Russia's BRICS presidency is all set to culminate this week with the Kazan Summit, an event which would be a testament to the rising influence of the Global South, non-western grouping which was conceived at the sidelines of the then G8 Summit in Saint Petersburg in 2006.
BRICS has overtaken the G7 in combined economic heft, as things stand today. The expanded BRICS, with the addition of new members, has a combined GDP of over $28.5 trillion, accounting for around 28% of the global GDP output. Around 45% of the global population live in the 10 BRICS states – Brazil, Russia, India, China, South Africa, Ethiopia, Egypt, Iran, and Saudi Arabia.
BRICS has overtaken the G7 in combined economic heft, as things stand today. The expanded BRICS, with the addition of new members, has a combined GDP of over $28.5 trillion, accounting for around 28% of the global GDP output. Around 45% of the global population live in the 10 BRICS states – Brazil, Russia, India, China, South Africa, Ethiopia, Egypt, Iran, and Saudi Arabia.
After fifteen BRICS Summits, the informal grouping has become well-integrated into the foreign policies of its four founding members, along with South Africa, which joined its first Summit in 2011.
The focus of the Kazan Summit would be to "integrate" the new countries as full members, according to Indian sources. Another major priority would be the further development of the "BRICS partner country model" and chalking a list of "prospective partner countries" to be reported by the next Summit.
At least 34 countries have expressed an interest to join the BRICS, according to Russian President Vladimir Putin, the chair of the Kazan Summit.
The focus of the Kazan Summit would be to "integrate" the new countries as full members, according to Indian sources. Another major priority would be the further development of the "BRICS partner country model" and chalking a list of "prospective partner countries" to be reported by the next Summit.
At least 34 countries have expressed an interest to join the BRICS, according to Russian President Vladimir Putin, the chair of the Kazan Summit.
What's Behind BRICS Rising Appeal?
Putin told the BRICS Business Forum last week that the BRICS countries have replaced the West as main drivers of the economic growth.
"In the foreseeable future, BRICS will generate the main increase in global GDP. The economic growth of BRICS members will increasingly depend less on external influence or interference. This is essentially economic sovereignty,” the Russian President stressed.
Putin described BRICS as a "non-west" grouping rather than being "anti-West", which is seen as a major draw by many countries in Africa, Asia and Latin America.
At the heart of the BRICS consensus lies the common and pressing desire to reform the global governance and economic architecture, which has essentially failed to take into account the economic rise of developing states.
According to a report compiled by the Russian Finance Ministry, discussions on the reforming the west-backed International Monetary Fund (IMF), common multilateral settlement platform and an alternative to SWIFT are also expected to figure prominently at the Kazan Summit. It stated that the IMF debt-servicing costs accounted for 7.8% of government GDPs of developing nations, which also have considerably less say on the IMF Board as compared to the West.
Significantly, the BRICS countries have also taken a more or less identical position on the reform of the United Nations Security Council (UNSC), with all of them backing its expansion and greater representation for Global South nations.
At the heart of the BRICS consensus lies the common and pressing desire to reform the global governance and economic architecture, which has essentially failed to take into account the economic rise of developing states.
According to a report compiled by the Russian Finance Ministry, discussions on the reforming the west-backed International Monetary Fund (IMF), common multilateral settlement platform and an alternative to SWIFT are also expected to figure prominently at the Kazan Summit. It stated that the IMF debt-servicing costs accounted for 7.8% of government GDPs of developing nations, which also have considerably less say on the IMF Board as compared to the West.
Significantly, the BRICS countries have also taken a more or less identical position on the reform of the United Nations Security Council (UNSC), with all of them backing its expansion and greater representation for Global South nations.
"The Global South is rising, and the North is waking up to the urgency of accommodating rising and emerging powers, along with other developing countries, in this emerging global order. This is where the BRICS summit in Kazan will reflect this desire to forge an inclusive world order," Indian strategic affairs expert Manish Chand explained, while addressing a virtual conference by Indian think-tank Centre for Global Insights ahead of the Kazan Summit.
BRICS represents a platform for "mutually beneficial dialogue free from pressure, double standards or interference in domestic affairs", addressing the same conference, Russian Ambassador to India Denis Alipov stated.
The BRICS essentially functions through two mechanisms: consultation on issues of mutual interest through meetings of leaders and ministers and practical cooperation through meetings of senior officials in trade, finance, health, education, science & technology, agriculture, environment, energy, labour, disaster management, anti-corruption and anti-drugs among others.
The BRICS countries also carry out business engagement through the BRICS Business Council, as well as parliamentary, think tanks (Track II) and people-to-people interactions.
Significantly, the common desire to forge a more representative global financial architecture has led the BRICS states to establish the New Development Bank (NDB), which is one of the bloc's most notable and flagship achievements.
The BRICS countries also carry out business engagement through the BRICS Business Council, as well as parliamentary, think tanks (Track II) and people-to-people interactions.
Significantly, the common desire to forge a more representative global financial architecture has led the BRICS states to establish the New Development Bank (NDB), which is one of the bloc's most notable and flagship achievements.