Prime Minister visits Russia
Context:
Prime Minister Narendra Modi will be on a visit to Russia to attend the BRICS summit.
Relevance:
GS-02 (International Relations)
Key highlights:
- Russian envoy Denis Alipov emphasized BRICS as a platform for dialogue free from pressure or interference, highlighting its respect for civilizational diversity.
- BRICS members are pushing for increased use of national currencies for trade, with Russia prioritizing this over a common BRICS currency.
- Russia is advocating for an alternative to the SWIFT global payment system, from which it was expelled due to the war in Ukraine.
- Last year’s focus was on expanding BRICS, effectively bringing more global south countries to the platform, as highlighted by South Africa’s High Commissioner-designate Anil Sooklal.
About BRICS:
- It is a grouping of world’s largest emerging economies consisting of approximately 3.5 billion people, representing 45% of the world’s population. It aims to deepen economic cooperation between its member countries and to contrast with the Western sphere of power.
- The countries that were a part of the BRICS until 2023 are – Brazil, Russia, India, China, and South Africa.
- South Africa was added in 2010, following the inaugural BRIC summit took place in Yekaterinburg, Russia.
- Additionally, Egypt, Iran, UAE, Saudi Arabia and Ethiopia was added in 2023, with effect from 1st January 2024.
- The 15th summit was hosted by South Africa in 2023 and the next, 16th Summit will be hosted by Russia in October 2024.
- It was formed on the sidelines of G8 (now G7) countries with only Brazil, Russia, India and China (BRIC)