The BRICS grouping has become a platform for discussing the challenges facing the Global South, Prime Minister Narendra Modi said before leaving for South Africa, where he is expected to meet with Chinese President Xi Jinping for the first time since their brief encounter at the G-20 Bali summit last November.

The 15th BRICS summit is the first in-person meet since 2019 and the COVID-19 pandemic, the first since the Russian war in Ukraine, and the first time that Mr. Modi and Mr. Xi will take part in such a restricted gathering of just four leaders since the LAC stand-off began in 2020.

BRICS is an acronym that represents an association of five major emerging economies: Brazil, Russia, India, China, and South Africa.

These countries are characterized by their significant influence on regional and global affairs due to their large populations, rapidly growing economies, and considerable natural resources. BRICS was originally known as "BRIC," with South Africa joining later to form BRICS.

The BRICS countries come together to discuss and collaborate on various economic, political, and strategic issues of mutual interest.

The association was formalized in 2006, and the first official BRIC summit was held in 2009.

Since then, these nations have held annual summits to discuss and coordinate on a wide range of topics, including economic cooperation, trade, investment, technology, and global governance.

BRICS holds several significant implications on both the global and regional levels. Some of the key points of significance include:

Economic Powerhouses: BRICS countries collectively represent a substantial portion of the world's population, land area, and economic output. Their combined economies contribute significantly to global GDP and trade. The group's influence in the global economy continues to grow, challenging the dominance of established economic powers.

Diverse Resources: BRICS nations possess vast reserves of natural resources, including minerals, energy, and agricultural products. This resource wealth contributes to their economic growth and also gives them the ability to impact global resource markets.

Multipolar World Order: BRICS seeks to promote a multipolar world order where power is distributed among several major players, rather than being concentrated in the hands of a few Western countries. This aspiration challenges the traditional dominance of the United States and Western Europe in global affairs.

Geopolitical Influence: The combined influence of BRICS nations in global politics gives them a stronger voice in international forums, allowing them to advocate for their interests and priorities. They often collaborate on issues such as global governance, reform of international institutions (like the IMF and World Bank), and peace and security matters.

Development and South-South Cooperation: Many BRICS nations are still in the process of development, and the group serves as a platform for sharing development experiences, strategies, and solutions. The concept of "South-South Cooperation" is emphasized, where developing countries collaborate to exchange knowledge, technology, and resources.

Trade and Investment: BRICS members aim to increase trade and investment among themselves, which can lead to economic growth and diversification. Their economies complement each other in terms of goods, services, and markets, creating opportunities for enhanced economic cooperation.

Infrastructure Development: BRICS established the New Development Bank (NDB), formerly known as the BRICS Development Bank, to provide funding for infrastructure and sustainable development projects in member countries and other emerging economies. This bank is an alternative to traditional Western-dominated financial institutions.

Cultural and Academic Exchanges: BRICS promotes cultural and academic exchanges among member nations, fostering a deeper understanding of each other's cultures, histories, and societies.

Innovation and Technology Cooperation: With their growing emphasis on innovation and technology, BRICS countries can collaborate to advance research, development, and the adoption of new technologies, which can further contribute to their economic growth.

Policy Coordination: BRICS summits allow member countries to coordinate policies and positions on a range of global issues, such as climate change, terrorism, and global health challenges.

Overall, BRICS serves as a counterbalance to the traditional Western-centric global order, providing emerging economies with a platform to collectively address common challenges and promote their interests on the global stage.

While there have been debates about the extent of the group's impact and the cohesion among its members, its significance as a forum for cooperation and dialogue remains noteworthy.

‘In a Multipolar world, platforms like BRICS serve as a counterbalance to traditional western centric order’. Discuss