OBJECTIVES OF BRICS

1. The BRICS countries act as one to promote a more legitimate international

system, including advocating reform of the UN Security Council.

2. The BRICS group is a South-South framework for cooperation.

3. The BRICS group also acts as a bridge between developed and developing
countries. For example, in the WTO, the BRICS countries are trying to
promote a fair order regarding agricultural policies. They are attempting to
promote the liberalization of the international economic order to diminish
agricultural subsidies in the United States and the European Union, which
would make developing countries’ agricultural products more competitive.

4. The BRICS group will also play an increasingly important role in assisting
developing countries in gaining an advantage in trade and climate change
negotiations, as well as on issues related to the export of manufacturing
products.

5. Developing countries on the periphery of the group will be able to leverage

the NDB and the CRA to increase their bargaining power.

6. The group established the BRICS Business Council, made up of 25

prominent entrepreneurs from the five countries and representing many
industries and economic sectors.

7. The BRICS also formed an information-sharing and exchange platform that

expands beyond economic cooperation to also involve educational, cultural,
and environmental engagement.

8. They have a shared interest in challenging the current governance of

Western financial institutions like the International Monetary Fund and the
World Bank for that they have announced the establishment of the bank
9. They will advocate for the interests of middle powers on global forum.

10. to enhance market access opportunities and facilitate market

interlinkages;

11. to promote mutual trade and investment and create a business-friendly

environment for investors and entrepreneurs in all BRICS countries;

12. to enhance and diversify trade and investment cooperation that support
value addition among the BRICS countries;to strengthen macroeconomic
policy coordination and build resilience to external economic shocks;

12. to strive for inclusive economic growth, in order to eradicate poverty,

address unemployment and promote social inclusion;
13. to promote information exchange through BRICS Virtual Secretariat and
BRICS Economic Exchange Platform, as well as other agreed platforms;

14. to consolidate efforts in order to ensure a better quality of growth by

fostering innovative economic development based on advanced technologies
and skills development with a view to build knowledge economies;

15. to seek further interaction and cooperation with non-BRICS countries and
international organizations and forums. BRICS members will engage with the
business communities in their respective countries to implement the Strategy.
They will encourage closer collaboration of BRICS business communities.
16. Increasing trade co-operation by making an exclusive trade bloc. This
came handy because after western sanctions, Russia integrated its economy
with BRICS and saved its economy from utter collapse.

17. Using currency other than US Dollar. Since Dollar is a dominant currency
and US can control the flow of dollar, BRICS helps in the countries operating
with alternative currencies.

18. Increasing regional co-operation. Trade is related to everything. India and

China were the only countries which did not condemn Russia for what
happened in Crimea. This happened because there is big money among the
countries.
19. The original objective was that developed countries used to dominate the
trade with developing countries. So there was a separate trade bloc made for
developing countries for trade co-operation.

20. to enhance market access opportunities and facilitate market

interlinkages;

21. to promote mutual trade and investment and create a business-friendly

environment for investors and entrepreneurs in all BRICS countries;

22. to enhance and diversify trade and investment cooperation that support
value addition among the BRICS countries;

23. to strengthen macroeconomic policy coordination and build resilience to

external economic shocks;
24. to strive for inclusive economic growth, in order to eradicate poverty,
address unemployment and promote social inclusion;

25. to promote information exchange through BRICS Virtual Secretariat and

BRICS Economic Exchange Platform, as well as other agreed platforms;

26. to consolidate efforts in order to ensure a better quality of growth by

fostering innovative economic development based on advanced technologies
and skills development with a view to build knowledge economies;

27. to seek further interaction and cooperation with non-BRICS countries and
international organizations and forums. BRICS members will engage with the
business communities in their respective countries to implement the Strategy.
They will encourage closer collaboration of BRICS business communities.
 FEATURES OF BRICS

1. The perceived anti-West orientation of BRICS is troubling for some. True,

the Russians pushed for its creation in order to forge a partnership between
major non-western countries to promote multipolarity.

2. Members like India—and this would apply to Brazil and South Africa as well
—believe in a reform of the West-dominated international system in which
their voice is not sufficiently heard.

3. Groupings like BRICS can act as platforms for calls for change, without the
three countries in question slipping into any futile anti-westernism.

4. We should not overuse the democracy argument to question our

cohabitation with China and Russia in BRICS.

5. If we are supposedly in bad company, then it is worth recalling that US

financial and economic links with China, or those of major European
democracies, are incomparably greater than ours.

