<p>The BRICS summit scheduled at Rio de Janeiro on July 6 and 7 comes at a time when the world is deeply fractured due to economic turmoil and conflict. The voice of emerging economies and regional powers represented in BRICS will be central to the revival of growth and stability in the global economy. They have encouraged the use of diplomacy and dialogue to deal with conflicts and called for reforms in global governance. Although Russian President Putin and Chinese President Xi will not attend, the stature of the summit will be undiminished. For India, the summit holds even greater relevance as it will assume the Chair of BRICS in 2026 to guide the grouping through tempestuous times.</p>.<p>As a 21st century grouping, BRICS has been agile, ambitious and agenda-driven. It has responded to contemporary realities of economic leverage and power politics. In less than two decades, BRICS has surpassed the GDP of the G7 and is likely to surpass the trade volume in a few years. It has experienced success in growing into an enlarged avatar with new members and partners. However, an expanded BRICS is also more diverse in economic status, political ideology, and global ambitions than its original form or the G7. This has already impacted the BRICS agenda for reforms in global governance.</p>.<p>Yet, BRICS needs the world, and the world needs BRICS. Two narratives have emerged in recent years that deserve discussion on the eve of the Rio Summit. First, there were suggestions that BRICS was anti-West. Perhaps, it was the bilateral contestation between the West and Russia-China that spilled over and was attributed to the grouping. It is also true that certain voices on either side took adversarial positions. However, BRICS as a grouping was never directed against others, and its recent expansion has further reinforced that trend. BRICS seeks to supplement development efforts, not to replace the umbilical link with the developed world. The grouping needs to build bridges with the G7 and be more active in the G20, where eight of its members/partners are already represented.</p>.<p>Second, there has been chatter regarding the de-dollarisation led by BRICS. Admittedly, the shift of economic gravity towards Asia led to imbalances in currency markets and financial instability. The failure of the Bretton Woods system to adjust to the aspirations of emerging markets and developing countries (EMDCs) led to calls for reforms and eventually the establishment of new regional financial institutions and mechanisms for the use of local currencies for trade, investments, settlement of balances and even reserves. But a BRICS currency is a non-starter. As the multilateral framework is weak, the G20 must lead efforts for diplomatic and economic space to EMDCs, support reliable and resilient supply chains, foster stability in geoeconomics and reduce geopolitical tension. Once again, the voice of BRICS in the G20 will be critical.</p>.<p>The 17th BRICS summit will be on the theme of strengthening Global South cooperation for inclusive and sustainable governance. The rise of multipolarity manifests in greater representation and voice for the Global South. At Rio, apart from the 10 members, there will be a dozen partner countries, eight invitees and seven multilateral organisations. Mindful of the inability to reach a consensus at the BRICS Foreign Ministers meeting, Brazilians have been meticulous in summit preparations to ensure that, apart from the Rio Declaration,<br>the leaders can adopt statements <br>on global governance, Artificial <br>Intelligence, climate finance, and elimination of diseases.</p>.<p><strong>Why consensus is elusive</strong></p>.<p>On the agenda item of reforms in global governance, BRICS has been unable to develop consensus on substantive progress, mainly due to resistance from China and certain new members. With expansion, consensus has become even more difficult, especially on strategic and political issues.</p>.<p>On peace and security, particularly in the backdrop of ongoing regional conflicts, the members will urge diplomacy and dialogue rather than the continuance of war. However, the presence of Russia and Iran would influence the conclusion. BRICS is expected to take a strong position in the fight against terrorism, with reference to the recent heinous terrorist attack in Pahalgam by Pakistan-sponsored terrorists.</p>.<p>On economic cooperation, there has been close engagement between BRICS members and partners, for expansion in trade, investments, projects, NDB financing, and new technologies. Cooperation in climate change, green power, and climate financing has emerged as areas of cooperation but need multilateral support. The emphasis on AI to accelerate inclusive development and calls for multilateral governance of this key resource are welcome.</p>.<p>Although BRICS follows consensus-based decision-making, one of the issues has been unequal levels of involvement in agenda-setting and implementation. China’s spectacular rise and ambitious agenda have put it at the forefront of BRICS activities with economic and financial muscle. India has sought wider application of its DPI, UPI, health initiatives, and capacity-building efforts. Brazil has contributed to intra-BRICS consolidation, environment, and balanced geopolitical perspective.</p>.<p>Some of the new members brought new initiatives to add momentum to the grouping’s agenda and activities. As India assumes the leadership of BRICS in 2026, she will highlight the aspirations for inclusive development in the Global South. India can share the application of technologies for development and support reliable supply chains. Most importantly, even if reformed multilateralism and global governance lag behind, India’s economic growth, global status, focus on a development agenda, and the ability to forge consensus will play an important role.</p>.<p><em>(The writer is a former BRICS <br>Sherpa and currently a professor at the O P Jindal Global University)</em></p>
