2024-09-12 22:33:26
Moscow: Ajit Doval, popularly known as the Indian James Bond, has arrived in Russia to attend the National Security Advisor level meeting ahead of the BRICS summit in October. The summit also underlines India’s important role in the ongoing diplomatic efforts for a peaceful solution to the Russia-Ukraine conflict. This BRICS annual National Security Advisor meeting held in Russia is likely to focus on global security concerns and conflict resolution. President Vladimir Putin has expressed confidence in India, China and Brazil to mediate in peace talks, reflecting the growing global stature of BRICS. Ukraine has also supported India’s position for a diplomatic solution.
BRICS+ is changing the map of the group
BRICS+ has emerged as an important geopolitical bloc. It is reshaping the emerging global order and multilateral partnerships. Its expansion from Brazil, Russia, India, China and South Africa to now Saudi Arabia, Iran, UAE and Egypt has cemented its growing geopolitical and economic influence. Its global stature with some of the most prominent global economic and energy producing countries makes it a challenger to Western governed global systems like the IMF, UNSC and World Bank.
BRICS is challenging Western monopoly
BRICS is now challenging the legacy system that has been in place for decades. For example, the US and other western countries have dominated the IMF, World Bank and the United Nations. But the growing power of BRICS is now challenging them. Initially formed by Brazil, Russia, India, China and South Africa, this organisation has strengthened its growing influence by including major economies like Saudi Arabia, Iran, UAE and Egypt. BRICS has now become a mine of emerging markets, which presents an alternative to western dominance and can usher in a more equitable and balanced global order.
India’s energy needs will be met soon
BRICS includes major energy producing countries like Saudi Arabia, Iran and UAE. This significantly increases the global energy influence of BRICS+. The group now controls a large part of the world’s crude oil and natural gas production. This can lead to the development of alternative energy trading systems that can reshape the global energy market by bypassing Western financial monopolies. This can also benefit India, which imports energy on a large scale. BRICS can provide India with a significant opportunity to secure energy resources at competitive rates.
New financial institutions being created for BRICS countries
BRICS is steadily building its own financial and technological institutions. The New Development Bank (NDB), set up to finance infrastructure projects, and the Partnership on New Industrial Revolution (PNIR), focused on technological cooperation, reflect the bloc’s push for greater self-reliance. These institutions are enabling BRICS+ to reduce its dependence on Western-dominated bodies such as the G20, giving members a new impetus to develop on their own terms.