NAME – HARSH VIVEK RAJ

DEPARTMENT – MASTER OF ARTS IN PEACE STUDIES AND DIPLOMACY

STUDENT ID - 6517800006

SUBJECT – Diplomacy and International Negotiation

SUBJECT CODE – 781-602

SEMESTER – 1ST SEMESTER

TABLE OF CONTENTS

Title

Abstract

Introduction

Objective of Research

Literature Review

Research Methodology

Result Discussion

Conclusion

Acknowledgement

References

ABSTRACT
After Brazil, Russia, India, and China (BRIC) started meeting in the BRIC countries format, and since 2011
with South Africa in the BRICS format, these countries’ leaders made several pledges for strengthening
intra-BRICS economic cooperation. This article examines the degree this is reflected in the increase of
Chinese Outward Foreign Direct Investment (COFDI) in the other four BRICS countries, the value of
Chinese construction contracts, and bilateral trade between China and Brazil, India, Russia South Africa
in 2009 to 2019. Focusing on these aspects contributes to the ongoing debate about the
institutionalization of the BRICS political grouping. This article demonstrates that, thus far, despite the
various pledges, the intensification of intra-BRICS economic cooperation is very limited. With some
exemptions due to mega investment deals, COFDI in the other BRICS partners is still reasonably modest
and shows no clear trend of increase over time in both absolute and relative figures. There is no
significant increase in total trade, and various imbalances and asymmetries remain. Thus, the reality
does not mirror the BRICS rhetoric on the intensification of economic cooperation.

INTRODUCTION
History -Origin, 1st summit & entry of South Africa - 2001 Building Better Global Economic BRIC by Jim
O'Neill chairman of Goldman Sachs in context of foreign investment strategies for list of emerging
economies Brazil, Russia, India and China and are Current or emerging superpowers, biggest and
fastest-growing emerging markets. By 24th December 2010 it becomes BRICS as South Africa joined. In
April 2011, the President of South Africa, Jacob Zuma, attended the 2011 3rd BRICS summit hosted by Hu
Jintao in Sanya, China, as a full member. Predict that it would collectively dominate the global economy
by 2050. Area of 39,746,220 km2 i.e. 26.7% of the world's land surface, population of 3.22 billion people
which is 41.13% of the world's population. The original aim of BRICS was the establishment of an
equitable, democratic and multi-polar world order but later BRICS became a political organization,
especially after South Africa joined. Eventually it stands for investment opportunity but gradually
formed into a more cohesive geopolitical bloc, annual meetings at formal summits and coordinating
multilateral policies. Recently, China hosted the 14th BRICS summit on 24 July 2022. . Bilateral relations
are conducted mainly on the basis of noninterference, equality and mutual benefit. BRICS are
considered the foremost rival to the G7 bloc (Canada, France, Germany, Italy, Japan, UK and US) of
leading advanced economies competing initiatives such as the New Development Bank, Contingent
Reserve Arrangement, BRICS payment system and BRICS basket reserve currency. Since 2022, BRICS to
expand membership, with several developing countries expressing interest in join including Argentina
and Iran. In September 2006 1st meeting was held at New York margins of the General Debate of the UN
Assembly, beginning a series of high-level meetings by foreign ministers of initial 4 BRIC states. Thus led
to 1st formal summit at Yekaterinburg (Russia)hosted by Dmitry Medvedev on 16 June 2009 but this time
with their respective leaders focusing on improving the global economic situation, reforming financial
institutions and four countries could better co-operate in the future for global affairs and outcome of
meet was need for a new global reserve currency was diverse, stable and predictable (Hooijmaaijers &
Keukeleire, 2016).

OBJECTIVE RESEARCH

The research aims to study; (1) major role of BRICS in world of globalization; (2) How it promotes peace,
security, development and cooperation; (3) Outcome and Criticization.

LITERATURE REVIEW

The BRIC debate started around 2001 when Goldman Sachs’ Jim O’Neill launched the term as he focused
on the Gross Domestic Product (GDP) growth of Brazil, Russia, India, and in particular, China and the
weight of the BRICs countries in world GDP (O’Neill, 2001). Analysts disagree about the importance and
future of the BRICS political grouping. Some observers consider the BRICS a new collective force,
challenging the world order founded under the United States (US) governance after World War II (see
Mielniczuk, 2013). Using a social constructivist approach, shows that the BRICS’ changing identities are
the “main cause of the convergence of their interests in the international arena” (p. 1075). Since 2006,
the BRICS have gradually developed a dialog and cooperation process on several levels, starting as BRIC
and since 2011 as BRICS. Strengthening the BRICS dialog and cooperation paralleled South Africa joining
the BRICS political grouping in 2011.The loose coalition has developed into a formal economic and
political partnership. On a more theoretical note, global change and the emergence of the BRICS
countries can be understood as continuing the decolonization process. The cooperation of the BRICS
countries can be seen as South-South Cooperation, Global South cooperation “changes continuously”
and serves the developing world’s interests in the international system’s decolonization. The BRICS and
other China-centric multilateral cooperation frameworks “might challenge the current liberal
international order”, however, they are not against free trade or globalization. In this light, it is relevant
to mention the extensive literature on international cooperation and trade. International cooperation
refers to policy coordination processes by which states and other entities alter their behavior to the real
or expected preferences (Krieger, 2004). For decades, international trade has been critical to economic
growth and improved living standards for countries and regions worldwide. Trade is an “Engine” of
integration, growth, or inequality (Deese, 2016). China’s role in the global economy is ever increasing in
prominence (Zeng, 2019). This is reflected in various China-sponsored and co-sponsored initiatives,
including the Belt and Road Initiative (BRI), New Development Bank (NDB), and Asian Infrastructure
Investment Bank (AIIB). One (potential) advantage of the BRICS format is that due to these
developments, parties are meeting that before were not meeting, which is a sign of the
institutionalization of the BRICS cooperation. The broadening range of issues that were covered, the
increasing BRICS declarations, and the institutionalization of the BRICS cooperation with the foundation
of the NDB and the Contingent Reserves Arrangement (CRA) reflect this. These institutions are signs of
internal BRICS institutionalization, including strengthening the cooperation among the BRICS countries
and expanding the grouping’s agenda. The founding of the NDB is a major milestone in the BRICS
cooperation. It “put to rest much of the concern around the future of the grouping” because it
institutionalized the engagement between the five parties. It is the first multilateral development bank
(MDB) created by emerging markets and developing countries (EMDCs). Against the backdrop of the
economic and financial crisis of 2007 to 2009, the BRICS initiatives such as the NDB and CRA challenged
the current multilateral order with a key role for the IMF, the World Bank, and the WTO, in which these
countries are underrepresented. The BRICS have in common that they all consider the post-World War II
world order, with, for instance, a dominant role for the US and Europe in the Bretton Woods
institutions, as unjust. Much of the BRICS debate has focused on whether the BRICS club is an innovative
force in global governance and whether the parties are rule changers or makers. Several features make
that the NDB embodies something new. This includes the key role of infrastructure and sustainable
development tasks, country systems, equal voting rights, local currency funding, and execution speed.
The COVID-19 pandemic also strengthened intra-BRICS cooperation, as the NDB focused on assisting the
member countries in dealing with the crisis and following economic recovery, reflected by its Board of
Governors approving an emergency line of up to $10 billion to assist the NDB’s states (Hooijmaaijers,
2021c).

