8. BRICS Diplomacy and India’s interests

               BRICS is an acronym for its five constituent nations being Brazil, Russia, India, China and South Africa. It held its first summit in 2009 in Russia. It was initially known as BRIC. South Africa joined the forum in 2010. All the constituent nations are considering growing economies and have the potential to become next world leaders. They together represent 3 billion. They have a combined GDP of around US$ 16 trillion. They constitute 18% of the world economy. They have an estimated US$ 4 trillion foreign reserve. Though the member nations have their inherent differences, if they combine their might, they can become a strong force in today's world.

What are the differences?

1. India and China are having border issues right from 1950's.

2. India and China have issues with their interests in South China Sea.

3. India and Brazil are lately suffering from slowing economy.

4. China has domestic unrest with their political rule.

                There has been good relations between India and all other members except China. There has been good inroads since the inception of new PM with China. What happens next remains to be seen. Member nations always tend to ignore pressing problems between and have summits merely to sign some MOU's which shouldn’t be the case. We should take the forum seriously and address all pressing issues to get rid of them and move into new and beneficial frontiers.

                Below are some of the initiatives which can be taken during future summits,

1. Create a new combined cyber taskforce to tackle internet menace. Take advantage of China's extensive experience in it.

2. Form a common R&D body to develop the most advanced weaponry in the world.

3. Form a common body for Outer space study.

4. Form a strategy to have a balanced exports and imports between each constituting nations.

5. Share each other ideas on policy reforms adopted in each nations for corruption, environment, agriculture and education.

                Recently, BRICS have agreed to start a new bank with a US$ 100 billion capital investment. Headquarters will be placed in Shanghai. India will head the bank for first years. It is a very welcome step. Rumors are running around that our New PM was very vocal and assertive in having equal share holding among the nations. Though initially, China will invest $41 billion, Russia, Brazil and India $18 billion each and South Africa $5 billion. It can help in creating an alternative to IMF and World Bank but the success and relevance can be quantified only in upcoming years.

                BRICS represents new era, new developments, an alternative to conventional world powers, a challenge to US and EU, an initiative to reckon with. It can set the terms of future if properly nurtured. Relations can be in excellent terms if there are no internal conflicts dragging the members away. We can take the first step and lead from the front. If India and China can resolve issues amicably, BRICS is a forum to look for. US and EU will do their best to keep us apart. Should we break apart and suffer as individual nations or unite and form a strong force in the world? A thought to ponder upon by the heads of 5 large nations.