Sixth BRICS Summit: A step towards more equitable global order?
The Declaration pushes for a more equitable norm and the New Development Bank is an interesting outcome. The initial subscribed capital of $50 billion dollars and the responsibilities of the functioning are to be shared equally among the founding members of the bank. While China will host the headquarters, the regional centre will be located in South Africa; similarly the first President of the Bank will be from India, the First Board of Governors from Russia and the first chair of Board of Directors from Brazil.
Future of Golden BRICS
With the successful holding of the fifth summit of Brazil, Russia, India, China and South Africa (BRICS) in Durban during March 26–27, 2013, this influential group of emerging economies completed its first important phase of genesis and evolution. The idea was floated in 2001 as an ‘acronym’ created by an investment banker of Goldman Sachs, Jim O'Neil who believed that the fast-growing economies of Brazil, Russia, China and India would be the single greatest game changers in coming times.
BRICS comes of age at Durban
BRICS is not challenging the existing world order. It is seeking a place in the sun for developing countries. It is looking at alternative approaches but there is no desire to seek confrontation with the West.
BRICS Baby Steps: The Challenges Ahead
Now that NAM is defunct and very little wealth is left in the Commonwealth, and given that the G-20 has a set parameter and doesn’t encompass the aggregate of the hopes and aspirations of the developing world, India should use the BRICS forum to project its global profile.
BRICS Development Bank: Figuring out the Durban Bid
If the BRICS Development Bank comes up, it will not only be a big moment for BRICS itself, but also for the global financial structure where the role, stake and space of the developing world will grow massively.
BRICS Now Matter In The Changing Global World Order
With economic growth and the political centre of gravity continuing to shift, BRICS already have a major role in dealing with transnational challenges, with power sharing institutionalised in the international architecture through the G20.
BRICS: In Search of Unity?
While their growing economic clout has brought Brazil, Russia, India, China and South Africa together, translating the hand holding gestures at the end of each summit into real unity is likely to remain a daunting task.
