Exploring BRICS Expansion and India’s Role on Global Economic Landscape
来源:moderndiplomacy.eu;发表于:2024-03-28;人气指数:76
Thursday, March
28, 2024
Exploring BRICS Expansion and India’s
Role on Global Economic Landscape
By Kester Kenn Klomegah
BRICS (Brazil, Russia, India, China and
South Africa), an informal association of emerging economies that primarily
seeks to promote economic cooperation and development among its members, under
Russia’s presidency has admitted five new members – Egypt, Ethiopia, Iran,
Saudi Arabia and the United Arab Emirates into its fold. Russia has made the
association’s expansion of its numerical strength one of its priorities this
year 2024.
Within the context of geopolitical
changes, that priority step to widen its geographical scope represents an
important stage in the further development and strengthening of BRICS+ position
on the world stage. Further aiming at creating a cohesive alliance to fight
European and Western hegemony, BRICS+ however faces several challenges
including differences in political systems, economic structures and cultural
norms of its member countries.
In this interview, President of Indian
Business Alliance (IBA) and Founder of The Imperial Tailoring Co., Sammy
Kotwani, says despite those challenges mentioned above, there are also many
reasons to be optimistic about the prospects for BRICS+ and the Global South
collaboration. Aware of the current evolving geopolitical power dynamics,
BRICS+ possesses the collective strength and unique capacity to address the
challenges of diversity and unequal distribution of resources in the Global
South. Here are the interview excerpts:
With rising political differences and
economic developments, a number of countries are gearing for ascension unto
BRICS (Brazil, Russia, India, China and South Africa). In your view what are
the benefits of BRICS expansion?
The expansion of BRICS, comprising
Brazil, Russia, India, China, and South Africa, marks a significant stride
towards fostering economic cooperation, geopolitical balance, and sustainable
development. The collective strength of these diverse economies offers a
multitude of benefits, such as enhanced trade opportunities, technological
collaboration, and investment inflow. BRICS expansion not only amplifies the
voice of emerging economies on the global stage but also promotes inclusive
growth, innovation, and resilience amidst geopolitical uncertainties. The
synergy among BRICS nations cultivates a conducive environment for knowledge
sharing, infrastructure development, and capacity-building initiatives,
ultimately driving economic prosperity and social progress across member
states.
During its presidency in 2023, India
played its part, but it seemingly encounter challenges with Russia and China
over the question relating to Ukraine. Within the context of BRICS, does India
support Russia against Ukraine?
India, as a longstanding proponent of
multilateralism and peaceful resolution of conflicts, upholds diplomatic
dialogue and negotiation as key tenets of foreign policy. In the context of
BRICS, India advocates for dialogue and consensus-building to address regional
challenges, including those related to Ukraine. While maintaining cordial
relations with all BRICS members, India prioritizes a balanced and pragmatic
approach towards addressing geopolitical tensions, upholding the principles of
sovereignty, non-interference, and mutual respect among nations.
What are your arguments here, that India
faces competition with China vis-avis with Russia in leading the what is
referred to as Global South?
India navigates a nuanced path in the
context of global competition with China and Russia within the Global South.
While recognizing China’s economic prowess and Russia’s strategic significance,
India positions itself as a vibrant democracy, a burgeoning economic
powerhouse, and a key player in fostering South-South cooperation. Leveraging
its cultural diversity, technological advancements, and entrepreneurial
potential, India aims to consolidate its role as a responsible global player,
championing inclusive development, innovation, and sustainable growth in
partnership with other emerging economies.
With the narratives and the reasons for
the scramble for Africa’s resources and Russia making its inroads into the
continent, how would you assess BRICS (excluding South Africa) members’
strategic economic footprints across Africa?
The strategic economic footprints of
BRICS members across Africa offer a transformative narrative of collaboration,
investment, and capacity-building initiatives. While each BRICS member brings
unique strengths and resources to the African continent, concerted efforts
towards infrastructure development, technology transfer, and skill enhancement
have propelled economic growth, social development, and mutual prosperity.
Russia’s engagements in Africa underscore the region’s strategic importance,
while coordinated actions by BRICS members amplify the impact of joint
initiatives, fostering sustainable development across diverse sectors.
How do you view perspectives for the
Global South towards the emerging new economic architecture, especially the
concept of de-dollarization?
The transition towards a new economic
architecture, characterized by de-dollarization and diversification of global
financial frameworks, presents immense opportunities and challenges for the
Global South. The concept of de-dollarization signifies a shift towards
financial independence, stability, and resilience, aiming to reduce dependency
on traditional monetary systems and mitigate economic vulnerabilities.
Embracing this evolving paradigm, the Global South can harness its collective
strengths, promote financial inclusivity, and shape a more equitable and
sustainable economic order, fostering inclusive growth and mutual prosperity.
Do you agree that the International
Monetary Bank (IMF) and the World Bank, in terms of scope of operations and
geographical performance, are far ahead of the New Development Bank (BRICS
Bank)?
The New Development Bank (BRICS Bank),
though in its nascent stage, demonstrates a promising alternative to the IMF
and World Bank, offering a platform for emerging economies to mobilize
financial resources, fund sustainable projects, and address developmental
challenges. While the IMF and world Bank boast a longer operational history and
broader geographical reach, the NDB, with its focus on infrastructure
financing, sustainable development, and inclusivity, presents a nimble and
responsive financing model tailored to the needs of BRICS member states and
beyond. As the NDB evolves, strategic coordination among international
financial institutions can foster synergies, promote financial stability, and
catalyze inclusive growth worldwide.
As President of the Indian Business
Alliance (IBA) in the Russian Federation, do you envisage India, on the
platform of BRICS, to demonstrate practical steps in enforcing the diversity in
culture, fashion, sports and education) along the pathways of multipolarism?
As President of the Indian Business
Alliance in the Russian Federation, I envision India, through the platform of
BRICS, to champion cultural exchange, fashion innovation, sports diplomacy, and
educational collaboration, celebrating diversity and inclusivity along the
pathways of multipolarism. India’s rich cultural heritage, vibrant fashion
industry, sports prowess and education.
MD Africa Editor Kester Kenn Klomegah is
an independent researcher and writer on African affairs in the EurAsian region
and former Soviet republics.
Modern Diplomacy
Source: moderndiplomacy.eu