<p>The BRICS summit scheduled at Rio de Janeiro on July 6 and 7 comes at a time when the world is deeply fractured due to economic turmoil and conflict. The voice of emerging economies and regional powers represented in BRICS will be central to the revival of growth and stability in the global economy. They have encouraged the use of diplomacy and dialogue to deal with conflicts and called for reforms in global governance. Although Russian President Putin and Chinese President Xi will not attend, the stature of the summit will be undiminished. For India, the summit holds even greater relevance as it will assume the Chair of BRICS in 2026 to guide the grouping through tempestuous times.</p>.<p>As a 21st century grouping, BRICS has been agile, ambitious and agenda-driven. It has responded to contemporary realities of economic leverage and power politics. In less than two decades, BRICS has surpassed the GDP of the G7 and is likely to surpass the trade volume in a few years. It has experienced success in growing into an enlarged avatar with new members and partners. However, an expanded BRICS is also more diverse in economic status, political ideology, and global ambitions than its original form or the G7. This has already impacted the BRICS agenda for reforms in global governance.</p>.<p>Yet, BRICS needs the world, and the world needs BRICS. Two narratives have emerged in recent years that deserve discussion on the eve of the Rio Summit. First, there were suggestions that BRICS was anti-West. Perhaps, it was the bilateral contestation between the West and Russia-China that spilled over and was attributed to the grouping. It is also true that certain voices on either side took adversarial positions. However, BRICS as a grouping was never directed against others, and its recent expansion has further reinforced that trend. BRICS seeks to supplement development efforts, not to replace the umbilical link with the developed world. The grouping needs to build bridges with the G7 and be more active in the G20, where eight of its members/partners are already represented.</p>.<p>Second, there has been chatter regarding the de-dollarisation led by BRICS. Admittedly, the shift of economic gravity towards Asia led to imbalances in currency markets and financial instability. The failure of the Bretton Woods system to adjust to the aspirations of emerging markets and developing countries (EMDCs) led to calls for reforms and eventually the establishment of new regional financial institutions and mechanisms for the use of local currencies for trade, investments, settlement of balances and even reserves. But a BRICS currency is a non-starter. As the multilateral framework is weak, the G20 must lead efforts for diplomatic and economic space to EMDCs, support reliable and resilient supply chains, foster stability in geoeconomics and reduce geopolitical tension. Once again, the voice of BRICS in the G20 will be critical.</p>.<p>The 17th BRICS summit will be on the theme of strengthening Global South cooperation for inclusive and sustainable governance. The rise of multipolarity manifests in greater representation and voice for the Global South. At Rio, apart from the 10 members, there will be a dozen partner countries, eight invitees and seven multilateral organisations. Mindful of the inability to reach a consensus at the BRICS Foreign Ministers meeting, Brazilians have been meticulous in summit preparations to ensure that, apart from the Rio Declaration,<br>the leaders can adopt statements <br>on global governance, Artificial <br>Intelligence, climate finance, and elimination of diseases.</p>.<p><strong>Why consensus is elusive</strong></p>.<p>On the agenda item of reforms in global governance, BRICS has been unable to develop consensus on substantive progress, mainly due to resistance from China and certain new members. With expansion, consensus has become even more difficult, especially on strategic and political issues.</p>.<p>On peace and security, particularly in the backdrop of ongoing regional conflicts, the members will urge diplomacy and dialogue rather than the continuance of war. However, the presence of Russia and Iran would influence the conclusion. BRICS is expected to take a strong position in the fight against terrorism, with reference to the recent heinous terrorist attack in Pahalgam by Pakistan-sponsored terrorists.</p>.<p>On economic cooperation, there has been close engagement between BRICS members and partners, for expansion in trade, investments, projects, NDB financing, and new technologies. Cooperation in climate change, green power, and climate financing has emerged as areas of cooperation but need multilateral support. The emphasis on AI to accelerate inclusive development and calls for multilateral governance of this key resource are welcome.</p>.<p>Although BRICS follows consensus-based decision-making, one of the issues has been unequal levels of involvement in agenda-setting and implementation. China’s spectacular rise and ambitious agenda have put it at the forefront of BRICS activities with economic and financial muscle. India has sought wider application of its DPI, UPI, health initiatives, and capacity-building efforts. Brazil has contributed to intra-BRICS consolidation, environment, and balanced geopolitical perspective.</p>.<p>Some of the new members brought new initiatives to add momentum to the grouping’s agenda and activities. As India assumes the leadership of BRICS in 2026, she will highlight the aspirations for inclusive development in the Global South. India can share the application of technologies for development and support reliable supply chains. Most importantly, even if reformed multilateralism and global governance lag behind, India’s economic growth, global status, focus on a development agenda, and the ability to forge consensus will play an important role.</p>.<p><em>(The writer is a former BRICS <br>Sherpa and currently a professor at the O P Jindal Global University)</em></p>