RESEARCH METHODOLOGY

The study is qualitative research, applying the documentary research methodology by data collection of
documents from all related books, journals, research reports, and legal texts, as well as internet online
documents concerned. The researcher applied content analysis and comparative analysis of all collected
documents for research results and discussion as well as conclusion and recommendation.

RESULT AND DISCUSSION

BRICS Principles - Full respect for the economic sovereignty of the Member States. Commitment to
international law and recognition of the leading role of the United Nations (UN) in development and
security; Account for national interests, priorities, and growth and development strategies of the BRICS
members; Openness, sharing of information and consensus in decision-making; Commitment to the
rules and principles of the multilateral trading system as embodied in the Marrakesh Agreement
Establishing the WTO recognition of the multipolar nature of the international economic and financial
system; Commitment to supporting sustainable development, strong, balanced and inclusive growth.
Dreaming with BRICS: The Path to 2050 - The BRIC thesis recognizes that Brazil, Russia, India and
China have changed their political systems to embrace global capitalism. Goldman Sachs predicts that
China and India, respectively, will become the dominant global suppliers of manufactured goods and
services, while Brazil and Russia will become similarly dominant as suppliers of raw materials. BRIC
nations, the number of people with an annual income over a threshold of $3,000 will double in number
within three years and reach 800 million people within a decade. This predicts a massive rise in the size
of the middle class in these nations. In 2025 $15,000 may reach over 200 million people i.e. huge pickup
in demand will not be restricted to basic goods but impact higher-priced goods as well. 2007 Goldman
Sachs asserts that "India's influence on the world economy will be bigger and quicker than implied in our
previously published BRICs research" with prosperity of the growing middle-class. Estimated a massive
700 million people will move to cities by 2050. This will have significant implications for demand for
urban infrastructure, real estate, and services. "From 2007 to 2020, India's GDP per capita in US$ terms
will quadruple", and that the Indian economy will surpass the United States (in US$) by 2043. But
actually “2007 it was US$1028 while in 2021 US$2,227 which is not quadruple (*4) but just (*2) by
simple mathematics.
Emerging Market EM Equity in Two Decades: A Changing Landscape
China might surpass the United States in equity market capitalization by 2030; China surpassed thus
became the world's second-largest economy after the United States. China for the first time surpassed
in 2013 world trade and become as world's largest trading country
Financial Diversification and Architecture
Up to now based on two components, New Development Bank (NDB), or sometimes referred to as the
BRICS Development Bank and the Contingent Reserve Arrangement (CRA). Geographic diversification
would eventually generate superior risk-adjusted returns for long-term global investors by reducing
overall portfolio risk. Higher rates of return offered by the emerging markets of Asia, Eastern Europe
and Latin America; institutional investors have contributed to the financial and economic development
of key emerging nations; India and China constitute both large-scale production platforms and reservoirs
of new consumers, whereas Russia is viewed essentially as an exporter of oil and commodities.

New Development Bank

A multilateral development bank operated by the five BRICS states. Headquartered in Shanghai, China
followed by regional offices in Johannesburg, South Africa; Sao Paulo, Brazil; Moscow, Russia. Current
President is Marcos Troyjo (Brazil). Aim to support public or private projects through loans, guarantees,
equity participation and other financial instruments; shall cooperate with international organizations
and other financial entities for projects and global development. Every member will have one vote no
one would have any veto powers. First green financial bond (positive environmental and climate benefit
by ICMA) was issued in RMB 3 billion by china interbank bond market. Rated AA+ credit by S&P Global
and Fitch. From 2019 issue loans of up to $40 billion by 2022 in South Africa.

Corporate governance, Capital & Objective

Board of Governors; > Board of Directors; > President and Vice-Presidents. Subscribed capital of US$50
billion and an initial authorized capital of US$100 billion and equally distributed among the founding
members. It allow new members to join but the BRICS capital share cannot fall below 55%.Recently
Bangladesh, Egypt, the United Arab Emirates and Uruguay were added as new members.
Projects that are socially, environmentally and economically sustainable; Values that the bank strives
to live by – agility, innovation and continuous transformation i.e. follows as

1) Promote infrastructure and sustainable development projects with a significant development

impact in member countries
2) Establish an extensive network of global partnerships with other multilateral
development institutions and national development banks.
3) Build a balanced project portfolio giving a proper respect to their geographic location,
financing requirements and other factors.

