BRICS Declaration

Prelims: Current events of National and International Importance

Why in the news?

The BRICS Leaders’ Declaration, adopted at the recent summit in the Brazilian city, reflected India’s key concerns.

Theme - "Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance”.
The summit urged “zero tolerance” for “terrorism” and rejected any “double standards” in counterterrorism efforts.
Coverage - Global governance, finance, health, artificial intelligence, climate change, and other strategic areas.
Initiatives - Adoption of the BRICS Leaders’ Framework Declaration on Climate Finance.
BRICS Leaders’ Statement on the Global Governance of Artificial Intelligence.
Launch of the BRICS Partnership for the Elimination of Socially Determined Diseases.
Key Outcomes of the declaration - Condemned the Pahalgam terror attack in Jammu and Kashmir.
Supports Palestinian rights - described the Gaza Strip as an “inseparable” part of the Occupied Palestinian Territory.
Attack on Iran violated international law – Termed Israel-U.S. attack on Iran as a “violation of international law and the Charter of the United Nations”
Advocates UNSC reform – Support from Russia and China for the “aspirations of Brazil and India to play a greater role in the United Nations, including its Security Council”.

BRICS – An overview

BRICS - Brazil, Russia, India, China, South Africa.
Formation - Initially formed as "BRIC" in 2006, South Africa joined in 2010.
Indonesia, Egypt, Ethiopia, Iran and the United Arab Emirates joined the group in 2024.
Objectives - Promote peace, development, and economic cooperation among major emerging economies.
Key Areas of Focus -Trade and investment, Multilateral reform (e.g., UN, IMF), Sustainable development, Innovation and digital economy.
Institutions - New Development Bank (NDB), also known as BRICKS bank, which finances infrastructure and sustainable projects.
Global Role - Represents over 40% of the world’s population and around 25% of global GDP.

Potential benefits of the declaration - The new guarantee fund and the shift toward local-currency trade could reduce borrowing costs and mitigate currency risks for Indian exporters and infrastructure developers.
Expansion of AI – As AI governance is an agenda of BRICS, it will help nations enhance their expansion across software, AI, and e-commerce markets.
Increase Global participation – It will ease wider representation of key global nations and enhance effective cooperation.
India’s relevance – The initiatives could attract further foreign investment and reinforce the goals of Atmanirbhar Bharat.

Reference

The Hindu | Brics Summit