Context: Addressing the 12th BRICS summit, Indian PM asserted that there was a need to confront the countries that supported and sponsored terror.
More on the news:
- The BRICS summit is considered important, as it provides the Chinese and the Indian leadership an opportunity to exchange their thoughts on key priorities in the backdrop of the continued tension in eastern Ladakh.
- Both the Shanghai Cooperation Organisation and BRICS have provided recent opportunities for exchange of ideas between the two sides.
Key highlights of PM’s speech
- There is a need to ensure that terrorists and those who support and sponsor terrorists should be held guilty and this problem is addressed in a collective manner.
- He also acknowledged the Russian support to the BRICS Counter-Terrorism Strategy, which has acquired a definite shape. India would continue supporting this strategy.
- International institutional reforms: Indian PM raised the issue of “credibility and effectiveness” of the institutions that were necessary for global governance.
- The United Nations Security Council requires reforms urgently. India also expects support on this from our BRICS partners.
- India, which will begin a two-year stint as a non-permanent member at the Security Council next year, has been at the forefront of seeking expansion of permanent membership of the Council.
- India has also been raising the issue of making organisations such as the World Health Organisation (WHO) more effective, especially in the pandemic-hit world.
- Atma Nirbhar Bharat
- The Prime Minister also introduced the “Atma Nirbhar Bharat” to the BRICS members.
- This campaign is based on the subject that a self-reliant and resilient India can become a force multiplier for the post COVID-19 world order.
- A self-reliant India would also make solid contributions to the “global value chains’.
- Vaccine cooperation:
- Indian PM also addressed the issue of cooperation among the BRICS countries on the production of vaccines for COVID-19.
- India is in talks with Russia for the field trial of Sputnik V that is expected to begin in Uttar Pradesh soon.
- India has led regional collaboration in South Asia for ensuring vaccine access to countries such as Bangladesh and Sri Lanka.
- BRICS is the acronym coined for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.
- As a formal grouping, BRIC started after the meeting of the leaders of Russia, India and China in St Petersburg on the margins of the G8-Outreach Summit in July 2006.
- The first BRIC Summit was held in Yekaterinburg, Russia, on June 16, 2009.
- The BRICS members are known for their significant influence on regional affairs. All members of BRICS are members of G20.
- Initially, the bloc included only four nations and was termed as BRIC, as South Africa became a member of the bloc only in 2010.
New Development Bank
- NDB is headquartered in Shanghai.
- At the Fourth BRICS Summit in New Delhi (2012) the possibility of setting up a new Development Bank was considered to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries.
- During the Sixth BRICS Summit in Fortaleza (2014) the leaders signed the Agreement establishing the New Development Bank (NDB).
- The Fortaleza Declaration stressed that the NDB will strengthen cooperation among BRICS and will supplement the efforts of multilateral and regional financial institutions for global development thus contributing to sustainable and balanced growth.
- NDB’s key areas of operation are clean energy, transport infrastructure, irrigation, sustainable urban development and economic cooperation among the member countries.
- The NDB functions on a consultative mechanism among the BRICS members with all the member countries possessing equal rights.