Projects
Developing renewable energy sources; cooperate with other institutions for ‘green’ financing
expansion and promoting environment protection; railways and highways; overall benefits to the local
people facilitating job creation and Building a knowledge sharing platform. Bond issue in China to raise
funding domestically on the Chinese market. E.g. clean energy like Putian Pinghai Bay Offshore Wind
Power & Lingang Distributed Solar Power (China), Battery Energy Storage Project (SA), REC Renewable
Energy Sector Development Project (India) and Development of Renewable Energy Sector (Russia) etc.
Social infrastructure, transport, urban & environmental development.
Relations with other institutions - Global growth and development to cooperate with other
international organizations & national entities (public or private) partners. 2016 signed a memorandum
with Asian Development Bank (ADB) on strategic cooperation energy efficiency, clean transportation,
sustainable water management, and sewage treatment. Asian Infrastructure Investment Bank (AIIB) on
infrastructure and sustainable development. World Bank Group (WBG) primarily on infrastructure.
Contingent Reserve Arrangement (CRA) and BRICS Payment System - Proposed and signed at Fortaleza,
Brazil on 15 July 2014 which led inaugural meetings on 4 September 2015, in Ankara, Turkey and finally
on 7th BRICS summit hosted by Vladimir Putin at Ufa congress Hall (Russia) in July 2015 came into force.
Payment system that would be an alternative to the Society for Worldwide Interbank Financial
Telecommunication (SWIFT) system with main benefits highlighted were backup and redundancy. China
has also initiated the development of their own payment system called Cross-Border Inter-Bank
Payments System (CIPS) enables financial institutions worldwide to send and receive information about
financial transactions in a secure, standardized, and reliable environment. India also has its alternative
Structured Financial Messaging System (SFMS), as does Russia with its System for Transfer of Financial
Messages (SPFS). Protection against global liquidity pressures. Currency issues where members' national
currencies are being adversely affected by global financial pressures and experienced rapid economic
liberalization went through increased economic volatility, bringing an uncertain macroeconomic
environment. Statements - 2012 Hu Jintao described the BRICS countries as defenders and promoters of
developing countries and a force for world peace.
DEVELOPMENT AFTER 2011 - Since 2011, as an independent international organization it encouraged
commercial, political and cultural cooperation among the BRICS nations. June 2012, the BRICS nations
pledged $75 billion to boost the lending power of the International Monetary Fund (IMF). However, this
loan was conditional on IMF voting reforms. In 2013 5th BRICS summit in Durban, South Africa, to create
a global financial institution intended to cooperate with the western-dominated IMF and World Bank.
China also wants to be the location of the reserve and committed $41 billion (Brazil, India, and Russia
$18 billion each; and South Africa $5 billion) while Russia's Finance Minister Anton Siluanov said that
creating a $100 billion fund designated to steady currency markets with outcome of New Development
Bank by 2014 but rescheduled to 2015. By March 2014 meeting on the margins of the Nuclear Security
Summit in The Hague while light of the tensions surrounding the annexation of Ukrainian Crimea by
Russia. G20 Summit, November in Brisbane according to international law, principles and purposes of
the United Nations Charter does not contribute to a sustainable and peaceful solution. July 2014 BRICS
partners promote the establishment of a system of multilateral swaps that will allow them to transfer
resources to one or another country, if needed. “If the current trend continues, soon the dollar will be
abandoned by most of the significant global economies and it will be kicked out of the global trade
finance” - Elvira Nabiullina (Governor of the Russian Central Bank). 14 July 2014, 6th BRICS Fortaleza
summit in Brazil Union of South American Nations was invited Putin discuss the BRICS development
bank (capital of US$50 billion; each contributed US$10 billion and later Bangladesh, Egypt, United Arab
Emirates and Uruguay became members of BRICS New Development Bank), monetary fund
(US$100 billion), reserve currency pool (US$100 billion) and sign some other bilateral accords on air
defense, gas, cooperation on innovation and education. Outcome effected by end of October 2014,
Brazil trimmed down its holdings of US government securities to US$261.7 billion; India, US$77.5 billion;
China, US$1.25 trillion; South Africa, US$10.3 billion. Later respective communications ministers, under
a Russian proposal, had a first summit for their ministries in Moscow in October where the host
minister, Nikolai Nikiforov, proposed an initiative to further tighten their information technology
sectors and challenge the monopoly of the United States in the sector, signed in August 2019 5th edition
of meeting of communication ministers in Brasília, Brazil that an optical fiber submarine
communications cable system to carry telecommunications between the BRICS countries, known as the
BRICS Cable to escape U.S. National Security Agency. In addition, Algeria, Indonesia, Mexico, Nigeria,
Pakistan, Saudi Arabia, Sudan, Syria, Turkey and Venezuela have expressed interest in membership of
BRICS.
Problem - India's inefficient energy consumption, August 2013, Morgan Stanley rated India and
Indonesia, together with Brazil, Turkey, and South Africa, as the 'fragile five' due to their vulnerable
currencies. But since then, India and Indonesia have reformed their economies, completing 85% and
65% of the necessary adjustments respectively, while Brazil had only achieved 15%, Turkey only 10%,
and South Africa even less. March 2015, Morgan Stanley again stated that India and Indonesia had
escaped from the 'fragile five' by instituting economic reforms.
ECONOMY
In GDP China's GDP is more than double that of the other four BRICS combined: almost $18 trillion
compared with Brazil ($1.6 trillion), Russia ($1.8 trillion), India ($3.2 trillion) and South Africa ($400
billion) estimated total of US$26.6 trillion which is 26.2% (gross world product - combined gross national
product of all the countries in the world), GDP (PPP- Purchasing power parity countries wise prices of
specific goods, purchasing power, living standards) of around US$51.99 trillion which is 32.1%, combined
foreign reserves of US$4.58 trillion by 2022.

Additional Parts

Service and manufacturing sector Potential markets by producing far cheaper automobiles and other
manufactured goods affordable to the consumers within the BRICs in lieu of the luxury models that
currently bring the most income to automobile manufacturers. India and China have already started
making their presence felt in the service and manufacturing sector respectively in the global arena.
Developed economies of the world have already taken serious note of this fact. Two are manufacturing-
based economies and big importers (China and India), but two are huge exporters of natural resources
(Brazil and Russia). The framework of political, economic, and social policies that allowed it to resume
consistent growth. The result has been solid and paced economic development reflected in its
expanding capital markets, lowest unemployment rates in decades, and consistent international trade
surpluses—that led to the accumulation of reserves and liquidation of foreign debt i.e. India &
Brazil."Economic Freedom Index", which measures factors such as protection of property rights and free
trade ranks Brazil ("moderately free") above the other BRICs ("mostly unfree") 2019 at 11th BRICS
summit Brasília (Brazil), hosted by Jair Bolsonaro theme was "BRICS: economic growth for an innovative
future” followed as cooperation in Science, technology and innovation; Enhancement of the cooperation
on digital economy; Invigoration of the cooperation on the fight against transnational crime, especially
against organized crime, money laundering and drug trafficking; Encouragement to the rapprochement
between the New Development Bank (NDB) and the BRICS Business Council. Russia and their goals are
investing into BRICS countries in order to strengthen everyone's economies, cooperating in the energy
and environmental industries, helping with young children, and coming up with resolutions on migration
and peacekeeping.
During covid-19 crisis - China gave out $15 billion to member nation to help their struggling economies.
Member countries are hoping for a smooth comeback and a continuation of economic trade.At 12th
BRICS Summit hosted by V.Putin St. Petersburg (Russia) will discuss how to handle the COVID-19
pandemic and how to fix their multilateral system by reforms.
BRIEF RESULT & CONCLUSION OF 9 YEARS OF BRICS

1th BRICS SUMMIT 2009 Russia hosted by Dmitry Medvedev (president) at Yekaterinburg and Outcome -
cooperation among states, trade, food, trade, climate trade, and security for the nations.
2nd BRICS SUMMIT 2010 Brazil hosted by Luiz Inácio (president) at Brasília
Outcome - conversation of the global recession & ways to recover; IMF, climate change & cooperation.
3rd BRICS SUMMIT 2011 China hosted by Hu Jintao (president) at Sanya and Outcome - global and
internal economies & agendas.
4th BRICS SUMMIT 2012 India hosted by Manmohan singh (PM) at New Delhi and Outcome - BRICS
Cable announced an optical fibre submarine communications cable system, global recession, economies
improving their global power and to provide adequate development.
5th BRICS SUMMIT 2013 South Africa hosted by Jacob Zuma at Durban and outcome - New Development
Bank proposition and Contingent Reserve Agreement; Business Council and its Think Tank Council.
6th BRICS SUMMIT 2014 Brazil hosted by Dilma Rousseff at Fortaleza and outcome - New Development
Bank and BRICS Contingent Reserve Arrangement; political coordination, development and economic
growth; Fortaleza Declaration and Action Plan.
7th BRICS SUMMIT 2015 Russia hosted by V.Putin at UFA Congress Hall and Outcome - Joint summit with
SCO-EAEU; global, economic problems and better ways to foster cooperation.
8th BRICS SUMMIT 2016 India hosted by N.Modi (PM) at Benaulim and Outcome - Joint summit with
BIMSTEC; counter-terrorism, economies, and climate change; Goa Declaration and Action Plan.
9th BRICS SUMMIT 2017 China hosted by Xi Jinping (president) at Xiamen and outcome - Joint summit
with EMDCD; bright future & goals for BRICS; international and regional issues.

