BRICS represents 39 percent of global GDP and 23 percent of global trade. It contributes 24 percent of foreign direct investment and 43 percent of global oil production. India is the founding member of BRICS and will Chair the Summit next year. This gives India leverage to foster economic cooperation among the member nations. It provides opportunities for attracting investments and access to markets abroad. During the ongoing 17th BRICS summit in Rio de Janeiro India has joined other countries to urge for reforms in global institutions, greater say in the UN Security Council and better access to climate finance.
BRICS provides India with an opportunity to boost partnerships and promote sustainable growth. In the Leaders’ Declaration announced yesterday on the first day of the Summit, it was resolved to strengthen multilateralism and reform global governance. To promote international peace, security and stability, deepen international cooperation in economics, trade and finance, combat climate change and promote sustainable, fair and inclusive development. It also decided to boost partnerships for the promotion of human, social and cultural development. BRICS is expanding with Indonesia becoming its permanent member yesterday. This can complement trade dynamics and strengthen India’s position in global affairs. India is experiencing robust economic growth with the services sector being a major contributor. This can benefit Indian companies to expand, have access to global supply chains and markets.
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