16th BRICS KAZAN SUMMIT : COOPERATION FOR A NEW GLOBAL ORDER.

 

The idea of forming a group of BRIC Brazil, Russia, India and China was originally mooted by British economist Jim O Neil of Goldman Sachs in his brilliant paper "Building Better Global Economic BRIC in 2001 which became a reality in 2006 and further got strengthened by the entry of South Africa as the  5th member in 2010. Goldman Sachs economists predicted that gradually  emerging economies combined strength would  outstrip  dominance of western economies before 1939.Bloomberg also estimated that expanded BRICS group would  represent half of global output by 2040.BRICS is globally representative of more than  UN security Council and G7  but less than G 20 which is dominated by the West. The strengthening framework of BRICS partnership rests  on three pillars namely 1.P olitics and security 2.Economy and Finance 3.Cultural and people to people exchange.BRICS spirit lies in mutual respect and understanding, equality, solidarity  multilateralism and openness. 

When the 15th BRICS summit held in Johannesburg in 2023 leaders were particularly unanimous in striving for the emergence of a multipolar world order, an order truly fair one based on international law and compliance.It will lead and inspire all towards achieving a more humane and global society. The  summit pitched for expansion of BRICS to develop deepen and broaden economic cooperation, particularly in foreign trade through the medium of national currencies. Currently In the 2024 Kazan BRICS Summit the  number of  group members increased to 10  adding new members-Egypt, Ethiopia, UAE, Iran and Saudi Arabia along with already existing 5 BRICS nations. Evidently Increasing the strength of BRICS  is very vital in the transition to a multipolar world .As an inclusive platform  BRICS  can positively act in preventing inflation, ensuring food security, energy security , monitoring water scarcity checking cyber attacks and crimes etc. The message is that BRICS is a diverse and inclusive platform and it's approach remains people centric.Group's diversity, respect for each other  and the trading and moving forward on the basis of consensus are the basis of cooperation. BRICS leaders adopted the " Kazan Declaration supporting dialogue over war and opposing double standards on terror ".' Calling for single minded firm support of all to counter terrorism and terror financing and making it clear that there is no place for domestic standards in this serious matter. As a part of development initiative South Africa had already requested BRICS support to establish an African Continental Free Trade Area(ACFTA) for unlocking massive opportunities for trade,  investment and growth. There are some ideological cleavages among some BRICS countries namely China,Russia and Iran against USA and It's Western allies. However non alligned countries like India, Brazil and  South Africa do not have any apparent confrontation with them.However western hegemony ,unilateral sanctions and other discriminatory treatment also strengthened BRICS indirectly by the flocking of countries for acquiring membership In BRICS .

It has been observed that USA still occupy the super power position with GDP of $ 24- 25 trillion largely facilitated by the dominance of its currency the $ and by virtue of the deliberate policy of sustaining and protecting dollar dominance by resorting to the hook or crook methods, like imposing sanctions and  resorting to even armed conflict if required . China which has emerged from the poverty striken economy to a major global power within last 70 years is wooing it's smaller allies with  assistance like Belt and Road Initiative etc.At current rate of economic growth with GDP of $ 17- 18 trillion China is expected to  surpass USA within a decade. Even though India is the fastest growing major economy in the world, problems of poverty unemployment and inequality still persist in the country.Both China and India need to address problems of climate change,environmental protection application of green technologies and green energy and energy security etc. While China has got a competitive edge  in green technologies,Electric vehicles and Green energy India has got competitive edge in information and digital technologies and  exports of services. As a major BRICS partner India values the close cooperation with BRICS that has emerged as a significant platform for dialogue and discussion on issues concerning global development agenda- reformed multilateralism, climate change, economic cooperation,trade, settlement in national currencies, sustainable development, addressing climate change, digital and financial inclusion, building resilient supply chains, promoting cultural and people to people contact etc. IMF already enquired about the cross border payment system discussed by BRICS aimed at boosting non-dollar transactions. BRICS cross border payment initiative welcomed the use of local currencies in cross border payments to strengthen the economic cooperation In countries like India  which has been successfully trading in local currencies for years now. 

Karzan summit is the biggest ever BRICS conference  attended by 10 member partner countries and about  30 leaders of the global South .Kazan leaders took up wide ranging issues for discussions at regional and global levels. BRICS founding members were middle powers with competent economic and strategic potential. They have to work in partnership with the West and the global South to achieve their desired objectives. Multilateral institutions comprising of UN,UNSC,WHO,IMF, World Bank,WTO etc that hold the key to global governance are unfortunately not able to meet the challenges of both security and sustainable development.Hence there is an urgent need to reform global governance of international institutions. Most urgent is the need to resolve 1.pending WTO trade dispute settlement system folowed by IMF and World Bank policies of lending and providing development support. There is an urgent need for reform( new global financial architecture) focusing on functioning of these institutions where consensus is lacking  and accordingly multilateralism is threatened. Reform of global governance can take place within the multilateral system wherein  groupings like BRICS, G7 and G20 can definitely play a proactive role. Similarly the BRICS agreemen push for an Interbank cooperation mechanism, the grain exchange, a cross border payment system and  insurance company etc. More over growth of BRICS New Development Bank is quite encouraging. 

As observed by US economist Jeffrey Sachs "BRICS is becoming an increasingly multilateral system doubling membership with more GDP and population, to achieve a sustainable and inclusive global economy. Major geopolitical change will show stronger cohesion among developing nations.Very often American unilateral coercive measures are against United Nations Charter  and international law.Even the exercise of UN VETO power is a blocade. Because of wide spread proliferation of nuclear weapons wars could escalate into complete disaster. Peace loving nations have to subscribe  specifically the UN charter not to US international pressure or undesirable tactics resorted by any other country leading to breach of UN charter. In such a  context BRICS can definitely show stronger cohesion among developing nations. In the emerging scenario BRICS emphasis on payment systems, finance, trade,science technology and academic is fantastic." If SinoIndian relations are further normalized leading to enhanced economic cooperation investment and growth along with Cooperation of BRICS nations the possibility of multilateralism and meaningful global governance is not far away. Karzan BRICS summit is definitely a building block in this direction.