{"id":31318,"date":"2024-10-24T17:42:53","date_gmt":"2024-10-24T12:12:53","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=31318"},"modified":"2024-10-24T17:42:54","modified_gmt":"2024-10-24T12:12:54","slug":"adoption-of-kazan-declaration-at-16th-brics-summit","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/24-10-2024\/adoption-of-kazan-declaration-at-16th-brics-summit","title":{"rendered":"Adoption of Kazan Declaration at 16th BRICS Summit"},"content":{"rendered":"\n<p><strong>Syllabus: GS2\/ International Relations<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Context<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Summit in <strong>Kazan, hosted by Russia<\/strong>, focused on Strengthening Multilateralism for Just Global Development and Security.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Points of the Summit&nbsp;<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>Kazan Declaration<\/strong>, issued at the summit, is a comprehensive document that emphasizes the need for <strong>enhanced cooperation<\/strong> among the participating countries and presents the <strong>bloc\u2019s unified stance on key global issues.<\/strong><\/li>\n\n\n\n<li>The <strong>Kazan Declaration <\/strong>emphasized<strong> <\/strong>&#8220;<strong>Strengthening Multilateralism for Just Global Development and Security&#8221; with <\/strong>commitment to fostering peace, ensuring a fairer international order, and promoting sustainable development.<\/li>\n\n\n\n<li>Russia emphasized a <strong>BRICS-led payment system against SWIFT<\/strong>, an international financial network that Russian banks were cut off from in <strong>2022<\/strong>, as well as the escalating situation in West Asia.<\/li>\n\n\n\n<li>The BRICS nations agreed to explore initiatives, such as <strong>BRICS Grain Exchange and<\/strong> <strong>BRICS (Re)Insurance Company.<\/strong><\/li>\n\n\n\n<li>The summit also endorsed the creation of a <strong>BRICS Partner Country category, <\/strong>which would allow other nations to collaborate with BRICS on various projects.<\/li>\n\n\n\n<li><strong>BRICS R&amp;D Vaccine Center<\/strong> was announced for fostering research in vaccine development.&nbsp;<\/li>\n\n\n\n<li>India\u2019s initiative to create an<strong> International Big Cats Alliance <\/strong>was recognized during the summit<strong>.<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is BRICS?<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is an acronym that refers to a group of five major emerging national economies: <strong>Brazil, Russia, India, China, and South Africa.&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>Origin: <\/strong>The term <strong>BRIC <\/strong>was coined by <strong>British economist Jim O&#8217;Neill<\/strong> in <strong>2001<\/strong> to represent emerging economies.\n<ul class=\"wp-block-list\">\n<li>The group began holding annual meetings starting in <strong>2006<\/strong> on the sidelines of the <strong>UN General Assembly (UNGA),<\/strong> and its success led to formal summits.<\/li>\n\n\n\n<li>BRICS nations have met annually at formal summits since <strong>2009.<\/strong><\/li>\n\n\n\n<li><strong>South Africa <\/strong>was inducted in <strong>2010.<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Expansion of BRICS:<\/strong> <strong>Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, and the UAE <\/strong>are the six new additions to the BRICS.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img data-dominant-color=\"e3ebed\" data-has-transparency=\"false\" loading=\"lazy\" decoding=\"async\" width=\"729\" height=\"341\" src=\"https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2024\/10\/Expansion-of-BRICS-jpg.webp\" alt=\"Expansion-of-BRICS\" class=\"not-transparent wp-image-31319\" style=\"--dominant-color: #e3ebed; width:571px;height:auto\" srcset=\"https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2024\/10\/Expansion-of-BRICS-jpg.webp 729w, https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2024\/10\/Expansion-of-BRICS-300x140.webp 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li><strong>It brings together five of the largest developing countries<\/strong> of the world, representing around <strong>41%<\/strong> of the global population, around <strong>24%<\/strong> of the global GDP and around <strong>16%<\/strong> of global trade.