Why in news?
The 10th summit of the BRICS grouping was held recently in Johannesburg, South Africa.
What are the key outcomes?
- BRICS has produced a 102-paragraph-long Johannesburg Declaration, one of the longest in recent years.
- Trade - BRICS framed its deliberations against U.S. President's unconventional approach on world affairs.
- It made a special mention of the looming trade wars among major powers.
- BRICS leaders thus stressed the centrality of the rules-based order.
- It calls for a transparent, non-discriminatory, open and inclusive multilateral trading based on WTO.
- Besides, the declaration discussed on the problem of international terrorism.
- Industrial Revolution - BRICS leaders will soon commence the full operationalization of the BRICS Partnership on New Industrial Revolution (PartNIR).
- PartNIR will deepen BRICS cooperation in digitalization, industrialization, innovation, inclusiveness and investment.
- It aims to maximize the opportunities and address the challenges arising from the 4th Industrial Revolution.
- PartNIR should engage with the private sector and young innovators working at the cutting edge of technology.
- Development - The leaders renewed their commitment to an inclusive and “people-centred approach” on development.
- The need for a new strategy on employment, education and skill development was also articulated.
- This especially gains significance as the digital revolution unfolds.
- Business - BRICS Business Council has been actively enhancing trade and economic cooperation.
- It covers diverse sectors ranging from manufacturing and energy to financial services and regional aviation.
- Africa - The BRICS outreach to Africa that began at the summit in 2013 has picked up momentum now.
- African leaders are in want of more big loans from the New Development Bank (NDB) for their infrastructure projects.
- So far, the NDB has dispersed loans totalling $5.1 billion, but all to its members only.
- BRICS Plus - China introduced the “BRICS Plus” format at the Xiamen summit last year.
- It involved inviting a few countries from different regions.
- South Africa emulated it, with representation of five nations of its choice.
- The countries were Argentina, Jamaica, Turkey, Indonesia and Egypt.
- An immediate benefit of BRICS Plus is the opportunities it provides for networking among leaders.
- However, the precise role of “BRICS Plus” countries will take time to evolve.
- India - Among the bilateral meetings that took place was also the interaction between Indian PM and Chinese President.
- The interaction deepened the trend towards conciliation between Asia’s two biggest powers.
What is the significance?
- BRICS represents over 40% of the world’s population and accounts for 22% of global GDP.
- It will thus continue to be an influential voice as long as its convergences prevail over its divergences.
- Changing power equations within BRICS are being witnessed as a new development.
- Evidently, China’s dominance is a reality even as BRICS asserts on sovereign equality of all members.
- On the other hand, China-Russia proximity has been a continuing factor.
Source: The Hindu
