JOIN USThe BRICS (Brazil, Russia, India, China, South Africa) grouping has more clearly defined its concerns and agenda through an action plan unveiled at its third summit held in Sanya in China last week. The grouping has become more representative of the world’s emerging economic powers with the inclusion of South Africa. What distinguishes it from the earlier alignments of developing countries is that it may be in a position to put pressure on developed countries with its combined economic power. Its geographical spread is also an advantage. The comprehensive nature of its interests can be seen from the variety of issues it discussed, ranging from political and economic matters to terrorism and UN reforms. There are differences among the members but there are greater commonalties that bind them together.
The disapproval of the use of force in Libya and endorsement of the democratic aspirations of the people of West Asia and North Africa are reminders of long-forgotten non-aligned positions. The difference is that BRICS may be able to influence the conduct of other countries better than the NAM could. Though the support for the candidature of India, Brazil and South Africa for permanent membership of the UN Security Council, expressed in the joint declaration, need not be taken as a commitment by either Russia or China, it shows a greater receptivity to the proposal. The most important ideas of common action have naturally emerged in the economic sphere. The emphasis on fighting protectionist trends and reforming the global monetary system and international financial institutions is proof of the common perception that the economic order needs to be changed in line with the new realities. An important step taken in this direction is the decision to use their own currencies in place of dollar in mutual credit lines. There was also discussion of a reserve currency in place of the dollar in world trade.
BRICS is in a position to take the world to a more rule-based and just economic order. The member countries have strong economic interests of their own but there may also be realisation that they can achieve them better if they work together. The cause of countries poorer than them will also be served better when they challenge system which is built to favour the rich. BRICS can play an important role in future.