OUTCOMES OF LAST 5 YEARS OF BRICS AND BENEFITS

10th BRICS SUMMIT 2018 in South Africa hosted by Cyril Ramaphosa (president) at Johannesburg
(Sandton Convention Centre)

INTRODUCTION
Collaboration for Inclusive Growth and Shared Prosperity in the 4th Industrial Revolution. Context of
technology driven industrialization and growth. Peace, harmony, international order, sustainable
development and central role United Nations rule of law i.e. protecting human rights & HLPF. Three-
pillar-driven = economy, peace and security and people-to-people exchanges. 2030 Sustainable
Development Goals - economic, social and environmental. Strengthen multilateralism for global
governance & challenges. Emerging Markets and Developing Countries (EMDCs)
Strengthening multilateralism, reforming global governance and addressing common challenges
Climate Change - Paris Agreement; UNFCCC - financial, technological and capacity-building support
Cooperation in energy - environmentally sustainable energy systems; energy security, energy
affordability, reduced pollution and environmental conservation; renewable and low carbon energy
sources, energy infrastructure, energy industry and market development; including in transportation,
heating and industry uses by BRICS Energy Research Cooperation Platform. Energy security, industrial
competitiveness, emissions reduction, economic growth, job creation
BRICS Agricultural Research Platform (ARP) - resilience collective agricultural and food systems; frame
of Basic Agriculture Information Exchange System (BAIES)
Sustainable Consumption and Production (SCP) - to reduce waste, to forge more environmentally
sustainable processes, diversify our economies
Environmentally Friendly Technology Platform - Clean Rivers Umbrella Programme & Partnership for
Urban Environment Sustainability; BRICS Environmentally Sound Technology (BEST) - practical and
results orientated i.e. science organizations, civil society, private sector and financial institutions
Sustainable Development – themes; water access flood protection, drought management, water supply
and sanitation, water and climate, systematically facilitating water pollution prevention and control,
river and Lake Ecosystem restoration and preservation, ecosystem conservation, and water resources
management.
Biodiversity conservation - sustainable use and equitable access and benefit sharing of biological
resources; endangered species and National Parks
Oceans Economy - maritime transport, shipbuilding, offshore oil and exploration, aquaculture, port
development, research and technology, marine resources, marine and coastal tourism, financial and
insurance services through Industrial zone development
Fight against terrorism - Comprehensive Convention on International Terrorism (CCIT) & misuse of
Information and Communication Technologies (ICTs) on a firm international legal basis accordance with
international law UN; blocking sources and channels of finance
Strengthening and consolidating BRICS cooperation in international peace and security
Tensions in the Middle- East region – broad based national dialogue; Israeli-Palestinian situation basis of
relevant United Nations resolutions; Support for United Nations Relief and Works Agency for Palestine
Refugees in the Near East (UNRWA) health, education and other basic services for almost 5.3 million
Palestinian refugees, Republic of Yemen - conflict and major humanitarian crisis and inclusive Yemeni-
led dialogue towards the achievement of a political solution to the conflict, Crisis in the Gulf region -
welcome the efforts of Kuwait , Support for the process of an “Afghan-led, Afghan-owned’ peace and
reconciliation; welcome the Parliamentary & Presidential elections, Conflict in Syria & support for the
Geneva process - provide necessary humanitarian assistance. Joint Comprehensive Plan of Action
(JCPOA) on the Iranian nuclear programme promotes international and regional peace and security.
Achieve the complete denuclearization of the Korean Peninsula – peace and stability. “Silencing of the
Guns by 2020” - serious concern about the possibility of an arms race; practical transparency and
confidence building measures in outer space
BRICS partnership for global economic recovery, reform of financial and economic global governance
institutions, and the fourth industrial revolution
Challenges - including rising trade conflicts, geopolitical risks, commodity price volatility, high private
and public indebtedness, inequality and not sufficiently inclusive growth
Major advanced and emerging market economies to continue policy dialogue and coordination in the
context of the G20
PartNIR - New Industrial Revolution; digitalization, industrialization, innovation, inclusiveness and
investment, to maximize the opportunities; create networks of science parks and technology business
incubators; small and medium-sized enterprises in technology intensive areas; long-term sustainable
and balanced global growth
New skills demanded by an increasingly technology-and knowledge- driven global economy i.e. Plan for
Poverty Alleviation and Reduction through Skills
WTO Dispute Settlement System is a cornerstone of the multilateral trading system and for security also.
New Partnership for Africa's Development (NEPAD) and the Programme for Infrastructure Development
in Africa (PIDA) – Infrastructure and connectivity and for job-creation, skills development, food and
nutrition security and poverty eradication and sustainable development realization of the African
Union’s Agenda 2063 with African Continental Free Trade Area (AfCFTA) in Industrialization & trade.
Global Financial Safety Net, quota based IMF - protecting the voice of the poorest countries;
cooperation between the CRA and the IMF.
BRICS Local Currency Bond Fund progress and establishment
Distributed Ledger and Blockchain Technology in the Context of the Development of the Digital
Economy
Upcoming Multilateral Development Banks (MDBs) while NDB is catalyzing with private sectors
Financial Actions Task Force (FATF) and World Customs Organization for mutual exchanges and data
sharing; Combating Money Laundering and the Financing of Terrorism
BRICS Contact Group on Economic and Trade Issues (CGETI) and BRICS E-Commerce Working Group -
greater participation, value addition and upward mobility; industry and agriculture, especially Micro,
Small and Medium Enterprises (MSMEs)
Mutual Administrative Assistance Agreement by 2022 - mutual recognition of controls and economic
operators; BRICS Customs Action Plan - short, medium and long term to achieve the stated goals and the
establishment of BRICS Custom Training Centers
Intra-BRICS cooperation - trade facilitation, law enforcement, use of advanced information technologies
and capacity building
BRICS Revenue Authorities - globally fair and universally transparent tax system; prevention of base
erosion and shifting of profits, exchange of tax information with experiences, best practices, mutual
learning and exchanges of personnel
BRICS Business Council - trade and business cooperation in infrastructure, manufacturing, energy,
agribusiness, financial services, regional aviation, alignment of technical standards and skills
development and Digital Economy Working Group within the framework of BRICS Business Council.
BRICS Working Group on Tourism and Intra- BRICS Tourism- increase economic development and
people-to-people relations; exchange knowledge, tourism infrastructure, culture and medical tourism
People-to-People Cooperation
Fields of sports, youth, films, culture, education and tourism
BRICS vaccine research and development centre - coordination and cooperation on vaccine research
Ending Tuberculosis; Prevention and Control of non- communicable diseases
BRICS Film Festival, BRICS Treaty on Co-Production of Films - diversity of BRICS cultures
More diverse participation of academia and think tanks via Think-Tank Council, the Academic Forum, the
Civil BRICS Forum, the Young Diplomats Forum, the Youth Summit and the Young Scientists Forum
BRICS Sports Council – hosting 3rd BRICS Games by South Africa
BRICS parliamentary exchanges, including of Women Parliamentarians and strengthen roots i.e. BRICS
Women’s Forum and the BRICS Women’s Business Alliance
11th BRICS SUMMIT 2019 Brazil hosted by Jair Bolsonaro (president) at Brasília (Itamaraty Palace)
THEME - “BRICS: economic growth for an innovative future”
INRODUCTION and RESULTS
Establishment of the Innovation BRICS Network (iBRICS); Science, Technology and Innovation (STI) by
BRICS STI Steering Committee; BRICS Trade and Investment Promotion Agencies (TIPAs); Official
Development Assistance (ODA) to assist development resources; Green Climate Fund (GCF)
Strengthen and reform the multilateral system, including the UN, the WTO, the IMF and other
international organizations; Carbon Offsetting and Reduction Scheme for International Aviation
(CORSIA) on the growth of the aviation sector
Post-2020 Global Biodiversity Framework - Convention on Biological Diversity (CBD) balancing manner
with Access and Benefit Sharing (ABS) pillars
Implement the outcomes of COP 14 United Nations Convention to Combat Desertification (UNCCD) to
achieve SDG 15.3 by 2030
“Investing in Land and Unlocking Opportunities” and the Ordos Declaration i.e. South-South Cooperation
by establishment of the Centre for Sustainable Land Restoration by India for capacity building, exchange
of database and information regarding the Land Degradation Neutrality Target Setting Programme
Prohibition of the Development, Production and Stockpiling of Bacteriological (Biological), Toxin
Weapons and on their Destruction (BTWC), Chemical Weapons (OPCW) and to the preservation of the
Chemical Weapons Convention (CWC)
Prevention of an Arms Race in Outer Space (PAROS) unable to reach consensus on its report
Group of Governmental Experts (GGE) and promoting Working Group on Security in the Use of
Information and Communication Technologies (WGSICT)
UNSC Resolution 2462 (2019) - Combating the financing of terrorism and their portfolios - "BRICS
Strategies for Countering Terrorism"
Combating illicit financial flows (IFFs) cooperating with FATF & FSRB; Anti-Money Laundering/Countering
the Financing of Terrorism (AML/CFT) work with work of national Financial Intelligence Units (FIUs)
15th General Review of Quotas (GRQ) failed in increasing the quota size in quota-based and adequately
resourced IMF including emerging markets and dynamic economies (EMDE)
Opening of NDB Regional Offices and their activities i.e. more robust project portfolio for all member
countries
BRICS Task Force on PPP and Infrastructure – representation & emerging economies in the Multilateral
Development Banks
BRICS Survey on International Payments System
BRICS Joint Trade Study Review - identified trade and investment potential between BRICS States
First meeting of the WBA (women) to take place as early as possible in 2020
Humanitarian aid and to fully implement a sustainable ceasefire in the Idlib region counter terrorism
Memorandum of Understanding signed by Russia and Turkey on 22 October 2019 and congratulates
Sudanese people for the signing on 17 August 2019 in Khartoum of the Political Agreement and
Constitutional Declaration
Setting Digital BRICS Task Force (DBTF) and outcome of BRICS Institute of Future Networks (BIFN)
Council
Agreement on Cooperation on BRICS Remote Sensing Satellite Constellation and further opportunity
Creation of the BRICS Network of Human Milk Banks as proposed in the 1st Workshop of Human Milk
Banks and tools to end epidemics
Jurisdictions to sign and ratify the Multilateral Convention on Mutual Administrative Assistance in Tax
Matters
UNCAC and the G20 Anti-Corruption Working Group to combat economic and several corruptions
Noted positive outcomes on BRICS: economic growth for an innovative future (Labor and Employment)
and Contribution of urban environmental management to improving the quality of life in cities
(Environment)
Seminar of high-level authorities and experts of the Judiciary, aimed at the exchange of good practices
for the modernization and improvement of Judiciary systems in BRICS countries

