After the 13th BRICS Summit held on September 9, 2021, under the chairmanship of India, the BRIC ministers have now recognized the need to strengthen intra-BRIC cooperation to support economic recovery, ensure financial stability, guard against future uncertainties and regulate the political well-being between the nations.
Under the summit theme of BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus’ the chief economic advisor K.V. Subramaniam said on Friday, November 26, that there is an urgent need to establish a cross border regulatory mechanism to underline the priorities of trade and exchange and to improve the investment environment further and enhance capital inflows.Â
What is BRICS?
BRICS is the association of leaders from the five developing countries who play an essential and significant role in shaping world economies. The member countries are Brazil, Russia, India, China and South Africa.
The BRICS members are valued for their considerable influence on regional affairs.
Since the beginning of their dialogue, these countries have sought to establish a framework focusing on international governance and solutions to cater to national interests. BRICS has also developed branches for cooperation in various sectors, including science and technology, trade promotion, energy, health, education, innovation, and the fight against transnational crime.
BRICS organizes Presidential meetings through its rotating Chair ship and regularly conducts annual ministerial events to ensure efficient communication and discussions. The association also holds many technical, educational, cultural and sports events and meetings.
The three pillars of BRICS have proved ideal for the member states. The foundation of the organization is standing strong over these. They are:
- Political and Security – cooperation on global and regional security and countering terrorism
- Economic and Financial – collaborative approaches and innovative methods to attain Sustainable Development Goals
- Cultural and People-to-People Exchanges – enriching contacts in academic, youth, science, sports and business and exchanges between parliamentarians, scientists etc.
BRICS Virtual Economic Conclave
On November 26 and 27, 2021, BRICS held a virtual Economic Conclave organized by the Research and Information System for Developing Countries, the agenda of which was to initiate a dialogue on the current prevailing issues affecting the world economy. These include the following topics:
- Financial Market Development
- Innovation Economy
- Green Finance
- Digital Economy
The aim was to reshape Global Economic Cooperation and the Role of BRICS in Exploring Synergies and Complementarities.
“The need of the hour is to put efforts in working towards strengthening intra-BRICS cooperation and support the recovery of BRICS economies. the focus should be to maintain macro-economic and financial stability while protecting against future uncertainties and risks,” says Advisor Subramaniam.
He also added that the New Development Bank and the Contingent Reserve Arrangement have helped bring noticeable progress in expanding the tangible financial cooperation among BRICS nations.
Amid COVID-19, the chief economic advisor emphasized recognizing the need to join hands and face the pandemic together while also working over measures to implement affordable and resilient social infrastructure alongside economic infrastructure.
He also demonstrated the positive role of digital technologies such as telemedicine, e-Health initiatives, and online education to ensure inclusive access and affordability of social services.
The BRICS Innovation Action 2021-2024
India has been an active member of BRICS in suggesting measures to cope with the global crisis and has contributed significantly to bringing constructive outcomes. This time, in the 13th Ministerial BRICS science and technology (S&T) meeting, a plan of action titled ‘BRICS Innovation Action 2021-24’ has been agreed upon by all under the leadership of India. The initiative is concerned with providing critical deliverables in the field of S&T.
India presented the draft declaration in the ministerial meeting, highlighting various scientific achievements, including thematic conferences and events organized under India’s Chair ship.
The convention was arranged by the Department of Science and Technology (DST), India. The Indian Delegation was headed by the advisor and head of international cooperation, Sanjeev Kumar Varshney.
The meeting comprised ministers from the field of science, technology and innovation of Brazil, Russia, India, China and South Africa and presented an overarching vision and advice on the issues of financial and institutional frameworks for major BRICS programmes and initiatives in this sector.
The Chief Economic Advisor quoted that, “India, has taken some very crucial steps which would provide important learnings for BRICS nations as well as for the rest of the world. India is currently working on the foremost wide-reaching renewable capacity expansion project of the world and is strong-minded to achieve the target of 500 GW of renewable energy capacity by the year 2030. The ambitious hydrogen mission is also highly appreciable.” BRICS, as a powerful voice of developing nations, must become even more vital.
It is essential that the association increases cooperation and ensures that BRICS is even more result-oriented in the next 15 years and continuously strives to bring forth outcomes that could benefit not only the group of five but also the whole world.
