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What Does Expanded BRICS Mean for Global Geopolitics?
What Does Expanded BRICS Mean for Global Geopolitics?
Sputnik India
The induction of five new countries from the Global South into the BRICS grouping will transform the grouping into the "forum for a new world order", an Indian think-tanker has told Sputnik.
2023-08-24T15:41+0530
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The induction of five new countries from the Global South into the BRICS grouping will transform the grouping into a "forum for a new world order", an Indian think-tanker has told Sputnik India following the major announcement regarding BRICS expansion.‘It’s West VS the Rest’Vasan noted that the new members represent countries from "different geographies", which he said was the right step in consolidating the global presence of BRICS.New Members will Boost 'Economic Security' of Global SouthVasan said that the new BRICS members will lend a greater weight to the push for reforms of the global multilateral institutions such as the United Nations (UN), World Bank, and the International Monetary Fund (IMF).He said that an enlarged BRICS would boost the "economic security" of the developing nations in the Global South.NDB President Dilma Rousseff has reportedly said that the BRICS-backed bank would likely approve the membership applications of four to five countries in the near-term. One of the core agenda of the BRICS Summit this year is to boost the lending capacity of the NDB in local currencies, in line with the global push to move away from the US dollar in international transactions.The 'Johannesburg II Declaration' adopted by BRICS states at the conclusion of the Summit stresses the "importance of encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners".Oil-rich Countries to Help in 'Recapitalization' of NDB, Ex-Envoy SaysAnil Trigunayat, a former Indian Ambassador to Jordan, Libya and Malta, told Sputnik India that the induction of oil-rich countries such as Saudi Arabia and the UAE, "could help in recapitalization of the New Development Bank which will enable financing of more developmental projects".Trigunayat also noted that India has close relations with most of the six-countries inducted into the grouping during the "first phase" of BRICS expansion.‘Boost for Global Peace'Vasan said that the BRICS grouping could contribute in global peace and stability, as he noted the role of China in brokering peace between Iran and Saudi Arabia this year, both of which have been admitted to the grouping as new members.The think-tanker underlined that by bringing together developing countries from different continents, BRICS could serve as an “alternative platform” to reach agreements on many testy issues confronting the world.New Countries Inducted With 'Consensus' Among BRICS StatesThe South African President stressed on Thursday that the membership of the newly-inducted members will be effective on January 1, 2024.He said that the five BRICS nations have reached a “consensus” on the “expansion guidelines” for inducting new countries.Indian Prime Minister Narendra Modi said that the five countries will continue towards forging a “consensus” on the membership applications of other nations wanting to join the BRICS.Modi said that an expanded BRICS will make it "stronger and more effective".A statement by the Indian Ministry of External Affairs (MEA) said Modi, during his “interventions” at the BRICS meeting, urged the grouping to send a “global message of unity and not polarization”. Modi has also called for setting "defined timelines" for the UN Security Council reforms.Putin Commits Support to BRICS Expansion Process Under Russian PresidencyRussian President Vladimir Putin, for his part, assured the BRICS leaders of Moscow’s support for including new members during its presidency next year.Chinese President Xi Jinping told the BRICS gathering that Beijing backed a “speedy expansion” of the BRICS grouping.Meanwhile, all the BRICS leaders have commended the South African presidency for prioritizing the interests of the Global South nations at this year’s summit in a bid to forge a more multipolar world.Significantly, this year’s BRICS Summit was held under the theme of “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism.”
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What Does Expanded BRICS Mean for Global Geopolitics?
15:41 24.08.2023 (Updated: 17:15 24.08.2023) South African President Cyril Ramaphosa announced on Thursday that the BRICS grouping has unanimously approved the membership applications of Argentina, Iran, Saudi Arabia, Ethiopia, Egypt and the UAE.
The induction of five new countries from the Global South into the BRICS grouping will transform the grouping into a "forum for a new world order", an Indian think-tanker has told Sputnik India following the major announcement regarding BRICS expansion.
"The BRICS has shown that it is set to play a formidable role in the global politics and shaping a new world order. It is basically west vs the rest now," remarked Commodore (retired) Seshadri Vasan, an Indian Navy veteran the Director of Chennai-based think tank Centre for China Studies (C3S).
Vasan noted that the new members represent countries from "different geographies", which he said was the right step in
consolidating the global presence of BRICS.
Vasan added that BRICS should be "cautious" in its approach of not following the "rigid-bloc politics" propagated by west-led institutions such as G7 and NATO, as the grouping continues to expand its global presence.
