Source: LM
Context: India’s Prime Minister of India participated in the 17th BRICS Summit in Brazil, where Indonesia was welcomed as a full BRICS member.
- The summit also saw adoption of the Rio de Janeiro Declaration focused on global governance reforms and sustainable development.
About 17th BRICS Summit:
- What is BRICS?
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- BRICS is an intergovernmental forum of emerging economies initially comprising Brazil, Russia, India, China, and South Africa.
- The term “BRIC” was coined in 2001 by economist Jim O’Neill to represent fast-growing economies. South Africa joined in 2010, making it BRICS.
- Establishment and Evolution:
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- Formed in 2009 (1st summit in Yekaterinburg, Russia).
- Evolved from informal dialogue to structured cooperation platform.
- Expanded in 2024–25, now known as BRICS+ or Expanded BRICS.
- Objectives:
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- Promote multipolarity and global South cooperation.
- Reform international institutions like UNSC, IMF, and World Bank.
- Enhance economic, technological, and development collaboration.
- Counterbalance dominance of Western-led institutions like the G7.
- Members:
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- Original 5: Brazil, Russia, India, China, South Africa
- New Members: Egypt, Ethiopia, Iran, UAE, Indonesia (joined in 2025)
- The leaders also expressed full support for India’s BRICS Chair ship in 2026 and the holding of the 18th BRICS Summit in India.
About Rio de Janeiro Declaration:
- Global Governance Reform:
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- Called for urgent reforms in UNSC, IMF, WTO to reflect 21st-century realities.
- Emphasized voice and participation of Global South in international forums.
- Peace and Security:
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- Condemned terrorism, specifically the Pahalgam attack in India.
- Demanded strong global action against terror sponsors and zero tolerance for terror.
- Technology & AI:
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- Advocated for responsible AI governance with balance between regulation and innovation.
- Proposed a BRICS Science & Research Repository for Global South access.
- Economic & Financial Affairs:
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- Emphasized sustainable funding through NDB on demand-driven principles.
- Stressed building resilient supply chains for critical minerals.
- Inclusion of Indonesia:
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- Indonesia became the first Southeast Asian nation to join BRICS, deepening Asia-Africa-Latin America ties.
