By Pramod Kumar
15th BRICS summit took place on August 22 to 24, 2023 at Johannesburg, South Africa under the theme ‘BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism’. The summit- with intense debate and discussion on issues such as; inclusive multiculturalism, sustainable development, people to people exchange and institutional development- concluded by adopting a declaration titled ‘Johannesburg II Declaration’. The summit witnessed participation of supreme leaders of its member states; China, India, Brazil and South Africa except Russian president Vladimir Putin. As per Russian officials, the ongoing war between Russia and Ukraine did not allow time to participate in person to the summit. However recently the International criminal court (ICC) had issued an arrest warrant against Putin for his war crimes in Ukraine and many believe that Putin’s absence at the BRICS summit was a way to avoid his arrest in South Africa.
At least six takeaways stand out from the 15th BRICS summit.
The first and foremost takeaway is the decision of BRICS expansion. This summit has unanimously decided to invite six countries as a full member of this organization. These countries are; Egypt, Ethiopia, Iran, Saudi Arabia, United Arab Emirates and Argentina. These countries will join BRICS from January 1, 2024. The quick inclusion of these countries has been pending for some time. By looking closely at BRICS expansion it may hint at a strong Russia-China imprint and China’s effort to build a geopolitical counterweight to the USA. However for India, five of six new members have also a strong strategic partnership.
With the addition of six new members, BRICS now has 30 percent of the world economy under its control, with a combined GDP of US$30.76 trillion. It constitutes 40 percent of the world’s population. The necessity of expanding trade and investment among the BRICS member states and strengthening their relations was emphasized by the summit leaders. By 2050, leaders at the summit hope to account for 50 percent of the world’s GDP, which will fundamentally change the economic landscape.
Two, In order to pace de-dollarization in global commerce, leaders of the BRICS members at the summit declared their intention to reduce dependency on the US dollar. While noting the difficulties they talked about alternatives including the potential development of shared currency. BRICS bank –New Development Bank- in a concrete step away from the dollar revealed plans to lend in South African Rand Brazilian Real. However experts suspect that complete challenge to the dollar’s dominance in global commerce remains a tough task due to limited intra-BRICS trade.
Beyond these developments, the BRICS summit showed the possibility of the common trading system or BRICS currency. Brazilian president Luiz Inácio Lula da Silva advocated for the BRICS currency by highlighting its benefits for the member states. Russian president Putin- in his video conferencing- criticised the dollar dominance and US sanction for global economic volatility and suggested a de-dollarization process which would be in favor of BRICS nations. In the 2024 summit of BRICS- which will be held in Russia- it seems that the issue of de-dollarization will be taken more seriously.
Three, this summit experienced serious concerns by the BRICS leaders about the unilateral coercive measures and their commitment towards upholding international law, improving global governance and Inclusive multilateralism. The leaders at the summit also strongly believed that inclusive multilateralism and global governance could be achieved by the promotion of efficient representation, effective democracy and reform in international organizations. The summit supported comprehensive reform of the United Nations (UN) system that includes the United Nation Security Council (UNSC) to strengthen the representation of developing countries in the UN councils. In addition the summit leaders agreed to cooperate in strengthening and protecting human rights and fundamental freedoms under the principle of mutual respect.
Four, a major development occurred during the summit where both India and China agreed to set up efforts to reduce tensions at the disputed border. After the summit the Chinese Embassy in New Delhi tweeted that Xi Jinping has stressed for improving India-China relations as it would serve common interest and would be conducive to peace, stability and prosperity of the region and world. The summit undoubtedly paced the process of de-escalate India-China border dispute. However, a few days after the summit, the Chinese government- with a political motive- released a disputed map showing India’s territory (Arunachal Pradesh and Ladakh) as part of China. Such a surprise act from China just after the BRICS summit strengthened suspicion among Indians about Chinese intentions irrespective of promises made at the BRICS summit.
Five, 15th BRICS summit saw more focus on investing in agriculture and the green economy. A panel discussion at the summit stressed on transitioning to a green economy with an aim to promote eco-friendly jobs, and fostering low-carbon, sustainable practices. India’s expanding electric car market was highlighted as an opportunity for green growth. The prospect for green growth was underlined by the growing electric vehicle market in India.
The summit discussed thoroughly the increasing population in BRICS countries and their increasing food security concerns. In order to improve food security, lower cost and achieve carbon free earth, BRICS leaders favored the role of modern technology in advancing agriculture. They also hoped to make Africa a global food basket.
Lastly, 15th BRICS summit agreed to extend their support for the African Continental Free Trade Agreement (AfCFTA). The summit stressed the value of political stability- as the continent witnessing regular political upheaval- across the African continent in building market certainty. Leaders at the summit explored the potential ways and methods to strengthen communication and cooperation to pace AfCFTA. Such a move by the BRICS countries would provide African countries an ideal opportunity to come together and foster new dynamics of engagement on several other contemporary issues such as drug trafficking, terrorism.
15th BRICS summit’s effort to reform the dynamic of global trade and structure of international institutions such as UNSC is possible if member countries show their willingness to promote comprehensive development of all member states irrespective of their size of economies. BRICS has the potential to play a significant role in global affairs which would require the principle of respect for cultural and civilizational diversity as well as strive for maintaining internal stability and ensuring global economic growth.
The author is currently pursuing PhD at the Center for Russian and Central Asian Studies (CRCAS), School of International Studies, JNU, New Delhi, India. He post- graduated in Political Science with International Relations from Jadavpur University Kolkata. In addition he was awarded with the prestigious Erasmus+Study Fellowship and under this fellowship he studied for one semester at Vytautas Magnus University, Kaunas, Lithuania in 2018.
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