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BRICS Declaration

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July 10, 2025

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

PIB | BRICS Summit

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