What is the BRICS group and why does the Russian president fear arrest for attending its meetings?

BRICS leaders are set to meet in Johannesburg on August 22.

The 'BRICS group of nations, which includes Brazil, Russia, India, China, and South Africa, will now also consider the issue of whether to make new members part of the alliance.

South Africa, the host country of the summit, has said that 40 or more countries now want to join the group.

How was the establishment of the BRICS group implemented?

In 2001, Jim O'Neill, an economist at the investment bank Goldman Sachs, coined the acronym 'BRIC' for Brazil, Russia, India, and China.

These were large but middle-income countries whose economies were developing rapidly at the time.  He predicted that they could become the leading economies of the world by the year 2050.

In 2006, the four countries decided to join together as the BRIC group.  South Africa joined the alliance in 2010, making the group 'BRICS'.

How important is this group?

The total population of BRICS countries is 3.24 billion and their combined national income is 26 trillion dollars.

This is 26% of the global economy.  However, according to the Atlantic Council, an American think tank, the BRICS countries have only 15 percent of the voting rights in the International Monetary Fund (IMF), the central financial institution of the United Nations.

What is the purpose of establishing a BRICS group?

BRICS was created to explore ways of reforming international financial institutions such as the IMF and the World Bank to ensure a 'stronger voice and representation' for emerging economies.

In 2014, the BRICS countries established the New Development Bank (NBD) with $250 billion in funds to provide development loans to emerging nations.  Countries that are not part of the group, such as Egypt and the United Arab Emirates, have joined the NBD.

Will the BRICS countries create a common currency?

Leading politicians in Brazil and Russia have recently proposed creating a single currency for the BRICS bloc to challenge the US dollar's dominance in international trade and finance.

However, South Africa's ambassador to BRICS and Asia, Anil Soklal, has said that it is not on the agenda of the Johannesburg summit.

Jim O'Neill of Goldman Sachs, who first floated the idea of ​​a 'BRIC', told Britain's Financial Times newspaper that the idea of ​​a common currency was 'ridiculous'.

What do the BRICS countries have in common and what are the factors that divide them?

Professor Padraig Carmody, who teaches development geography at Trinity College Dublin, says that the BRICS countries are large in their respective region, but China is the largest contributor.

"Through BRICS, China is asserting itself as a leading voice in the Global South, calling for reform or the overthrow of the current international system," he added.

However, India is China's rival in the Asia-Pacific region.

It has long-standing border disputes with China and has been working with the US and others to curb its expansion of influence in the region.

The BRICS countries are also divided on how to deal with the West.

Craven Butler, director of the Global Economy and Finance Program at Chatham House, a London-based think tank, said: "Russia sees BRICS as part of its fight against the West, which over sanctions imposed on it to invade Ukraine.  helps him to overcome.'

India and China have become the biggest customers of Russian oil after Western countries imposed restrictions on the import of Russian oil.

Russia also held joint naval exercises with China and South Africa in February 2023.

However, other BRICS members do not want this to become an overtly anti-Western agreement.

According to Craven Butler, South Africa, Brazil, and India do not want a divided world.  According to him, opposing the West would be bad for their security and prosperity.

Which countries want to join BRICS?

South Africa's ambassador to BRICS and Asia, Anil Soklal, said recently that 22 countries have formally asked to join the grouping and as many have expressed interest in joining the alliance.

They include Iran, Argentina, Cuba, Kazakhstan, Ethiopia, Saudi Arabia, United Arab Emirates, and Venezuela.

There is a perception that the balance of power is shifting away from the West and more developing countries are looking towards rising powers like the BRICS countries, but BRICS is a very special group," says Professor Carmody.

So will admitting new members weaken its influence?

Craven Butler says, "I guess a few nations will be made part of this alliance, but they will be nations like Argentina, rather than complex nations like Iran."

What topics will be discussed on the occasion of the BRICS summit?

The 2023 BRICS Leaders Summit is going to be held in Johannesburg from August 22 to 24.

Deciding the rules for who can join the group is a big topic of debate.

Other issues on the agenda of this meeting include tackling climate change, increasing trade, investment opportunities, and innovation in developing countries, and introducing reforms in the global governance system to give more importance to developing countries.

South Africa has invited more than 60 heads of state from Africa, Latin America, Asia, and the Caribbean to this meeting.

However, Russian President Vladimir Putin will not attend the meeting.  The International Criminal Court has issued warrants for his arrest on charges of war crimes.  He has already denied these allegations.

South Africa is also among the signatories of this international court and if the Russian president comes to South Africa, then it will be necessary for South Africa to arrest him.

President Putin has said that he will attend the summit 'virtually', that is, online, while Russian Foreign Minister Sergei Lavrov will travel to South Africa to attend the meeting.