12th BRICS SUMMIT 2020 Russia hosted by V.Putin (president) at Moscow (Saint Petersburg)
THEME - Global Stability, Shared Security and Innovative Growth
United for a Better World
75th anniversary of the end of the Second World War maintain peace and security, advance sustainable
development, ensure the promotion and protection of democracy, human rights and fundamental
freedoms
21 September 2020 UNGA resolution 75/1 - non-intervention in the internal affairs of States i.e.
strengthen the Economic and Social Council
COVID-19 pandemic - strengthening international cooperation and Access to COVID-19 Tools Accelerator
(ACT-A) initiative via role of extensive immunization and effective, accessible and affordable vaccines
Policy and Security
BRICS High Representatives for Security – Terrorism, transnational organized crime
2010 Russia-US Treaty on Measures for the Further Reduction and Limitation of Strategic Offensive Arms
for the nuclear disarmament
Practical Transparency and Confidence-Building Measures (TCBMs) against ARMS RACE
United Nations Committee on the Peaceful Uses of Outer Space (UNCOPUOS) – safety and sustainability
of space operations
4 August 2020 solidarity with the people of Lebanon, massive explosion in the port of Beirut
10 November 2020 create the necessary conditions for peace Leaders of Azerbaijan and Armenia
ceasefire in the Nagorno-Karabakh conflict zone
19 January 2020 and UNSC Resolution promoting a peaceful intra-Libyan dialogue and political process
Support to Sudanese leadership to strengthen national accord and overcome social and economic crisis
Democratic Republic of Congo and condemn attacks against civilians and UN peacekeepers, promoting
peace, creating conditions for refugees and internally displaced persons
BRICS Counter-Terrorism Working Group (CTWG) – financing and Internet for terrorism
12 August 2020 BRICS Anti-Drug Working Group on illicit drug trafficking; online sexual exploitation
2021 UNGASS with BRICS Anti-Corruption Working Group and will work to promote UNCAC for
international anti-corruption cooperation
Economy and Finances, Intergovernmental Cooperation
Debt Service Suspension Initiative (DSSI) - support for low-income countries with collective efforts of
MDBs & World Bank; risks of downgrades by Credit Rating Agencies, affect market access and impact
sovereign decisions to request debt suspension
BRICS Economic Partnership 2020-25 - trade, effective Participation of MSMEs in International Trade
investment and finance, digital economy and sustainable development, to facilitate the speedy
economic recovery and increase living standards
Emergency Assistance Program aimed to provide up to USD 10 billion for Emergency Loans
BRICS Economic Bulletin as an annual analytical document to support CRA and BRICS Payments Task
Force (BPTF) to further progress on this track
BRICS Rapid Information Security Channel (BRISC) - central banks to exchange information on cyber
threats
BRICS E-commerce Working Group - accelerated development of the e-commerce sector, consumer
protection and increased volume of online-transactions worldwide via pilot projects and initiatives
BRICS Energy Research Cooperation Platform (ERCP) - adoption of Roadmap of BRICS Energy
cooperation and the launch of practical cooperation, views on regulations and energy policies
Balanced improvement of the world agricultural production, reduction of food loss and waste
Technical and Vocational Education and Training (TVET) - education for enhancing human capital, for the
re-skilling and up-skilling
BRICS Joint Task Force on Disaster Risk Management and BRICS Environmentally Sound Technology
(BEST) Platform to establish the BEST Platform “matrix” - strengthening cooperation on environmental
issues, combating marine plastic litter and clean river
BRICS Interbank Cooperation Mechanism – institutions, responsible financing and efficient green finance
mechanisms
Cultural and People-to-People Exchanges
BRICS Friendship Cities and Local Government Cooperation Forum, II BRICS Municipal Forum, as well as
related grass-roots initiatives
Establishment of a BRICS Working Group on Culture - cultural heritage, national museums, libraries, art
galleries and theatres
BRICS Sports Games - China to host Beijing Winter Olympic Games
International BRICSMath.COM online mathematics competition for school students via BRICS Youth
Summit
BRICS Network University and BRICS University League - building the universities’ capabilities and
strengthening, digital transformation and quality education, increase economic growth and expand
prosperity
BRICS Think Tank Council (BTTC) - Academic Forum, expert dialogue and exchanges among academic
community to promote future-oriented research policy analysis and knowledge-sharing. Connection
with BRICS governmental sectors, NDB and the BRICS Business Council, BRICS Civil Forum & BRICS
Solutions Awards

