Prime Minister Narendra Modi's two-day visit to Russia for the BRICS Summit 2024 has kicked off with several bilateral summits discussing key issues such as India-Russia ties, the war in Ukraine, and conflicts with Iran and Israel. The summit, with the theme of 'Strengthening Multilateralism,' will see discussions on global issues and includes new member nations - Iran, Egypt, Ethiopia, and the United Arab Emirates. As major emerging economies, the BRICS group comprises 41% of the world population and 24% of the world GDP, making it an important platform for discussions on global development and security.
BRICS: A Global Force for Collaboration and Development
The BRICS group, comprising Brazil, Russia, India, China, and South Africa, is an influential intergovernmental forum that has gained significant prominence in recent years. The acronym "BRICS" was first coined by Jim O'Neill, a former Goldman Sachs economist, in 2001, who recognized the potential of these emerging economies to reshape the global economic landscape.
Initially, the BRICS group consisted of Brazil, Russia, India, and China. South Africa joined in 2010, expanding the forum's reach and influence. The BRICS countries share a common goal of fostering economic growth, promoting international cooperation, and reforming global economic institutions to reflect the changing world order.
BRICS Summit 2024 and India's Role
The BRICS Summit 2024, held in Moscow, Russia, is set to be a significant event in the history of the group. With the theme "Strengthening Multilateralism," the summit will focus on key global issues such as sustainable development, climate change, international trade, and security.
Prime Minister Narendra Modi's participation in the summit highlights India's growing role within BRICS. India has been an active member of the group, contributing to discussions on various issues and leading initiatives in areas such as infrastructure development and financial inclusion. India's engagement with BRICS is expected to further strengthen its position as a global economic and diplomatic power.
BRICS: A Platform for Global Governance
As a major emerging economies, the BRICS countries represent a large portion of the world population and contribute significantly to global economic growth. The group provides a platform for these countries to coordinate their policies, pool their resources, and work together to address common challenges.
BRICS has established several mechanisms to promote cooperation, including the BRICS New Development Bank, the BRICS Business Council, and the BRICS Parliamentary Forum. These institutions facilitate economic, financial, and political dialogue among the member countries, helping them to shape the global agenda and contribute to a more equitable and sustainable world order.
Top 5 FAQs and Answers
1. What is the significance of the BRICS group? BRICS is an important platform for emerging economies to collaborate on global economic and political issues, fostering economic growth, promoting international cooperation, and reforming global economic institutions.
2. What are the key objectives of the BRICS Summit 2024? The summit aims to strengthen multilateralism, address global issues such as sustainable development, climate change, international trade, and security, and discuss the expansion of BRICS membership.
3. What is India's role within BRICS? India is an active member of BRICS, contributing to discussions and leading initiatives in areas such as infrastructure development and financial inclusion. India's engagement with BRICS strengthens its position as a global economic and diplomatic power.
4. What are the mechanisms established by BRICS to promote cooperation? BRICS has established the BRICS New Development Bank, the BRICS Business Council, and the BRICS Parliamentary Forum to facilitate economic, financial, and political dialogue among the member countries.
5. What is the potential impact of BRICS on the global economy? The BRICS countries represent a significant portion of the world population and contribute substantially to global economic growth. BRICS' cooperation and coordination can influence global economic policies, trade patterns, and the development of international financial institutions.
Chinese President Xi Jinping and Russian President Vladimir Putin met on Tuesday during the BRICS summit in Kazan, Russia. Putin hailed the growing cooperation between the two countries as a stabilising factor for the world, while Xi highlighted their strong relationship and the need for a just world order. Both leaders emphasized the non-alliance and non-confrontational approach to their relationship, which they say is a model for neighboring major countries. This is a developing story and more details will be released.
Atmospheric conditions over the Bay of Bengal have facilitated the intensification of a low-pressure area into a depression, which is expected to transform into a severe cyclonic storm by October 23. The storm is predicted to make landfall on October 24, causing heavy rainfall and strong winds along the coasts of Odisha and West Bengal for three days. The Indian Meteorological Department has issued warnings for fishermen and local authorities to prepare for potential damages, and has designated hundreds of cyclone shelters to accommodate evacuees.
South Korea's foreign ministry has called the Russian ambassador to discuss North Korea's reported dispatch of 1,500 troops to train and potentially fight alongside Russian forces in Ukraine. VP Foreign Minister Kim expressed strong condemnation, while the Russian embassy stated that their cooperation with North Korea is in line with international law and not directed against South Korea. The U.S. and NATO also expressed concern and potential escalation if these reports are confirmed.
Indian Prime Minister Narendra Modi arrived in Kazan, Russia to attend the 16th BRICS Summit and was welcomed by Rustam Minnikhanov. On the sidelines, Modi held bilateral talks with Russian President Vladimir Putin, discussing issues such as the Russia-Ukraine conflict. Modi also congratulated Russia on its successful BRICS presidency, stating that many countries are now interested in joining the grouping. The annual summit in July strengthened cooperation in various fields between India and Russia.
The debate over South Korea's right to reprocess nuclear fuel has been reignited in the midst of escalating tensions with North Korea. Ambassador Cho Hyun-dong of the South Korean Embassy in Washington stated that the government will discuss the issue with the new U.S. administration. This comes as North Korea continues to ramp up its nuclear weapons programs and hostile language towards South Korea. With growing internal calls for South Korea to develop its own nuclear weapons, some argue that the country should at least have the reprocessing right, similar to Japan. However, this process is subject to further negotiation under the U.S.-South Korean Agreement for Peaceful Nuclear Cooperation.
After months of tensions along the Line of Actual Control (LAC) between India and China, Indian Army Chief General Upendra Dwivedi has confirmed a patrolling agreement has been reached between the two countries. The goal is to return military ties between the two nations to pre-April 2020 levels. However, the Army Chief also pointed out the need for rebuilding trust between the two forces in order to successfully restore the status quo. This confirmation comes days after Foreign Secretary Vikram Misri announced a patrolling agreement and ongoing efforts to resolve the tension that began in May 2020.
In a move to enhance its sea-based nuclear deterrence and counter the growing naval presence of China in the Indian Ocean region, India has quietly launched its fourth nuclear-powered submarine, S4*. This development comes amid diplomatic tension with Canada and the recent inauguration of a low-cost naval base in Telangana. With its 75% indigenous components and range of 3,500 km, the S4* joins the INS Arihant and INS Arighat in boosting India's strategic command and control communication capabilities. Plans are also underway for the development of more advanced submarines to further solidify India's dominance in the Indo-Pacific region.
Chief of the Indian Naval Staff Admiral Dinesh K Tripathi is on a four-day official visit to the UAE, aiming to enhance and consolidate the bilateral maritime relations between the two countries. During his visit, he will meet with the Commander of the UAE Naval Forces and other government officials, as well as visit the National Defence College of UAE. This visit is in line with the growing Comprehensive Strategic Partnership between India and the UAE. The two navies have a history of cooperative engagements, including joint exercises and visits under the Joint Defence Cooperation Committee.
Four-and-half years after the tense standoff between India and China, an agreement has been reached on the disengagement of troops along the Line of Actual Control, according to Indian Foreign Secretary Vikram Misri. After a meeting between Chinese and Indian diplomatic and military negotiators, it was decided that patrolling arrangements would be put in place to resolve the issues that arose in 2020. Despite this positive development, certain issues such as the Depsang Plains and Demchok remain unresolved and both sides continue to maintain a state of alert.