BRICS Summit 2021: Challenges, disputes and COVID triggered opportunities

India is the host of BRICS Summit 2021. Know about the issues with BRICS nations, the challenges faced by various economies, the disputes and opportunities brought by COVID 19.
Created On: Jun 10, 2021 14:40 IST
Modified On: Jun 10, 2021 15:24 IST
BRICS Summit
BRICS Summit

BRICS: Latest Update

India is the host of the BRICS summit this year. The group consisting of Brazil, Russia, India, China and South Africa is facing some disputes due to Covid 19 induced crisis and opportunities.

Take a look at the timetable/ schedule of the Summit this year.

Date Event
01 June 2021 Meeting of BRICS Ministers of Foreign Affairs/International Relations
11 June 2021 BRICS Bulletin Meeting
16-18 June 2021 BRICS Network University World Conference
17 June 2021 Meeting of BRICS Group for Report on Financial Inclusion
18 June 2021 BRICS SEMI Meeting
21 June 2021 3rd Meeting of BRICS Bond Fund Working Group
22-23 June 2021 Seminar on Hydrogen Initiative
24 June 2021 Meeting of BRICS Heads of Anti-Drug Agencies
29 June 2021 Meeting of BRICS Network University International Governing Body
29 June-1 July 2021 27th Meeting of BRICS Contact Group on Economic and Trade Issues (CGETI)
30 June 2021 Symposium on 'The role of Traditional Medicine in Public health interventions on COVID-19 in BRICS Countries'
June 2021 (TBC) 1st Meeting of BRICS Working Group on Telecommunications
June 2021 (TBC) Meeting of BRICS Expert Group on Agriculture

China's statement before the Summit was as follows- “We are committed to extensive consultation, joint contribution and shared benefits, and oppose hegemonic bullying and zero-sum games. We pursue openness, inclusiveness and win-win cooperation, and reject bloc politics and ideological confrontation”

BRICS: History

The Political heads (leaders) of Brazil, Russia, India and China met in St Petersburg, Russia in July 2006. It was a G8 Outreach Summit then. 

It was in September 2006 when the group was made official and the first official meeting of the foreign ministers was held. 

The first ever BRIC Summit was held in Russia on June 16, 2009.

South Africa joined the organization in 2011. It is the only African country that is included in the list. 

South Africa attended the 3rd BRICS Summit in Sanya, China on 14 April 2011.

Achievements of BRICS

BRICS brings together the major emerging economies of the world that comprise 41% of the total population of the world. 

The countries hold 24% of the world's GDP and more than 16% of the trade in the world. 

These have created a Contingent Reserve Arrangement

The major achievements include establishment of the New Development Bank. It is an alternative to the World Bank.

The BRICS nations have a global agenda which is known as the Brasilia Declaration. 

BRICS nations together deliberate on important issues under the three pillars of political and security, economic and financial and cultural and people to people exchanges.

What are the Challenges 

China is opposed to the formation of the Quad grouping amongst the US, India, Australia and Japan. It feels that the countries are not expanding mutual trust but targeting the interest of others. However China feels the same way for every country except itself. 

New Development Bank (NDP) President Marcos Troyjo said BRICS is likely to welcome new members this year and that will help the NDB expand its business in green finance.

Also India, Brazil, South Africa have equal strategic ties with Western Parts of the world. This brings some contradiction among the democracies of these countries. 

Aggression in Ukraine by Russian forces is jointly condemned by the world. A similar behavior has been noticed in Eastern Europe as well. 

China's dominance in the South China sea and LAC is questionable and opposed by India. Also its forceful occupancy in Hong Kong and Xinjiang is not unknown to the entire world.  

China's BRI was not even joined by Russia after India opposed the move. 

Also Brazil and India's handling of Covid crisis has landed them as the worst affected countries on the world platform. 

The economy of South Africa is debt laden and it has a negative current account at present. 

Future of BRICS: 

BRICS is losing credibility on the world forum. Goldman Sachs wound up its BRIC fund that had lost almost 88% of its assets since 2010. 

Jim O'Neill also said that he was although disappointed with the performance of BRICS but still had the hope for its revival. 

Various new members are said to be included in BRICS that would make it BRICKS. Singapore, Indonesia, Mexico, Turkey, Korea and Kenya are the countries who may join BRICS.

BRICS Summit India would focus on UN Reforms to be included in SC, creating a BRICS Vaccination centre and to get TRIPS Waiver on vaccines. 

Related| List of all BRICS Summits and Host Nations

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