13th BRICS SUMMIT 2021 India hosted by N.Modi (Prime Minister) at New Delhi
THEME - BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus
Global Health Challenges & COVID-19
The COVID-19 pandemic - wreak immeasurable political, economic, and social damage globally for
almost two years; study of origins of the SARS-COV-2 to fight against the COVID-19 i.e. Global Access
(COVAX) facility vaccine Intellectual Property Rights waiver and the use of flexibilities of the TRIPS
Agreement and public health and BRICS Digital Health Summit
Strengthening and Reforming of the Multilateral System
Preserve nature's balance with people-centered international cooperation at its core and Special
Drawing Rights (SDRs) equivalent to USD 650 billion to meet the financing needs during future crisis in a
transparent and accountable manner
Peace, Security and Counter-Terrorism Cooperation
Preserving Joint Comprehensive Plan of Action regional peace and stability resolve the Iran nuclear issue
through peaceful and diplomatic means
UN Open Ended Working Group (OEWG) and the Group of Government Experts (GGE) on cyber security
Intergovernmental Expert Group (IEG) on cyber crime
Sustainable Development and innovative means to achieve it
2030 Agenda and reversed years of progress on poverty, hunger, health care, education, climate change,
access to clean water, and environmental protection
Official Development Assistance (ODA) commitments and to facilitate capacity building and the transfer
of technology with required resources
Action Plan 2021-2024 for Agricultural Cooperation of BRICS Countries - Agriculture Information
Exchange System and Agricultural Research Platform; food security and promotion development of rural
areas
BRICS Network of Labour Research Institutes - human-centered recovery with inclusive labour markets
and social protection system
Climate Change Conference (UNFCCC COP26) in the UK and the United Nations Convention on Biological
Diversity (CBD) COP15 in China agree to cooperate
UNFCCC, Kyoto Protocol and Paris Agreement - Common but Differentiated Responsibilities and
Respective Capabilities and Greenhouse Gas Emissions with further scope
BRICS alliance for Green Tourism - sustainable and inclusive tourism sector
Economic and Financial Cooperation for Sustainable Development
To promote economic growth and development for mutual prosperity through the expansion of
intra-BRICS cooperation in sectors such as trade, agriculture, infrastructure, small and medium
enterprises, energy and finance & banking. Recognizing the advantages of using technological
and digital solutions for the achievement of Sustainable Development Goals in BRICS countries
with a special focus on:
Implementation of the BRICS Economic Partnership Strategy 2020-25, Operationalization of the
BRICS Agriculture Research Platform Cooperation on Disaster Resilience, Innovation
Cooperation Digital Health and Traditional Medicine.
Cultural and People to People
To qualitatively enrich and enhance intra-BRICS people to people contacts in cultural, academic, youth,
sports, business, through regular exchanges, BRICS Games 2021. Exchanges among Parliamentarians,
young scientists etc

14th BRICS SUMMIT 2022 China hosted by Xi Jinping (president) at Beijing

THEME - Foster High-quality BRICS Partnership, Usher in a New Era for Global Development
Welcome BRICS Outreach/BRICS Plus cooperation
Strengthening and Reforming Global Governance
Innovative and inclusive solutions, digital and technological tools to promote sustainable development
and facilitate affordable and equitable access to global public goods for all
EMDCs & G20 role strengthen macro-policy coordination in driving the world economy out of the crisis
Special Drawing Rights (SDRs) as well as the IMF’s decision to establish the Resilience and Sustainability
Trust (RST)
Post COVID-19 pandemic - disruption, including the widening North-South development gap, divergent
recovery trajectories, pre-existing developmental fault-lines and a technological divide
Working in Solidarity to Combat COVID-19
WTO on relevant IP waiver proposals, as well as capacity building and strengthening local production of
vaccines and other health tools
Universal Health Coverage (UHC), vaccine research and development and digital health systems will
strengthen technical multilateral cooperation aimed at enhancing capacities in the fields of responding
to major public health emergencies via BRICS High-Level Forum on Traditional Medicine
Initiative on Strengthening Vaccine Cooperation and Jointly Building a Defensive Line against Pandemic
with BRICS Vaccine Research and Development Center
Safeguarding Peace and Security
Strengthen BRICS Solidarity and Cooperation, Respond to New Features and Challenges in International
Situation
Secure and stable Afghanistan, preserving the JCPOA and the UNSCR 2231; Middle East and North Africa
for peace
International Committee of the Red Cross ICRC and UN Agencies to provide humanitarian assistance
Russia – Ukraine war
Reject double standards in countering terrorism and extremism conducive to terrorism
Promoting Economic Recovery
Strategy for BRICS Economic Partnership 2025
China’s hosting the "Buy BRICS" online promotion event and endorse the BRICS Digital Economy
Partnership Framework and initiative on Enhancing Cooperation on Supply Chains
To establish the BRICS Trade in Services Network (BTSN) and developing the BRICS Economic Bulletin
2022 as part of our streamlined CRA research program
Centre for Industrial Competences & BRICS PartNIR Innovation Centre (BPIC) – Human resource
development
Forum on PartNIR, the BRICS Industrial Innovation Contest 2022, and the BPIC training programme,
which are aimed at translating the vision of PartNIR into real actions and benefits
Digital BRICS Task Force (DBTF) and the decision to hold the Digital BRICS Forum in 2022
DBTF and the BIFN as practicable to avoid any duplication for advancing the BRICS digital economy
advantages and domestic legal frameworks
BRICS Workshop on Customs Strategy and Capacity Building and the BRICS Workshop on Customs
Enforcement Cooperation, for smart cooperation and smart practice sharing
BRICS Energy Research Cooperation Platform via BRICS Youth Energy
7th edition of the BRICS Economic Research Award to encourage and stimulate advanced doctoral
research
BRICS statistical cooperation and continuing to release the BRICS Joint Statistical Publication 2022
Expediting Implementation of the 2030 Agenda for Sustainable Development
Progress on poverty, hunger, health care, education, climate change, access to clean water, and
environmental protection in all its three dimensions - economic, social and environmental - in a
balanced and integrated manner
Promote COP27 for financial support and technology transfer to developing countries & Convention on
Biological Diversity (COP15) and its Kunming Declaration
Action Plan 2021-2024 for Agricultural Cooperation - Strategic importance of agriculture inputs,
including, inter alia, fertilizers, on ensuring global food security
Big Data and Artificial Intelligence (AI) may play an important role towards sustainable development
while concern on risk, and ethical dilemma related to Artificial Intelligence, such as privacy,
manipulation, bias, human-robot interaction, employment
Establishment of the BRICS Joint Committee on Space Cooperation in line with the Agreement on
Cooperation on BRICS Remote Sensing Satellite Constellation
BRICS disaster management authorities - improving the global and regional disaster management
response and disaster reduction capacity, disaster resilient infrastructure and emergency rescue and
response
Deepening People-to-People Exchanges
Alliance for Green Tourism; TVET Cooperation with industry; arts and culture, cultural heritage, cultural
industry and cultural alliances; Beijing Initiative of BRICS Business community; BRICS Women’s Business
Alliance (WBA)
Fields of governance, culture, education, sports, arts, films, media, youth and academic exchanges and
BRICS Sports Ministers Meeting in 2022, institutionalization of the BRICS Civil Society Organizations
Forum, BRICS Media Forum and the continuation of the BRICS International Journalism Training
Program, BRICS Youth Summit, Urbanization, Friendship Cities and Local Governments Cooperation
Forum

