https://sputniknews.in/20230825/middle-east-nations-brics-membership-can-help-india-counterbalance-west-3832858.html
Middle East Nations' BRICS Membership Can Help India Counterbalance West
Middle East Nations' BRICS Membership Can Help India Counterbalance West
Sputnik India
The induction of four MENA (Middle East/North Africa) countries into BRICS will assist New Delhi in its efforts to counterbalance the dominance of the West in the world, an international affairs academic has opined in an interview.
2023-08-25T20:18+0530
2023-08-25T20:18+0530
2023-08-25T20:58+0530
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The induction of four MENA (Middle East/North Africa) countries into BRICS will assist New Delhi in its efforts to counterbalance the dominance of the West in the world, an international affairs academic has opined in an interview with Sputnik India.A day earlier, South African President Cyril Ramaphosa announced that BRICS member countries attained consensus on the guidelines for admitting new members into the highly influential economic bloc.Subsequently, Ramaphosa stated that six nations - Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and United Arab Emirates (UAE), will become full-fledged BRICS members from 1 January 2024.Against this background, Dr. Jatin Kumar, who teaches international relations at the country's famed Delhi University, complimented BRICS for including four Middle Eastern countries in the grouping.In addition, Kumar, previously associated with India's premier defense think-tank, Manohar Parrikar Institute for Defence Studies and Analyses (IDSA), spoke about how New Delhi's partnership with four MENA nations in BRICS will make India the leader of the developing countries, how the development will impact trade and investment opportunities between these states amongst others.Sputnik India : With the entry of four Middle East nations into BRICS, we see how the grouping is expanding geographically into the Middle East. What does this mean for India and why is this region attractive to New Delhi?Jatin Kumar: Four Middle Eastern countries namely Iran, Saudi Arabia, UAE, and Egypt joined the BRICS on 24 August 2023. These countries possess significant natural resources, large consumer markets, and strategic geographic locations.They are major players in the global supply chains and their inclusion in the BRICS Forum offers a great opportunity for India to establish deeper connections with these countries.Firstly, trade and investment among group countries, in addition to bilateral trade, could prove beneficial in terms of cost advantages associated with economies of scale. This shall also be extremely beneficial for India to protect its energy security needs, especially during these times of high volatility in the energy market.The member states can also support and take advantage of India's leadership in working for the Welfare of the Global South.Thirdly, while India already recognizes countries such as Egypt, Iran, UAE, and Saudi Arabia as its 'Strategic Partners' and shares good relations in the security and defense domain, the coming together of all these countries under one umbrella shall further help strengthen relations in these areas.Sputnik India: Which mechanisms within the grouping, existing or still in the making, could help India boost trade with the new BRICS members?Jatin Kumar: Alternate payment systems such as BRICS Pay could be developed for a gradual shift to a non-dollar financial system. The development of digital currencies by BRICS countries in the future will facilitate trade among a larger group of countries and for diverse commodities.Signing Free Trade Agreements, establishing common product standards, and eliminating barriers to market entry with these Middle Eastern countries of BRICS might effectively increase India's trade volume.India can also trade in its local currency with the Middle Eastern countries for trade in energy resources on similar lines such as Rupee-Rouble trade, etc.Sputnik India: Why is the BRICS expansion significant for India?Jatin Kumar: India's geopolitical standing shall be strengthened by being part of a group (read an expanded BRICS) that includes and represents countries from different regions of the world. Through this platform, India can voice its concerns more actively on diverse global issues.New Delhi can diversify its economic and strategic partnerships thereby eliminating its dependency on any single country and exploring potential alliances in a rapidly changing global landscape.Also, the South Asian nation can benefit from enhanced trade and investment opportunities associated with the membership of the Middle Eastern countries in this forum.Sputnik India: Where does India find itself in this changing global landscape?Jatin Kumar: India's standing in the current global landscape is very strong and has been recognized by the world. The Asian giant has made its mark in the following areas:It is now a part of several major groupings such as Quad, BRICS, and G20. And has been actively voicing its opinions through all these forums.It is one of the world's fastest-growing major economies and has emerged as a potential partner for many countries to establish economic relations by considering its market expanse and inherent economic strengths. Furthermore, it is now progressing to be a major part of the global supply chains.It has proved itself to be a reliable partner for countries in times of need, e.g. the COVID pandemic.Thus, India has always led by example, and considering its importance in the global arena and the groupings it has been a part of, many opportunities can be explored by the new BRICS members and India in several areas of global relevance.
