PM Modi to attend BRICS summit in South Africa
Context
The 15th BRICS Summit will take place in South Africa from August 22–24, the Ministry of External Affairs announced on Friday. Prime Minister Narendra Modi will go there to attend.
BRICS (Brazil, Russia, India, China, and South Africa)
- Formation and Expansion: Jim O’Neill of Goldman Sachs first used the acronym “BRIC” in 2001 to describe the developing economies of Brazil, Russia, India, and China. In 2010, South Africa joined the group, transforming it into BRICS. Despite having become a more unified geopolitical bloc, their original goal was to showcase investment opportunities.
- Size and Population: The BRICS countries account for around 26.7% of the earth’s land area and 41.5% of the world’s population, with a combined size of 39,746,220 km2 and a population of about 3.21 billion.
- Economic Power: In terms of population, area, and GDP (PPP), Brazil, Russia, India, and China are among the greatest nations in the world. These nations are regarded as either established or rising superpowers, and their total nominal GDP represents around 26.6% of the world’s GDP.
- Annual Summits: To discuss and coordinate multilateral policy, the BRICS governments hold annual summits. China hosted the 14th BRICS summit in July 2022, which was the most recent gathering.
- Geopolitical Rivalry: The G7, which is made up of the top advanced economies, frequently sees the BRICS as a geopolitical opponent. The New Development Bank, the Contingent Reserve Arrangement, the BRICS payment system, the BRICS Joint Statistical Publication, and the BRICS basket reserve currency are only a few of the BRICS’s competing projects that have been launched.
- Mutual Benefit and Non-Interference: The BRICS countries handle bilateral relativised one of equality, mutual benefit, and non-interference.
When is the next BRICS meeting happening?
- Location: South Africa.
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- One of the BRICS members and summit hosts will be South Africa.
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- Announcement: Office of Foreign Affairs Announcement
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- Prime Minister Narendra Modi will travel to South Africa to attend the 15th BRICS Summit, according to the Indian Ministry of External Affairs.
- This summit is noteworthy because it is the first BRICS summit to take place in person since 2019, signalling a return to face-to-face diplomacy following a period of virtual sessions.
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- The summit’s goal is:
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- The summit’s primary goal is to assess the status of different BRICS grouping projects and cooperation that have been started.
- The results of earlier agreements and initiatives will be discussed, and their effects will be evaluated, by the leaders of these nations.
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- Discussion about BRICS Plus:
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- A part of the BRICS Summit is the BRICS Plus Dialogue.
- It entails the involvement of leaders from nations other than the BRICS who have been invited to the summit and participate in discussions.
- By inviting leaders from other nations to this conference, South Africa, the host nation, is driving efforts to broaden the BRICS alliance.
- The inclusion of non-BRICS nations broadens the discussion’s focus and increases the range of viewpoints on international issues.
