'It is unrealistic to expect that security dilemmas and strategic distrust to disappear or even diminish any time soon,' says Rup Narayan Das.
The BRICS Summit tonight decided to establish the new development bank with an initial authorised capital of $100 billion.
South Africa's Deputy International Relations and Cooperation Minister Marius Fransman said this would give a major boost to some of the development needs of these countries.
Trump's new rules for how countries should treat him have led to the current breakdown in India-US relations, explains Ambassador T P Sreenivasan.
The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
'To consider BRICS anything more than a temporary club with some common interests would be folly. The goal should be to induce others (Japan, ASEAN, South Africa) to align with us -- a non-threatening, democratic nation, rather than with malevolent China or waning America. For us to consider aligning with either China or the US would be absurd. India is just too big to be a sidekick,' says Rajeev Srinivasan.
The BRICS model will need to demonstrate the efficacy of a second alternative governance structure to reform the Bretton Woods legacy.
The RBI added roughly 3 tonnes in 2025, taking its gold reserves to 879 tonnes as of January 31, 2025.
Asserting that it is for the first time that BRICS has taken a collective position on strengthening and reforming multilateral systems, Prime Minister Narendra Modi said, "We have to ensure that BRICS is more productive in the next 15 years".
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
With its political colour dominated by less than democratic trends, BRICS currently leaves some of us wondering -- where in this grouping is there an assurance that human freedom will be respected unconditionally? It would be nice to see the new members of BRICS drawn from the ranks of countries wedded to preserving and guarding human freedom, observes Shyam G Menon.
Government-owned banks lead the market by size in the BRIC countries -- accounting for 50 per cent of total banking sector assets in China, 40 per cent in Brazil and Russia and reaching 70 per cent in India.
The meeting will be attended by Russian President Vladimir Putin, Chinese President Xi Jinping, South African President Cyril Ramaphosa and Brazil's Jair Bolsonaro, according to the MEA.
The deal fell through over unresolved disagreements over contentious issues, mainly on agriculture and automotive sector tariffs.
'Happily,' says Ambassador B S Prakash, 'BRICS displayed new-found energy and built something real, a bank. Between needless nihilism and as yet unjustified euphoria, there are many stations for the BRICS train and we can watch its progress with renewed interest.'
P K Mishra, a retired IAS officer of the Gujarat cadre, is currently serving as the principal secretary to the prime minister.
China's intended role for AIIB is not so different from the existing Western lenders like the World Bank.
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
Group still far from coordinating monetary/forex policy
The PM said there was a need to tackle the problem of terrorism in an organised manner.
'If gold's recent surge has increased its allocation beyond 15 per cent in your portfolio, now may be a good time to rebalance.'
The BRICS stressed on resolution of conflicts in a declaration issued after a virtual meeting of foreign ministers of the member nations of the grouping. The meeting was attended by External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi.
Kamath also said that the new bank, set up by India and four other members of the BRICS grouping, will strive to approve its first loan before end of the current fiscal.
Modi said a separate rating agency would help the economies of the member countries as well as other developing nations.
Noting that India has 'limitless possibilities and countless opportunities', Modi urged the BRICS business leaders to take advantage of them.
Modi is also scheduled to hold a bilateral meeting with Xi on Tuesday.
Modi said that there was an immediate need to strengthen the WTO, fighting protectionism, ensuring energy security and work together to fight terrorism.
The BRICS summit offers Modi an excellent platform to reach out to world leaders and conduct diplomacy on the very ticklish issue of reform of the world governance structure, and to exchange notes with his peers on international, regional and bilateral issues on the margins of the meeting, says Rup Narayan Das.
The five-nation grouping BRICS on Tuesday resolved to combat terrorism in all its forms and manifestations, including the cross-border movement of terrorists, and vowed to step up joint efforts in building support for an India-backed global framework to effectively deal with the menace.
Prime Minister Narendra Modi said he looks forward to useful conversations with his fellow leaders from China, South Africa, Brazil and Russia on addressing pressing international and regional challenges that stand in the way of their goals.
The branch is likely to be inaugurated on Saturday by Prime Minister Narendra Modi, who is on a three-day visit to China
In two years of tough negotiations to create the new BRICS development bank, the main stumbling block was not a lack of resources or commitment, but fellow partner China.
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Prime Minister Narendra Modi arrived in Fortaleza on Monday to attend a summit meeting of the BRICS nations that will address regional crises and security threats to restore a climate of peace while advancing global economic stability.
'India has the potential to do a lot more to take advantage of the time today where we stand to gain, geopolitically and in terms of market attractiveness.'
'Many countries believe that if they join BRICS, they will be seen as emerging countries and their stature will be enhanced.' 'G-20 still has common action plans while BRICS does not do that much.'
Goldman Sachs Investment Bank in a paper in 2003 argued with facts, figures and importantly optimism that the economic potential of BRIC nations is such that they may become among the four most dominant economies by the year 2050. The foreign ministers of BRIC nations will meet in Moscow in Spring 2008 to discuss issues of mutual interest in the international arena. The BRIC countries account for about 40% of the world population & each country has its own unique advantages.
BRICS countries may reach consensus at next month's G20 summit on creating a $100 billion currency reserve fund to help ease short-term liquidity pressure and safeguard financial stability of major emerging economies, a senior Chinese central bank official said.
BRICS has no plans to form a military and political alliance, Russian President Vladimir Putin said on Wednesday, in an apparent effort to allay apprehensions of the West.
Srikanth Kondapalli on what to expect from the seventh BRICS summit meeting to be held in Russia in July.
'The BRICS anthem has to necessarily be an anthem of Vedic times -- Walk together, Dream together, Achieve together.' 'And who knows it better than Modi?' says Tarun Vijay.
