Attuned to contemporary realities, Brics has repeatedly called for governance reform in the recruitment processes of the World Bank and the IMF by ensuring selection through an open and merit-based process. 

They note that the true potential of the bank and fund can only be realised by building more democratic governance structures and loan conditions without the structural adjustments which undermine the sovereignty and functionality of most countries in the South, especially in Africa, where IMF loans have done more damage than good.

Last year, the Brics partners also agreed that global governance should be more inclusive, representative and participatory to facilitate greater and more meaningful participation and decision-making by developing and least-developed countries, especially Africa.

Over the years, the Brics countries have played a pivotal role in driving global economic growth. This group, consisting of major emerging economies, which have focused on political and security co-operation; economic and financial collaboration and cultural and people-to-people exchanges, has shaken the dominance of the North. 

Collectively, the Brics nations represent 41% of the world’s population, hold 24% of the global GDP and account for over 16% of global trade.

Brics countries have repeatedly said that the interconnected international challenges should be addressed through a reinvigorated and reformed multilateral system. This includes the UN and its principal organs, and other multilateral institutions, such as the International Monetary Fund, World Bank, World Trade Organisation and World Health Organisation, with a view to enhancing their capacity to effectively address the diverse challenges of our time and to adapt them to 21^st century realities.

Prime Minister Narendra Modi has been unequivocal that India’s status as a powerhouse should be measured by its economy and ability to lift Indians out of poverty, a functionality of its state institutions and its military’s efforts in curbing terrorism and protecting the people.

Weeks before the Brics summit in South Africa on 22 to 24 August, S&P Global has projected that India will be the fastest-growing economy in the G20 and could overtake Japan and Germany to become the third largest economy in the world. 

In the fast-changing and complex world of geopolitics, Modi has been stressing dialogue and diplomacy as the way to end the Russia-Ukraine conflict. India has also been categorical that Brics should adhere to the concept of sovereignty and territorial integrity.

India wants Brics to play a constructive approach in handling contemporary issues amid the global upheaval following the conflict in Ukraine and the pandemic. Whether this message will be delivered unambiguously at the summit will be interesting.

In June, addressing Brics foreign ministers in Cape Town, Indian External Affairs Minister Dr S Jaishankar noted the significance of Brics as a “symbol of change” and emphasised the need for a serious and constructive approach to contemporary issues. 

Jaishankar had called for the promotion of inclusive and decentralised economic practices as essential for global political democratisation.

“Our gathering must send a resolute message that the world is multipolar, undergoing rebalancing, and that traditional approaches are inadequate for addressing new realities. As a symbol of change, we must act accordingly,” he said. 

Jaishankar also elucidated that the five-nation grouping, comprising Brazil, Russia, India, China and South Africa, is not only an expression of multipolarity but of the diverse ways of meeting international challenges. 

The minister emphasised the vulnerability faced by many nations due to economic concentration and cited recent incidents affecting health, energy, and food security as illustrations of this fragility.

Modi has stressed India’s development partnerships with Africa, Central Asia, Southeast Asia and the Caribbean; its commitment to a free, open, inclusive and rules-based maritime space; respect for the sovereignty and territorial integrity of all nations and reform of the multilateral system as most of Asia and most of Africa and Latin America lack a voice in global decision-making.

India, as an emerging powerhouse in a multi-polar world, is symbolic of the power shifts in global politics in pursuit of the end of a unipolar world.

Source: mg.co.za