The 15th Summit of the BRICS nations—Brazil, Russia, India, China, and South Africa—was held in Sandton Convention Centre (SCC) in Johannesburg, South Africa between August 22 and August 24, 2023. The President of the host country, Cyril Ramaphosa, chaired the meeting along with the Brazilian president, Lula da Silva; Indian prime minister, Narendra Modi; and Chinese president, Xi Jinping. Russian president Vladimir Putin attended the summit virtually.
Apart from BRICS leaders, South Africa had invited all 55 members of the African Union for the summit. About 20 leaders from Asia, South America, and small island developing states (SIDS) that represent the Global South, were also invited for sessions on the sidelines of the summit. This was mainly for the developing world to come together on economic issues. Also, many countries have been seeking to join the bloc and discussions regarding the same were also held.
The theme for the 15th BRICS Summit was ‘BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism’. Along with other topics, de-dollarisation strategies at the backdrop of prevailing geopolitical and geoeconomic situation were the key topics that were discussed during the summit.
The major item on the agenda of BRICS 2023 was the expansion of BRICS. More than 40 countries had shown interest in joining BRICS and about 19 countries have formally applied for the membership in BRICS bloc. Hence, in its 15th BRICS Summit Declaration, Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates were declared to be full time members of BRICS from January 01, 2024.
Importance of the Summit
The 15th BRICS Summit was very important as it happened at an important geopolitical and geoeconomic moment. This was the first in-person summit since the COVID-19 pandemic in 2019. In 2022, even when COVID-19 had receded in the rest of the world, the 14th BRICS Summit was held via videoconference as there were remnants of the pandemic in China. After the invasion of Russia over Ukraine in 2022, it is the first BRICS Summit that was held in person. The invasion has cast a negative implication not only over global stability, but food, fertiliser, and fuel security. A more socialist, anti-western leader, Lula da Silva, has once again become the Brazilian president and this was the first summit after his return to power.
India at the 15th BRICS Summit
For India, this was the first in-person summit after the military standoff with China at the Line of Actual Control (LAC) which began in 2020. During the meeting, in the sidelines of the summit, between the Chinese President, Xi Jinping and the Indian Prime Minister, Narendra Modi, both the leaders agreed to direct their officials for intensifying efforts at expeditious disengagement and de-escalation. Indian prime minister also expressed India’s concerns at the unresolved issues along the LAC in the western sector of the India-China border areas.
Prime Minister Modi emphasised his vision for a ‘BRICS of the Future’. He reiterated that BRICS should be a platform for breaking barriers, revitalising economies, inspiring innovation, creating opportunities, and shaping the future.
India supported the move for the expansion of the BRICS membership. India expressed that the addition of more members to the bloc would further strengthen BRICS. The expansion of the bloc would further strengthen the faith of many countries in the multipolar world order.
Prime Minister Narendra Modi has stated in the summit that India has been the fastest-growing economy in the world and soon it will be a five trillion-dollar economy. As India has turned calamity and tough times into economic reforms, India would be a growth engine of the world. There has been ease of doing business in India due to the work done in the mission mode. At the BRICS Business Forum Leader’s dialogue, Prime Minister Modi stated that India had the world’s third largest startup ecosystem.
In the sidelines of the summit, the prime minister also met his Ethiopian counterpart Abiy Ahmed Ali and discussed ways to expand bilateral cooperation in areas like capacity building, trade and investment, and defence and agriculture. Besides, he met Senegal President, Macky Sall, and discussed on bilateral cooperation in sectors like energy, infrastructure, defence, etc.
Some Highlights of the Declaration
Key takeaways from the summit include discussions on global economic recovery, partnership with Africa and the Global South and reviewing progress on the BRICS agenda. India’s efforts to engage with Africa were particularly emphasised, recognising Africa as a crucial part of the world’s future.
During the summit, the leaders expressed their concern about the use of unilateral coercive measures that are incompatible with the principles of the Charter of the UN. They committed to enhancing and improving global governance by promoting more agile, effective, efficient, democratic, and accountable international multilateral system.
The participants discussed how BRICS nations must carefully define the criteria and protocols for new member inclusion into the bloc to maintain consensus. China’s enthusiasm for expansion of members to the BRICS bloc has been noted by the other member nations as its interest in using BRICS as a platform for its Belt and Road Initiative.
The Brazilian President Lula da Silva stated that this bloc of nations aims to organise the developing Global South nations. BRICS is not meant to rival the US and the G7 wealthy economies. The Chinese President Xi Jinping called on South Africa to boost the countries’ combined influence on international affairs in the Global South. He also expressed his desire to add more nations to the bloc.
The leaders reaffirmed their commitment to ensuring the promotion and protection of democracy, human rights, and fundamental freedom for all. This would lead to a brighter shared future for the international community based on mutually beneficial cooperation.
The leaders reiterated a comprehensive reform of the UN Security Council with a view to making it more democratic and increasing the representation of the developing nations in the Council’s membership so as to adequately respond to the prevailing global challenges and support legitimate aspirations of emerging and developing countries.
