19 countries express interest in joining BRICS group

Context: 19 nations including Saudi Arabia, UAE, Algeria, Egypt, Bahrain, and Iran have expressed interest in joining the emerging-markets bloc of BRICS (Brazil,Russia, India, China, and South Africa).

NEWS: 19 countries express interest in joining BRICS group

https://timesofindia.indiatimes.com/world/rest-of-world/19-countries-express-interest-in-joining-brics-group/articleshow/99756285.cms?from=mdr

Importance of BRICS for India

Importance	Example
Geo-Politics	BRICS provides India with an opportunity to balance its strategic interests between the US and the Russia-China axis.
Global Economic Order	BRICS plays an important role in the G20, in shaping global economic policies and promotingfinancial stability.
Voice of Developing Nations	BRICS has emerged as the voice of developing countries and is playing a significant role in protecting the rights of developing countries.
Terrorism	BRICS provides a platform for India to galvanize its efforts against terrorism and has worked within the grouping to take a strong stand against terrorism.
Global Grouping	BRICS provides an opportunity for India to actively engage with China and resolve mutual disputes. It also helps in garnering support from other partner countries.

Way forward for BRICS:

	Example
Reform of Multilateral Institutions	BRICS countries could jointly advocate for the reform of the UN Security Council, calling for the inclusion of more developing countries as permanent members.
Resolve to Combat Terrorism	BRICS countries could share best practices and intelligence to combat terrorism, as well as work together to cut off funding and resources for terrorist groups.
Promoting Technological and Digital Solutions for the SDGs	BRICS countries could share their experiences in adopting and implementing digital solutions in these sectors
Expanding People-to- People Cooperation	BRICS countries could organize joint cultural events and exhibitions, establish more student exchange programs and scholarships, and encourage more tourism and business visits to each other’s countries.

Conclusion:

BRICS faces several challenges such as internal differences, global economic slowdown, and geopolitical tensions. However, the group can remain relevant by expanding its agenda to promote comprehensive development and enhanced cooperation among all states. BRICS should also focus on the democratization of international issues, respect for cultural diversity, and peaceful resolution of conflicts.

Practice Questions for Prelims

Consider the following statements: ( UPSC 2016)
1. New Development Bank has been set up by APEC.
2. The headquarters of the New Development Bank is in Shanghai.
Which of the statements given above is/are correct?
A. 1 only
B. 2 only
C. Both 1 and 2
D. Neither 1 nor 2

Ans. B

Mains Practice Question

Discuss the opportunities that BRICS offer to India. What are the challenges in the successful
working of BRICS?

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