Strategy for BRICS Economic & Future

Trade - Financial stability, cooperation between companies in the BRICS countries especially (MSMEs).
Enhance trade and economic cooperation, reducing barriers in mutual trade in goods and services via
BRICS Action Agenda on Economic and Trade Cooperation. Open, transparent, non-discriminatory,
inclusive, rules-based multilateral trading system with the WTO. Necessary WTO reform with a view to
enhance the WTO's resilience, authority and efficacy and S&DT (special and differential treatment) is a
tool to facilitate the achievement of WTO objectives with respect to economic growth and
development. Create conducive environment for restoring the trust in multilateralism. Intra-BRICS trade
and economic cooperation in the areas where BRICS members have already reached joint arrangements
and results. Diversify trade cooperation, new models of production, re-orient markets and increase
trade turnover. Integration of the global and regional value chains. Supply chain connectivity by
bottlenecks in regional supply chain to ensure more efficient and timely operation. Practices and
cooperate of intellectual property rights to balance between owners and users. Cooperation on
technical regulation, standards and accreditation. Exchange experience and good practices via
e-commerce. Strengthen customs cooperation on the authorized economic operators and compatibility
of national "single window" mechanisms. BRICS Business Council instruments for direct contacts
between enterprises & associations. Law enforcement and policies to foster a fair market environment
for efficient and sustainable trade development.
Investment
To increase the share of value added goods and services in intra-BRICS trade. Transparency for mutual
trade & FDI to strengthen industrial development complementarities & inclusive growth. Stimulating
competition, predictability & interaction between BRICS investment agencies. Favorable financial &
public-private partnership instruments like technical assistance and capacity building to attract
investment with New Development Bank’s infrastructure development, innovative and technological
projects by raising awareness & knowledge sharing. BRICS business environment on voluntary basis to
improve their positions in international ease of doing business rankings.
MSMEs - Popularizing and promoting entrepreneurship. Create favorable conditions like trade and
economic intra-BRICS cooperation, integration, diversified regional & global value chains, digital
instruments and equal opportunities (women entrepreneurs) for exploring the potential via e-commerce
& other platforms (BRICS Women Business Alliance) for BRICS MSMEs. Domestic legal framework to
enter global markets through accessibility of country level state services, financial, export opportunities,
creating new incentives, innovation, technology exchange and research. E.g. construction, logistics,
maintenance of transportation and infrastructure facilities to address social and development
challenges.
Finance - Exchange views and communicate the positions on the agenda of the G20, IMF and other
international financial institutions. Reforming the international financial architecture within role of
BRICS. Quota based BRICS voting share in the IMF and World Bank to increase BRICS representation in
the global financial architecture. Promote work to increase the share of national currencies in mutual
payments. Strengthen the BRICS countries' cooperation with regard to payments systems concerning
new financial technologies and information security. Develop domestic capital markets, BRICS Local
Currency Bond Fund & CRA System of Exchange in Macroeconomic Information (SEMI). Facilitate the
New Development Bank as a competitive and effective multilateral development institution and attract
financial resources of national and international development banks. Stimulating infrastructure
investment & intensify cooperation with BRICS Inter-Bank Cooperation Mechanism, BRICS tax
administrations and BRICS Task Force on PPP. Combat money-laundering and financing of terrorism.

Digital Economy
Modernization, transformation of the industry, stimulation of the national economies to meet the 2030
Sustainable Development Goals. Fourth Industrial Revolution & economic sectors (inclusive
macroeconomic and social policies) for urban and rural areas and suffering from limited access to basic
social services.
Digital Transformation - exchange experiences; explore issues, accessibility, quality of goods and
services, address digital divide by bridging the gap via digital infrastructure, digital skills (digital literacy
programs, training and skills development) and digitally-enabled services. Inclusion of digitally deprived
segments of society on improving access & connectivity of people living in rural areas, as well as groups
of persons with disabilities. Projects like digital identification systems, systems for Big Data
management, smart cities and communities. Digital governance in the framework of the Digital BRICS
Task Force (DBTF).
Industry, Innovation and Technology - integration of innovative, new and emerging technologies &
services throughout all sectors of economy (traditional industries & building intelligence) by
implementing projects, upskilling and reskilling programs with NDB, DBTF & iBRICS for inclusive growth
& strengthen BRICS-UNIDO cooperation. Establish joint technology platforms, innovation and
technology hubs, network of high-technology zones / industry and science parks, research, ICT
equipment and capacity building centers, industrial development funds as well as business incubators.
Develop convergent and natural-like technologies via cooperation between multi-sectoral high-
technology industrial. BRICS scientific identity, next-gen leadership via young scientist’s forum.
Sustainable Development
UN 2030 SDGs; economic, social and environmental – in a balanced and integrated manner.
Climate Change - implementation of the CDBR-RC, UNFCCC and its Paris Agreement for sustainable
lifestyles; reduction of greenhouse gas (GHG) emissions, minimization of human-induced impact &
waste management via projects like low-carbon technologies, Environmentally Sound Technology
Platform and measures, such as collection, transportation, processing, recycling, reusing, waste disposal.
Prevent and reduce the impacts of natural and human-made disasters.
Energy - sustainable investment in the energy sector by NDB; fostering energy transitions by use of the
BRICS Energy Research Cooperation Platform and Roadmap for BRICS Energy Cooperation. Energy
security and stability in world energy markets via sustainable infrastructure like renewable energy in the
power, transportation, heat, and industrial sectors. Balanced energy mix of non-renewable and
renewable sources including natural gas & liquefied natural gas. Energy efficiency, cooperation in energy
conservation and reduce pollutant emissions in the transportation sector by encouraging wider use of
gas, biogas, biofuels, introduction of EV. Skills and capacity transfer in renewable energy technology
development and deployment covering wind, solar and hydro-electric energy and bioenergy and nuclear
energy as an important contributor to cleaner energy. Infrastructures for inter-operability to enhance
air, land and sea connectivity.
Human Resources Development
Eradicating poverty (minimum wage standard) in all its forms and dimensions, including extreme
poverty as objective of 2030 SDG. Development of sectors like education (advanced skills) and health
(medical services, vaccination & universal health coverage), agriculture, social services and social
infrastructure (social security systems) in urban and rural areas. Access to equal, inclusive and quality
education, including with the means of digital technologies. Flexible employment and promote decent
work like tourism and travel services in the BRICS countries to attract investment & develop the tourism
industry. Finally support cultural, academic and youth cooperation.
Food Security
Improve nutrition and facilitate access to food for all, especially the most vulnerable population living in
rural areas. Building sustainable food systems and increasing the level of agricultural productivity,
markets, product trade, investment, reducing food loss and waste. Implementation of the 2030 Agenda,
South-South cooperation and protection of traditional agricultural civilization. Preservation and rational
use of water resources

