A chaotic world, the perils of multilateralism
#GS-02 International Relations
- Name given by Goldman Sachs economist Jim O’Neil in 2001.
- Initially called BRIC (Brazil, Russia, India and China)
- South Africa joined in 2010 to form BRICS
- New Development Bank, BRICS Contingent Reserve Arrangement
- The group of 7 most advanced economies viz Canada, the USA, UK, France, Germany, Japan and Italy.
India BRICS Relation
- Neither Russia nor USSR never supported India against China due to “brother and the friend syndrome”.
- From 2022 February, Russia is legally obligated to choose Chinese side in any future conflicts between India and China.
- The Chinese strategy of using BRI to trap smaller countries in debt to further their influence has been exposed during the recent crisis in Sri Lanka.
- India, not China came to the rescue of the flailing country and helped them to attain some semblance of normalcy.
India G7 Relations
- India was warmly welcomed in G7 despite the recent rumors about Democracy and Religious freedom in the country as well as concerns regarding India’s neutrality in the Ukraine conflict.
- In the recent summit India was only involved in peripheral issues such as environment, energy, food security etc. since the summit was more or less focused on the current conflict in Ukraine.
- European nations were asked to consider sanctions against Russia which could negatively impact India’s ongoing trade deals with Russia for Oil and Defense equipment.
- India has been trying to pursue various vital projects, but the conflict has made any other topic to be considered as of much lower importance.