The leaders also expressed their concerns, recognised and stressed on their commitment on various issues related to fostering an environment of peace and development. They reiterated on the importance of the increased participation of women in peace processes. This included in-conflict prevention and resolution, peacekeeping, peacebuilding, post-conflict reconstruction and development, and sustaining peace.
The BIRCS leaders welcomed the continued cooperation on topics of mutual interest on sustainable and transition finance, information security, financial technology, and payments. They are looking forward to building on work in these areas under relevant work streams.
The leaders expressed their desire in sharing of experience by BRICS members on payment infrastructures. They stressed the importance of encouraging local currencies in international trade and financial transactions between BRICS as well as other trading partners. It is planning to strengthen correspondent banking networks between BRICS countries and enabling settlements in the local currencies. The leaders entrusted the task of working on common currency to the respective finance ministers and/or central bank governors to consider issuance of local currencies, payment instruments and platforms, and report back by the next BRICS summit.
It was reaffirmed by the leaders that they would look to identify solutions to accelerate the implementation of the 2030 Agenda for Sustainable Development Goals in its three dimensions: economic, social, and environmental in a balanced and integrated manner by mobilising the means required. The leaders also agreed to address the challenges posed by climate change while ensuring a transition to a low-carbon and low-emission economy. The leaders also urged the developed nations to honour their commitment of mobilising US$ 100 billion per annum by 2020 and through 2025 to support climate action in developing countries.
BRICS nations committed to continuing cooperation in traditional medicine in line with previous meetings of the BRICS health ministers and their outcomes. It was noted that BRICS countries have significant experience and potential in the field of nuclear medicine and radio pharmaceutics. A decision was taken to establish a BRICS Working Group on Nuclear Medicine to expand cooperation in this area.
The leaders welcomed South Africa hosting BRICS Science Technology and Innovation (STI) Steering Committee meetings throughout 2023 as the main coordination mechanism to manage and ensure the successful hosting of the BRICS STI activities.
The BRICS leaders reaffirmed the importance of BRICS people-to-people exchanges in enhancing mutual understanding, friendship, and cooperation. The leaders also welcomed the establishment of a Joint Working Group on Sports to develop a BRICS Sport Cooperation Framework.
They reiterated the importance of further enhancing BRICS solidarity and cooperation based on mutual interests and priorities to further strengthen the strategic partnership among member countries.
Brazil, India, China, and South Africa extended their full support to Russia for its BRICS Chairmanship in 2024 for the holding of the 16th BRICS Summit in Kazan, Russia.
Expansion of BRICS
BRICS now consists of 11 member nations; it has become larger than the Association of Southeast Asian Nations (ASEAN, 10 members) and Shanghai Cooperation Organisation, (SCO, 9 members). France had shown keen interest in engaging with the BRICS more actively. However, it is to be seen whether it would be included to the bloc through consensus.
The six countries which have joined BRICS are emerging economies with the potential to scale up. They belong to the Global South or the developing countries and want to protect their nations from the increasingly polarised geopolitical landscape.
Argentina which has been included in the bloc has a gross domestic product (GDP) of approximately US$ 610 billion. Argentina is one of the largest economies in Latin America. From Africa, Ethiopia and Egypt made the cut over Nigeria, Algeria, and Senegal. Ethiopia is the second most populous nation in Africa after Nigeria and it is one of the fastest growing economies in the region with an estimated growth of 6.4 per cent in the year 2021–22. Ethiopia, a Christian-dominated country, is seen as a careful balancer of both the US and China. Egypt has the Suez Canal and 12 per cent of the global trade passes through it. Egypt is an emerging economy.
Among the three Asian countries, the inclusion of Saudi Arabia and the United Arab Emirates (UAE) has been for mobilisation of financial resources for the New Development Bank, the BRICS alternative of developing countries. Iran has been having a complicated relationship with the US, hence has been wooed by China in the recent years. By including the four Muslim nations into the bloc, BRICS has proved that it has Muslim majority countries too in the grouping.
About BRICS
BRICS is a grouping of Brazil, Russia, India, China, and South Africa. Earlier, it was BRIC and was formed in 2001. South Africa joined the group in 2010. The grouping was formalised during the first meeting of BRIC foreign ministers on the margins of the UNGA in New York in 2006. BRIC was coined by Goldman Sachs economist Jim O’Neill to describe the fast-growing economies which would collectively dominate the global economy by 2050. The first BRIC Summit was held in Yekaterinburg, Russia, in 2009.
BRICS brings together five of the largest developing nations of the world. These nations put together represented around 41 per cent of the global population and 24 per cent of the global GDP and around 16 per cent of the global trade.
Now, with the inclusion of six now members, the bloc would represent around 46 per cent of the world’s population, 29 per cent of the world’s GDP in nominal terms, and 37 per cent in terms of purchasing power parity (PPP).
However, after the addition of these nations, the name of BRICS would remain the same as the officials feel it is a brand in itself.
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