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The induction of four MENA (Middle East/North Africa) countries into BRICS will assist New Delhi in its efforts to counterbalance the dominance of the West in the world, an international affairs academic has opined in an interview with Sputnik India.
A day earlier, South African President Cyril Ramaphosa announced that BRICS member countries attained consensus on the guidelines for
admitting new members into the highly influential economic bloc.
Subsequently, Ramaphosa stated that six nations - Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and United Arab Emirates (UAE), will become full-fledged BRICS members from 1 January 2024.
Against this background, Dr. Jatin Kumar, who teaches international relations at the country's famed Delhi University, complimented BRICS for including four Middle Eastern countries in the grouping.
In addition, Kumar, previously associated with India's premier defense think-tank, Manohar Parrikar Institute for Defence Studies and Analyses (IDSA), spoke about how New Delhi's partnership with four MENA nations in BRICS will make India the leader of the developing countries, how the development will impact trade and investment opportunities between these states amongst others.
Sputnik India : With the entry of four Middle East nations into BRICS, we see how the grouping is expanding geographically into the Middle East. What does this mean for India and why is this region attractive to New Delhi?
Jatin Kumar: Four Middle Eastern countries namely Iran, Saudi Arabia, UAE, and Egypt joined the BRICS on 24 August 2023. These countries possess significant natural resources, large consumer markets, and strategic geographic locations.
They are major players in the global supply chains and their inclusion in the BRICS Forum offers a great opportunity for India to establish deeper connections with these countries.
Firstly, trade and investment among group countries, in addition to bilateral trade, could prove beneficial in terms of cost advantages associated with economies of scale.
This shall also be extremely beneficial for India to protect its energy security needs, especially during these times of high
volatility in the energy market.
Secondly, the inclusion of Middle Eastern countries in BRICS shall help India emerge as a leader for the developing countries and the Middle Eastern members in its quest to counterbalance Western dominance.
The member states can also support and take advantage of India's leadership in working for the Welfare of the Global South.
Thirdly, while India already recognizes countries such as Egypt, Iran, UAE, and Saudi Arabia as its 'Strategic Partners' and shares good relations in the security and defense domain, the coming together of all these countries under one umbrella shall further help strengthen relations in these areas.
Sputnik India: Which mechanisms within the grouping, existing or still in the making, could help India boost trade with the new BRICS members?
Jatin Kumar: Alternate payment systems such as BRICS Pay could be developed for a gradual shift to a non-dollar financial system. The development of digital currencies by BRICS countries in the future will facilitate trade among a larger group of countries and for diverse commodities.
Signing Free Trade Agreements, establishing
common product standards, and eliminating barriers to market entry with these Middle Eastern countries of BRICS might effectively increase India's trade volume.
India can also trade in its local currency with the Middle Eastern countries for trade in energy resources on similar lines such as Rupee-Rouble trade, etc.
Sputnik India: Why is the BRICS expansion significant for India?
Jatin Kumar: India's geopolitical standing shall be strengthened by being part of a group (read an expanded BRICS) that includes and represents countries from different regions of the world. Through this platform, India can voice its concerns more actively on diverse global issues.
New Delhi can diversify its economic and strategic partnerships thereby eliminating its dependency on any single country and
exploring potential alliances in a rapidly changing global landscape.
Also, the South Asian nation can benefit from enhanced trade and investment opportunities associated with the membership of the Middle Eastern countries in this forum.
Sputnik India: Where does India find itself in this changing global landscape?
Jatin Kumar: India's standing in the current global landscape is very strong and has been recognized by the world. The Asian giant has made its mark in the following areas:
It is now a part of several major groupings such as Quad, BRICS, and G20. And has been actively voicing its opinions through all these forums.
It is one of the world's fastest-growing major economies and has emerged as a potential partner for many countries to
establish economic relations by considering its market expanse and inherent economic strengths. Furthermore, it is now progressing to be a major part of the global supply chains.
It has proved itself to be a reliable partner for countries in times of need, e.g. the COVID pandemic.
Thus, India has always led by example, and considering its importance in the global arena and the groupings it has been a part of, many opportunities can be explored by the new BRICS members and India in several areas of global relevance.
