17TH BRICS SUMMIT:ATTEMPT TO BRING RESILIENCE AND SUSTAINABILITY

RIO BRICS SUMMIT 

The Idea of BRIC as a grouping of emerging economies-  Brazil, Russia India and China was originally mooted in 2001 by Godman Sachs economist Jim O Neil,The grouping first met as a Summit in 2009 and South Africa got entry into it in 2010 and consequently name  changed to BRICS. By 2024 because of prevailing geo political conflicts, particularly the threat of  sanctions imposed by US against countries which scared them and consequently it led to increased demand for BRICS membership,  elevating to 11 country grouping  in 2024,comprising of BRICS + new members - Egypt, Ethiopia, Indonesia Iran,Saudi Arabia and UAE  who were admitted as full time members. Further countries like Belarus,,Cuba, Vietnam, Kazakhstan Thailand and Uganda were enrolled as partner countries. Recently held 17 th BRICS summit at Rio de Janeiro Brazil ,focused the theme of  "Strengthening Global South Cooperation for a more inclusive and Sustainable Governance." Reforming  Global Governance and strengthening multilateralism, assumes greater significance due to the  fact that currently multipolarity is no more a choice but a reality. Members have to  adhere to International law against unilateral tariff, trade agreements and dispute settlement. Seventeenth Rio BRICS Summit is committed to strengthening cooperation in the expanded BRICS under the three pillars of political security,,economic and financial, cultural and people to people cooperation and further enhancing strategic partnership for the benefit of people and for promoting strategic partnership and promotion of  inclusive partnership. BRICS leaders adopted a Framework  Declaration on Climate Finance.The U N Charter  stands for cooperation in order to maintain international peace and security, sustainable development, ensure promotional peace with  regard to  reform of Global Governance. BRICS supported the idea of expansion of UN security Council so as to include more permanent members from Asia, Africa and Latin America, .for achieving greater representation of  Global  South in development process. . Commitment to ensuring greater and more meaningful cooperationt  for greater and meaningful participation for emerging markets and developing countries (EMDCs) and least developed Countries  (LDCs) especially from Africa, Latin America and the Caribbean in global decision making processes and structures. BRICS countries  is determined to play a pivotal role in achieving the priorities of global South for promoting sustainable and inclusive growth. Similarly a new life by Reforming UN security Council, revitalizing General Assembly and strengthening Economic and Social Council etc are inevitable both for peace building architecture and development. Reform of Bretton Woods institutions-International Monetary Fund (IMF),  World Bank and it's affiliates and further overhauling the multilateral trading  system through revamping World Trade Organisation(WTO) etc could bring more sustainability and resilience in the  domestic and global economy. &BRICS look forward for the implementation of the strategy for Economic Partnership 2030 for consolidating commitment towards multilateral trading system, digital economy, international trade, financial cooperation, trade and sustainable development .Reform of Global Governance required to achieve multiple tasks from strengthening multilateralism, economic and financial affairs and effective Governance of digital world including AI. 

In 2023 and 2024 when open US tariff wars were  not there, the Kazan Summit observed that " we welcomed the use of local currencies in financial transactions  between BRICS countries and their trading partners We encouraged the strengthening of correspondent banking net works within BRICS and enabling settlement in local currencies in line with the  BRICS cross border payment initiative as a result of  geeopolitical conflicts.Presently despite India's clarification as evident from External Affairs Minister'statement in March 2025 that it is not at all considering Dedolarisation of trade in any form and there is no unified BRICS position on the issue Despite several challenges. But USA is threatening to impose 10 % tariff due  to groupings  that follow " Ante America stance". It may be noted here that Trump administration has already imposed 50 % tarrif on Brazil and 30% on South Africa on  irrational grounds. On the  otherhand the Rio declaration resolved to task Ministers of Finance and Central Bank Governors  to  " continue the discussion on Cross Border Payments initiative, and acknowledge the progress made by the BRICS Payment Task Force (BPTF) in identifying possible pathway to support the continuation discussions on the potential for greater interoperability of BRICS payment systems " .In fact the  communication expressed  serious concerns about the increasing levels of unilateral tariff and non tariff barriers. Despite India's persistent efforts the US administration continues to categorise BRICS as " ante American  and acts accordingy .

BRICS  uphold multilateralism basic necessity to address challenges threatening our shared planet and climate change.  It remains committed to achieve the goals of Paris Agreement and scale up efforts to combat climate change. and to achieve targets related to mitigation, adaptation and implementation reflecting equity principle of common but differentiated responsibilities and respective capabilities depending on prevailing national  cirumstances.Strengthened global response to climate change,,sustainable development and poverty eradication require Climate Leadership Agenda so as to exercise collective  leadership through mutual empowerment and enhancing full implementation of UN Framework Convention on Climate Change (UNFCCC) and Paris Agreement. BRICS Business Council (BBC) agenda focused on policies  to boost intra-BRICS trade via both digitalisation and regulatory cooperation. By expanding innovative financing instruments, increased logistics connectivity and increase in traffic routes among BRICS. Further suppor to the energy transition, faster smart agriculture technologies to advance food security and improved nutrition, and developing skills for fair participation in the sustainable and digital economy are required .BBC s action driven initiatives that leverage Government action are expected to yield desired results.In fact both multilateralism and Global South Cooperation are bound to  accelerate the process of a more sustainable Governance and  consequently a better future .

IMPLICATIONS OF BRICS 

BRICS backed New Development Bank (NDB) has been financing clean energy and other infrastructure projects in BRICS countries worth billions of dollars. It is a matter of satisfaction that BRICS is gradually transforming  into a heavy weight bargainer.BRICS has expressed serious concerns about unilateral tariff and non tariff measures that disrupt  trade and distort the rules and regulations of multilateral trading system as envisaged by WTO. Further other multilateral Organisations like IMF,World Bank and affiliates, and UN security Council should be revamped with more representations to the country's of global South with efficient democratic process. In the case of emerging Artificial Intelligence(AI) technologies where few countries have already monopolised or dominated it,  they must cooperate  for a global governance mechanism so that better justice may prevail in the judicious use of AI.In short Reforming of global multilateral institutions, attaining South South cooperation, resorting to transactions in local currencies in foreign trade ,commitment to address climate change,  achievements of sustainable development and global supply chain resilience etc can be better supported by  the cooperation and commitment of BRICS nations. In any case BRICS has  gradually grown from a mere pressure group to more effective political counterweight. But the group's cohesion and cooperation have to be sustained in order to achieve a new international economic order .