For brics beyond mere sweet nothings
As the biggest beneficiaries of globalisation, the five nations, Brazil, Russia, India, China and South Africa, which constitute Brics have come out strongly in favour of an open and inclusive world economy. They champion inclusive globalisation and a rules-based, transparent and multilateral trading system, even as the US wants bilateral agreements that put America First and Europe focuses on internal turmoil. The group has renewed its call for reforms in the International Monetary Fund, the World Bank and United Nations to reflect changing global realities. The Xiamen declaration of the Brics reiterates the group’s commitment to addressing climate change and expanding green finance, and proposes a Brics bond fund in local currency.This would have been more credible if BRICS could come up with something with more teeth on North Korea’s nuclear aggression than calling for resolution “through peaceful means and dialogue”. China holds the key to reining in North Korea, with coercion or otherwise. Russia’s sensibilities find reflection in the approach on Syria and Yemen. Similarly, the declaration does not mention Pakistan and its support for terror networks. However naming of terror groups, Lashkar-e-Taiba, Jaish-e-Mohammed, Tehrik-i-Taliban Pakistan and the Haqqani network, in reference to the security situation and violence in the region, and reiterating the responsibility of states to prevent and counter terrorist activities are a win for India.
Despite this, the Brics has succeeded in presenting a common platform and starting point for action, one that is broadly in keeping with the G20. That is helpful in an era where protectionism and unilateralism are emerging as dominant forces, including among some BRICS nations.
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