The Rise of the BRICS in the Global Political Economy
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The Rise of the BRICS in the Global Political Economy

Changing Paradigms?

Edited by Vai Io Lo and Mary Hiscock

Taking an interdisciplinary approach, Vai Io Lo and Mary Hiscock, together with scholars and researchers from around the world, investigate the rise of the BRICS and assess the extent of their further development and influence from the perspectives of economics, international relations and law.
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Chapter 1: The BRICS: An Indian perspective

H.E. Mr Biren Nanda

Extract

In 2001, a study by Goldman Sachs predicted that the BRICs would emerge as a major economic force by 2050. In just over a decade that grouping has been institutionalized and enlarged. By bringing in South Africa into the grouping at its third Summit, the BRICs leaders not only expanded their reach to all the continents barring North America, but have also added the strength of a nation of 50 million people with abundant natural resources and a growing economy. Within a short period of time the BRICS has come to acquire a powerful voice in the conduct of international relations. The role of the BRICS came into prominence as a driver of growth, at a time when the world was trying to cope with the global economic crisis. The BRICS agenda and approach was primarily economic. The BRICS countries sought a reform of global economic governance and developed an agenda of cooperation and interaction amongst themselves. The goal was to build upon the complementarities of their economies and to enhance their influence. Developments in West Asia and North Africa with their global implications have brought a political dimension into the BRICS agenda. The Delhi Summit delivered a clear statement of the BRICSí positions on Syria, Iran and Afghanistan. The BRICS has projected itself as an independent grouping in a fast changing world. The BRICS process is relatively new and its forums and formats are still evolving.

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