BRICS now a Global Force

The Goa held summit of BRICS will bring an end to month long international meetings of the BRICS representatives who were hosted in a number of Indian cities. The summit showcased, among others, the federalization of international relations of India. The meetings have covered a number of themes like science and technology, social security, reduction of disaster risk, sports, energy saving, and cybersecurity among others.

Strengthening relations

The BRICS leaders present in Goa will strengthen in numbers by the arrival of leaders from BIMSTEC. The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation has seven members- Bangladesh, Nepal, Bhutan and Sri Lanka among them. The members will take advantage of the opportunity to explore the regional synergy of BRICS.

In preparation to the summit, Goa’s Xavier Centre of Historical Research will host a huge gathering of People’s Forum in which both academics and activists will import perspectives other than their own on a number of social, ecological and economic concerns.

All these efforts show that BRICS is no longer simply an economic grouping but also a potent force in decision making across the world. Even though a few members of BRICS were affected by the global financial crisis, there have been convincing rebound signs. Such positive aspects have been reinforced by the latest Global Economic Competitiveness Report of World Economic Forum. Positive reports similar to these have elevated the morale of the leaders of BRICS states.

Up ranking

The WEF, in its competitive listing scale, has placed China at highest position among BRICS. The nation holds 28th ranking when considered worldwide. Russia has been promoted from its previous 45th position to the present 43rd position. South Africa also went up from 49th to 47th. India has made the maximum progress, from 55th to the 39th. Only Brazil’s ranking has dipped from 76th position to the 81st. When viewed as a collective, BRICS paints an encouraging picture. It has encouraged its member states to continue in their efforts to launch newer initiatives.

The BRICS, flush with success of the New Development Bank and Contingent Reserve Arrangement has now made plans to start a credit rating agency. They aim to end dominance of organizations like Standard & Poor’s and Fitch’s. It also aims to bring in perspectives of emerging economies to further enhance competitiveness and standing in the international markets. BRICS will also have its own superlative arbitration mechanisms for solving problems related to double standards practiced by the developed nations.

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