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img data-dominant-color=\"bb8683\" data-has-transparency=\"false\" loading=\"lazy\" decoding=\"async\" width=\"812\" height=\"1024\" src=\"https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2024\/10\/brics-countries-and-their-gdps-812x1024.webp\" alt=\"brics-countries-and-their-gdps\" class=\"not-transparent wp-image-31320\" style=\"--dominant-color: #bb8683; width:404px;height:auto\" srcset=\"https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2024\/10\/brics-countries-and-their-gdps-812x1024.webp 812w, https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2024\/10\/brics-countries-and-their-gdps-238x300.webp 238w, https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2024\/10\/brics-countries-and-their-gdps-768x968.webp 768w, https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2024\/10\/brics-countries-and-their-gdps-1218x1536.webp 1218w, https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2024\/10\/brics-countries-and-their-gdps-jpg.webp 1269w\" sizes=\"auto, (max-width: 812px) 100vw, 812px\" \/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><strong>Significance of BRICS for India<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strengthening South-South Cooperation:<\/strong> India views BRICS as a platform for fostering collaboration among developing countries, amplifying their voices in global institutions like the UN and World Bank.<\/li>\n\n\n\n<li><strong>Balancing Global Power: <\/strong>BRICS serves as a counterbalance to Western-dominated alliances such as the G7. For India, this helps in diversifying its foreign relations and reducing dependency on Western powers.<\/li>\n\n\n\n<li><strong>Trade Diversification: <\/strong>BRICS promotes economic cooperation, trade, and investment between member countries.&nbsp;<\/li>\n\n\n\n<li><strong>New Development Bank (NDB):<\/strong> It provides BRICS nations with access to funding for infrastructure and sustainable development projects, aligning with India&#8217;s growth objectives.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Challenges<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Varying Agendas: <\/strong>India&#8217;s concerns over terrorism and border security may differ from other members like China and Russia, who may prioritize their regional and geopolitical interests over these issues.<\/li>\n\n\n\n<li><strong>Geopolitical Rivalry: <\/strong>China&#8217;s growing influence within BRICS, especially with the inclusion of countries like <strong>Iran and Saudi Arabia<\/strong> (which have strong ties with China), raises concerns about BRICS tilting towards a pro-China bloc.<\/li>\n\n\n\n<li><strong>Balancing Middle Eastern Alliances:<\/strong> The inclusion of Iran, Saudi Arabia, and the UAE introduces complexities in India\u2019s relationships within the Middle East.<\/li>\n\n\n\n<li><strong>Trade Barriers: <\/strong>Intra-BRICS trade barriers such as tariffs, regulatory differences, and currency issues persist, limiting India&#8217;s ability to fully capitalize on trade opportunities within the group.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Way Ahead<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>India&#8217;s participation in BRICS is crucial<\/strong>, both for advancing its national interests and for shaping global governance in an increasingly dynamic geopolitical environment.&nbsp;<\/li>\n\n\n\n<li><strong>As one of the founding members<\/strong>, India has consistently played a key role in ensuring that BRICS remains a collaborative platform for emerging economies to assert their influence on the global stage.<\/li>\n\n\n\n<li>BRICS presents India with a unique opportunity to diversify its trade networks, attract foreign investments, and engage in joint infrastructure and development initiatives.&nbsp;<\/li>\n\n\n\n<li>In this context, India should strategically utilize the resources of the <strong>New Development Bank (NDB)<\/strong> to finance critical projects that align with its long-term growth goals.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.thehindu.com\/news\/international\/brics-summit-2024-kazan-russia-modi-china-putin-live-updates-october-22\/article68781961.ece\" target=\"_blank\" rel=\"noopener\"><strong>TH<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Summit in Kazan, hosted by Russia, focused on Strengthening Multilateralism for Just Global Development and Security.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-31318","post","type-post","status-publish","format-standard","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/31318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=31318"}],"version-history":[{"count":2,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/31318\/revisions"}],"predecessor-version":[{"id":31332,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/31318\/revisions\/31332"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=31318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=31318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=31318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}