6. We should also be careful not to buy into the highly tendentious western
criticism of Russian democracy for geopolitical reasons.

7. We are against policies of regime change, interference in the internal affairs

of sovereign countries, politicization of human rights issues and doctrines of
humanitarian intervention etc.

8. India-Russia annual summit declarations show congruence of thinking on

the principles that should govern international relations.

9. With Brazil and South Africa too we have such consonance. The BRICS
platform enables all of us to project our opposition to western efforts to create
new, destabilizing norms.
10. In BRICS only India and China have sharp bilateral differences. Should
we be in a grouping that provides space to China to expands its influence
internationally, eventually at our expense? Russia too should have similar
concerns theoretically, but it is working closely with China politically,
economically and, once again, militarily, as the decision to sell its 24 SU-35
aircraft, the very same that lost out in competition for the supply of 126 aircraft
to us, shows. This is discomforting for us as it devalues the relative
importance of India-Russia relations to China’s advantage.

11. Despite this negative feature of BRICS for us, there are clear strategic
advantages of membership.

12. BRICS is an instrument of pressure for change in the international system.

The eThekwani Declaration calls for new models and approaches as regards
global governance.

13. It notes the negative spillover effects of the monetary policy of the U.S.,
Europe and Japan which have led to increased volatility of capital flows,
currencies and commodity prices, with negative growth effects in developing
countries.

14. It calls for prioritizing the G20 development agenda. It expresses concern
at the slow pace of IMF reforms and demands that International Financial
Institutions should reflect in their structures the growing weight of BRICS and
other developing countries.

15. The core principles and the developmental mandate of the Doha Round is
stressed, besides asking that the next Director-General of the WTO should be
a representative of a developing country. All this reflects India’s thinking and
interests.
16. It can reduce the influence of UN and other institutions such as WTO
which is primarily controlled and manipulated by the developed countries and
countries with veto power.
17. Global politics is moving more towards multilateralism after the
emergence of new economic and strategic powers corroborated with the
retrieval of US from many global forays.BRICS can play an important role
here.

18. Influence of Brettonwood institutions can be reduced with the alternatives

of BRICS bank (New Development Bank)

19. BRICS has the capability to form a new global trade bloc along the Pacific
and Indian Ocean.

20. During this era,BRICS can become the mascot of developing countries
and they can collectively showcase the demands of the developing world.

21. Member countries of BRICS has many common issues and through co-
ordinated and collaborated approach , such issues could be effectively
resolved.

22. India's presence and voice in the global politics would fetch more
attention.

23. India is a service sector oriented economy and other member countries
are strong in manufacturing , so both can complement each other.

24. India can explore more export sectors by improving the ties with member
countries.Which would rejuvenate the Make In India , start up India etc..
schemes
25. Strategically ,relations in BRICS is highly advantageous for India.Ex:
China withdrew from Dokhlam stand off just before the BRICS summit. Also,
China expressed concerns about Pak. based terrorist groups including JeM
and LeT during BRICS declaration.

26. The position in BRICS would be an impetus for India to achieve it’s long
term goals such as -UNSC permenant membership,NSG membership etc..

27. BRICS would be a strong nuetralizer for India against the growing China-
Pakistan-Russia relations.

28. BRICS would help India to ascertain it’s stronghold over Indian Ocean
both in trade and diplomacy.

29. BRICS platform would be a catalyst for the rapprochement between India
and China and moreover, India can keep the cordial relations with it’s all
weather friend Russia ,intact. So India's nieghbourhood issues could be
reduced and would also rejuvenate the regional multilateral organisations in
which India is a member :BIMSTEC , SAARC etc…

30. India can use Brazil and South Africa relations as a gateway to expand its
relations with South America and Africa respectively.
STRUCTURE OF BRICS

1. New Development Bank will have an initial subscribed capital of $50 billion
which will be raised to $100 billion.

2. The five members will have an equal share for each in the bank, so no one
member dominates the institution.

2. Headquarters – Shanghai

4. Bank will have African Regional Center in South Africa

5. India will assume the first presidency of the bank.

6. Chairman of Board of governance will be Russian

7. The emergency reserve fund - which was announced as a "Contingency

Reserve Arrangement" will also have $100bn and will help developing nations
avoid short-term liquidity pressures.

8. It will have $41 billion from China, $5 billion from South Africa and $ 18
billion from remaining nations.