New Members will Boost 'Economic Security' of Global South
Vasan said that the new BRICS members will lend a greater weight to the push for reforms of the global multilateral institutions such as the United Nations (UN), World Bank, and the International Monetary Fund (IMF).
"Institutions such as the International Monetary Fund (IMF) have been found lacking in addressing the debt distress fuelled by spiralling energy and food costs in countries like Sri Lanka. The IMF loans come with many conditions attached. The addition of new members to BRICS will possibly boost the heft of the New Development Bank (NDB), which could now play a greater role in addressing the lending needs of the Global South," the Indian expert reckoned.
He said that an enlarged BRICS would boost the "economic security" of the developing nations in the Global South.
NDB President Dilma Rousseff has reportedly said that the BRICS-backed bank would likely approve the membership applications of four to five countries in the near-term.
One of the core agenda of the BRICS Summit this year is to boost the lending capacity of the NDB
in local currencies, in line with the global push to move away from the US dollar in international transactions.
The 'Johannesburg II Declaration' adopted by BRICS states at the conclusion of the Summit stresses the "importance of encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners".
Vasan also suggested that an expanded BRICS, especially with the inclusion of oil-rich Saudi Arabia, will be able to help the Global South navigate the "economic difficulties", particularly the energy crisis, that have arose due to the spillover effects of the Ukraine issue.
Oil-rich Countries to Help in 'Recapitalization' of NDB, Ex-Envoy Says
Anil Trigunayat, a former Indian Ambassador to Jordan, Libya and Malta, told Sputnik India that the induction of oil-rich countries such as Saudi Arabia and the UAE, "could help in recapitalization of the New Development Bank which will enable financing of more developmental projects".
"They will add to the heft of BRICS," Trigunayat stated, adding that the expansion of the grouping was a "natural progression" for the BRICS due to its "slant" towards the Global South.
Trigunayat also noted that India has close relations with most of the six-countries inducted into the grouping during the "first phase" of BRICS expansion.
Vasan said that the BRICS grouping could contribute in global peace and stability, as he noted the role of China in brokering peace between Iran and Saudi Arabia this year, both of which have been admitted to the grouping as new members.
The think-tanker underlined that by bringing together developing countries from different continents, BRICS could serve as an “alternative platform” to reach agreements on many testy issues confronting the world.
Significantly, the BRICS Joint Statement has expressed concern about “conflicts” in the world, stressing that “importance of settlement of disputes through dialogue and inclusive consultations”.
New Countries Inducted With 'Consensus' Among BRICS States
The South African President stressed on Thursday that the membership of the newly-inducted members will be effective on January 1, 2024.
He said that the five BRICS nations have reached a “consensus” on the “expansion guidelines” for inducting new countries.
Ramaphosa said that the BRICS leaders have unanimously adopted the ‘Johannesburg II Declaration’ as the final outcome document.
Indian Prime Minister Narendra Modi said that the five countries will
continue towards forging a “consensus” on the membership applications of other nations wanting to join the BRICS.
Modi said that an expanded BRICS will make it "stronger and more effective".
“The expansion and modernization of BRICS is a message that the global institutions must mould themselves to changing times. It sets an example for reform for other global institutions,” Modi said.
A statement by the Indian Ministry of External Affairs (MEA) said Modi, during his “interventions” at the BRICS meeting, urged the grouping to send a “global message of unity and not polarization”.
Modi has also called for setting "defined timelines" for the UN Security Council reforms.
Putin Commits Support to BRICS Expansion Process Under Russian Presidency
Russian President Vladimir Putin, for his part, assured the BRICS leaders of
Moscow’s support for including new members during its presidency next year.
"The adoption of the guiding principles in the expansion of BRICS will ensure that the role and importance of BRICS in the world will continue to grow," the Russian President said.
Chinese President Xi Jinping told the BRICS gathering that Beijing backed a “speedy expansion” of the BRICS grouping.
Xi described the BRICS expansion as "historic" and reflecting the "determination of BRICS" in standing with solidarity with the developing nations. He said that an enlarged BRICS will impart a "new vigour" to the grouping and "strengthen peace and development" in the world.
Meanwhile, all the BRICS leaders have commended the South African presidency for prioritizing the interests of the Global South nations at this year’s summit in a bid to forge a more multipolar world.
Significantly, this year’s BRICS Summit was held under the theme of “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism.”
