New BRICS Summit - Modi’s 5 Nation Tour
Prime Minister Narendra Modi will embark on a five-nation tour from July 2 to 9, visiting Ghana, Trinidad & Tobago, Argentina, Brazil, and Namibia. He will be in Brazil from July 5–8 to attend the 17th BRICS Summit, hosted in Rio de Janeiro
What is BRICS?
BRICS is an acronym for a group of five major emerging economies: Brazil, Russia, India, China, and South Africa. These countries represent more than 40% of the world’s population and about 25% of global GDP.
- It was coined by Goldman Sachs economist Jim O’Neill in 2001 (initially as BRIC).
- South Africa joined in 2010, making it BRICS.
- Not a military alliance, but a geopolitical and economic bloc.
Key Objectives
- Promote multipolarity and reform of global governance (UN, IMF, WTO).
- Strengthen South-South cooperation.
- Facilitate trade, investment, development finance, and technology exchange.
- Act as a counterweight to Western institutions like G7.
Major Institutions
- New Development Bank (NDB) – headquartered in Shanghai; funds infrastructure in BRICS and other developing countries.
- Contingent Reserve Arrangement (CRA) – supports members during currency crises.
Significance for India
- Platform to counterbalance China in a multilateral setting.
- Source of development finance and strategic cooperation.
- Opportunity to promote reformed multilateralism and India’s global south leadership
New developments in BRICS:
- Expansion of BRICS
- Growing focus on de-dollarization, digital currency cooperation, climate finance, and global south agenda.
- The 17th BRICS Summit is scheduled in Brazil (July 5–8, 2025).
Expansion of BRICS:
- Egypt, Ethiopia, Iran, United Arab Emirates (UAE) were joined on 1st January 2024.
- Argentina was also invited but it withdrawn later.
| Category | Members/Status |
|---|---|
| Founding Members | Brazil, Russia, India, China, South Africa |
| 2024 Full Members | Egypt, Ethiopia, Iran, UAE |
| 2025 Full Member | Indonesia |
| 2025 Partner States | Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, Uzbekistan, Vietnam |
Summit Agenda
Leaders will discuss crucial global issues including:
- Reform of global governance
- Peace & security
- Multilateralism
- Responsible AI
- Climate action
- Global health
- Economic & financial cooperation
Bilateral Meetings:
- On the sidelines, PM Modi will hold strategic talks with Brazilian President Lula da Silva in Brasília to deepen India-Brazil ties in trade, defence, energy, space, technology, agriculture, health, and people-to-people linkages.
Significance for India
- The visit underscores India’s commitment to South-South cooperation, diversification of partnerships beyond Western blocs, and its role in shaping the global South agenda through BRICS diplomacy.
