for the above is to create an institution building to further deepen, sustain and institutionalise BRICS co-operation; implementation of the decisions from previous summits integrating the existing co-operation mechanisms;innovation, i.e., new co-operation mechanisms; and continuity, i.e., continuation of mutually agreed existing BRICS co-operation mechanisms.