Criticism

BRIC projections are based on the assumptions that resources are limitless and endlessly available when
needed. In reality, many important resources currently necessary to sustain economic growth, such as
oil, natural gas, coal, other fossil fuels, and uranium might soon experience a peak in production before
enough renewable energy can be developed and commercialized, which might result in slower
economic growth than anticipated and unpredictable consequences for the global environment.
Nobel Prize winning economist Joseph Stiglitz said the NDB marks a "fundamental change in global
economic and political power." In his opinion, "The existing institutions just don't have enough
resources.
Without China BRICS is just nothing. China is the muscle of the group and dominates GDP, foreign-
exchange reserves are more than twice combined of all other fours. They are the one with the big
reserves. They are the biggest potential market.
China and India as major manufacturing countries with unrealized potential has been widely recognized,
but some commentators state that China's and Russia's large-scale disregard for human rights and
democracy could be a problem in the future while conflict over Taiwan in the case of China, or Ukraine
in the case of Russia.
Henry Kissinger has stated that the BRIC nations have no hope of acting together as a coherent bloc in
world affairs and that any cooperation will be the result of forces acting on the individual nations.
India's inside caste suppression of Buddhists, dalit & minorities; relations with Pakistan have always
been tense i.e. nuclear standoff, Border conflicts with Pakistan & china which also BRICS member,
mostly over the long-held dispute over Kashmir, has further aggravated any economic ties. This impedes
progress by limiting government finances, increasing social unrest, and limiting potential domestic
economic demand. Factors such as international conflict, civil unrest, unwise political policy, outbreaks
of disease, naxalism (Maoist) & terrorism are all factors that are difficult to predict and that could have
an effect on the destiny of any country. India might soon face civil war before 2040-50 rest are
unpredicted.
Western analysts highlighted potential divisions and weaknesses in the grouping, including significant
economic instabilities, disagreements among the members over the UN Security Council reform.
Isobel Coleman (Council on Foreign Relations, director of CFR's Civil Society, Markets, and Democracy
Program) said that members of BRICS share a lack of consensus.
Vijay Prasad (author) and the Edward Saeed (American University of Beirut), based on ideological
differences and policies has raised the BRICS limitations as a political and economic "locomotive of the
South" because they follow neoliberal policies and has no ability to challenge the primacy of the United
States and NATO.
During Covid-19 BRICS community China, India, and South Africa are the most willing to take the vaccine
while Brazil and Russia have more skepticism than the other three. 13th BRICS summit, Indian Prime
Minister Narendra Modi called for a transparent investigation into the origins of COVID-19 under the
World Health Organization with the full cooperation of "all countries", and Chinese leader Xi Jinping
spoke directly afterwards, calling on BRICS countries to "oppose politicization" of the process. This
shows lack of reliance, coherent strategy, absence of clear common objectives and communication gap
between countries at time of pandemic which can be litmus test for viewers.

ACRONYM
United Nations Framework Convention on Climate Change (UNFCCC)
Bacteriological (Biological) and Toxin Weapons and on their Destruction (BTWC)
Chemical Weapons and on Their Destruction (CWC)
Prevention arms race in outer space (PAROS)
Prevention of the Placement of Weapons in Outer Space, the Threat (PPWT)
Official Development Assistance (ODA)
Transparency and Confidence-Building Measures (TCBMs)
Joint Comprehensive Plan of Action (JCPOA) Iran nuclear
United Nations Security Council Resolutions (UNSCR)
International Committee of the Red Cross
UNSC and UNGA
Universal Health Coverage (UHC)
Resilience and Sustainability Trust (RST)
BRICS Institute for the Future of Network (BIFN)
Special Drawing Rights (SDRs)
Emerging markets and developing countries (EMDCs)
BRICS Trade in Services Network (BTSN)
Digital BRICS Task Force (DBTF)
BRICS Think Tank Network for Finance
BRICS Payments Task Force (BPTF)

CONCLUSION
Since Jim O’Neill coined the term BRIC, the countries have been part of an ongoing academic debate
about the grouping’s relevance. This article contributes to the debate on the institutionalization of the
cooperation between the BRICS countries by examining the degree to which the pledges in the various
BRICS Declarations and Joint Statements for intensification of intra-BRICS economic cooperation are
reflected in COFDI in the four other BRICS countries, the value of Chinese construction contracts in these
countries, and bilateral trade between China and the other four BRICS. It focused on the economic
reality behind the official BRICS rhetoric outlined in their statements by testing the bilateral economic
relations between the BRICS countries. Despite the various pledges, the intensification of the BRICS
economic cooperation is limited. A handful of mega deals profoundly affect COFDI numbers in Brazil,
and in part, explain peaks in annual investment. China and India have become main investment
destinations for foreign investors, but mutual investment between the two sides does not reflect this.
There are various limitations to this study. First, the paper is primarily an empirical contribution. Despite
this paper mainly being an empirical contribution, it does contribute to the literature on international
cooperation and trade. The findings are also well understood in the public choice literature, highlighting
the difference between policy statements and outcomes. In this light, it is also relevant to link this with
the neorealist IR literature, where state interests prevail. The various limitations also serve as venues for
further research.

ACKNOWLEDGEMENT
This research was supported by Faculty of Master of Arts in Peace Studies & Diplomacy especially DR.
Suraphol Srivithaya for documents and materials generously facilitated the preparation of paper. The
author wishes to express sincere thanks to Siam University for my participation. Their cooperation is
high gratefully acknowledged.

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