In News:

• Prime Minister Narendra Modi attended the 16th BRICS Summit, hosted by Russia in Kazan, under the theme “Strengthening Multilateralism for Just Global Development and Security.”
• The summit brought together leaders from Brazil, Russia, India, China, and South Africa, alongside newly inducted members such as Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, reflecting the bloc’s expanding global footprint.

Background and Evolution of BRICS

• The BRICS grouping originated as BRIC in 2006 following the St. Petersburg meeting between Russia, India, and China, and was later formalized at the Yekaterinburg Summit (2009).
• South Africa joined in 2011, transforming BRIC into BRICS.The most recent expansion in 2024 added five new members, representing a major step toward inclusivity and a stronger collective voice for the Global South.

Initially comprising 42% of the world’s population, 30% of global land area, 23% of GDP, and 18% of global trade, the expanded BRICS seeks to reshape global economic governance and reduce dependence on Western-led institutions.

Objectives and Role

The alliance aims to:

• Promote reform of multilateral institutions such as the UN, IMF, and World Bank to reflect contemporary global realities.
• Foster economic cooperation, technology sharing, and sustainable development.
• Strengthen South-South cooperation and enhance the collective influence of emerging economies in global decision-making.
• Advocate a multipolar world order grounded in equity and mutual respect.

Key Outcomes and Agenda of the 16th Summit

The Kazan summit focused on:

• Financial Independence from Western Systems: Members discussed reducing reliance on the US dollar and the SWIFT network, particularly after sanctions on Russia post-Ukraine conflict.
  Countries are increasingly exploring local currency settlements, currency swaps, and building alternative payment systems.
• Economic and Development Cooperation: Review of the functioning of the New Development Bank (NDB), which has financed projects worth billions in renewable energy, infrastructure, and social sectors.
  The Contingent Reserve Arrangement (CRA), with a reserve pool of $100 billion, continues to serve as a financial safety net.
• Multilateral Reform and Climate Action: Discussions focused on reforming global institutions, promoting resilient supply chains, and strengthening collective action against climate change.
• Technology and Innovation: Members emphasized cooperation in science, innovation, and digital connectivity, enhancing research partnerships through the BRICS Science, Technology, and Innovation Framework.

India’s Priorities

Prime Minister Modi highlighted India’s role as a bridge between the Global South and developed economies. India’s agenda included:

• Strengthening reformed multilateralism and inclusive growth models.
• Deepening economic and technological collaboration within the bloc.
• Promoting people-to-people exchanges and cultural cooperation to enhance mutual understanding.

The visit also reinforced the Special and Privileged Strategic Partnership between India and Russia, marking PM Modi’s second visit to Russia in 2025.

Kazan: Symbolism and Significance

• The summit venue, Kazan, often referred to as Russia’s “third capital”, represents the country’s multi-ethnic and multi-religious identity.
• Located at the confluence of the Volga and Kazanka rivers, Kazan is the capital of Tatarstan and a thriving centre of petrochemicals, IT, and defence industries.
• Its diverse cultural fabric—home to both Orthodox cathedrals and Islamic mosques—embodies Russia’s pluralism and outreach to the Islamic world.

Challenges Ahead

Despite its achievements, BRICS faces internal and external challenges:

• Economic asymmetry among members, with China’s dominance occasionally causing unease.
• Geopolitical frictions, particularly between India and China, complicate consensus-building.
• Slow institutional reforms due to entrenched global power structures.
• Divergent foreign policy orientations toward the West among members.

Conclusion

The 16th BRICS Summit in Kazan reaffirmed the bloc’s commitment to a multipolar, equitable, and inclusive global order.

By advancing financial autonomy, technological cooperation, and institutional reform, BRICS continues to evolve as a platform for the Global South to assert its collective voice.
For India, it remains a vital forum to shape global governance, enhance strategic partnerships, and strengthen its vision of “VasudhaivaKutumbakam”—the world as one family.