When the term was first issued, BRIC related to the four major emerging economies of Brazil, Russia, India, and China. South Africa joined in 2010. Collectively, the five-nation group values almost a quarter of the world’s entire GDP and above 16% of world trade.
Indian Prime Minister Narendra Modi will chair Thursday’s conference. Brazil’s Jair Bolsonaro will participate, Russia’s Vladimir Putin, and South Africa’s Cyril Ramaphosa. India currently operates the group’s rotating chairship.
The Summit Anticipated
India has drawn four priority areas for its chairship. These include reforms for multilateral organizations like the United Nations and the International Monetary Fund, counterterrorism, and utilizing technology. India will reach sustainable development goals, as stated by India’s Ministry of External Affairs.
In enhancing these areas, the leaders will also exchange opinions on the influence of the coronavirus epidemic and other current global and regional problems, the MEA stated Monday.
The Indian ministry did not define which global or regional issues would be considered. Hence we can only assume that Afghanistan could be on the agenda. Developments in Kabul should influence China, India, and Russia immediately.
India’s national security advisor Ajit Doval will exhibit at the summit.
Modi previously moderated the BRICS apex in 2016 in Goa. Last year, the meeting moved to a virtual format because of the epidemic.
The future of BRICS has changed since the first summit was held in Russia longer than a decade ago. While China and India have increased integration, Russia, Brazil, and South Africa have fallen into exercising their world market.
Meantime, the relationship between China and India worsened last year following border crashes high in the Himalayas.