BRICS Declaration

BRICS brings together five major emerging economies, comprising 43% of the world population, having 30% of the world GDP and 17% share in the world trade. The acronym BRIC was first used in 2001 by Goldman Sachs in their Global Economics Paper, "The World Needs Better Economic BRICs" on the basis of econometric analyses projecting that the economies of Brazil, Russia, India and China would individually and collectively occupy far greater economic space and would be amongst the world's largest economies in the next 50 years or so. As a formal grouping, BRIC started after the meeting of the Leaders of Russia, India and China in St. Petersburg on the margins of G8 Outreach Summit in 2006. The grouping was formalized during the 1st meeting of BRIC Foreign Ministers on the margins of UNGA in New York in 2006. The 1st BRIC Summit was held in Yekaterinburg, Russia, on 16 June 2009. It was agreed to expand BRIC into BRICS with the inclusion of South Africa at the BRIC Foreign Ministers' meeting in New York in September 2010. Accordingly, South Africa attended the 3rd BRICS Summit in Sanya, China on 14 April 2011. Six BRICS Summits have been held so far; the first in Sanya, China in 2011, the second in New Delhi, India in 2012, and the third in Durban, South Africa in 2013, the fourth in Fortaleza, Brazil, the fifth in Ufa, Russia and recently the sixth in Goa, India.

While the concept "BRICS" was first created to refer to the investment opportunities of the rising emerging economies, the leaders' meetings transcend the financial context to embrace a wide range of summit-level issues relating to global governance, such as development, peace and security, energy and climate change, and social issues. The BRICS mechanism also aims at contributing significantly to the development of humanity and establishing a more equitable and fair world. In 2011, the BRICS' share of GDP, based on PPP amounted to about 20 % and 25% (estimated at US$13,7 trillion). BRICS countries occupy 30% of the global territory. They are home to 45% of the world's population. BRICS cooperation has two pillars - consultation on issues of mutual interest through meetings of Leaders as well as of Ministers of Finance, Trade, Health, S&T, Education, Agriculture, Communication, Labour, etc. and practical cooperation in a number of areas through meetings of Working Groups/Senior Officials. Regular annual Summits as well as meetings of Leaders on the margins of G20 Summits are held. Recently India hosted BRICS summit in Goa. This was eighth BRICS summit and second BRICS summit hosted by India. The theme of India's BRICS Chairmanship is Building Responsive, Inclusive and Collective Solutions. During Indias BRICS Chairmanship, five-pronged approach was adopted:

(i) Institution building to further deepen, sustain and institutionalise BRICS cooperation;
(ii) Implementation of the decisions from previous Summits;
(iii) Integrating the existing cooperation mechanisms;
(iv) Innovation, i.e., new cooperation mechanisms; and
(v) Continuity, i.e., continuation of mutually agreed existing BRICS cooperation mechanisms.

In short, the Indian approach towards its BRICS Chairmanship could be captured by 'IIIIC or I4C'. The focus during India's BRICS Chairmanship was on enhanced people-to-people (P2P) contacts of BRICS member states, especially youth. In this context, India has planned activities like U-17 Football Tournament, Youth Summit, Young Diplomats' Forum, Film Festival etc.

Goa declaration came up with some very important points which will have bearing on Indian as well as world dynamics. Important declarations in Goa declaration are given below:

• Countries note with satisfaction the operationalisation of the New Development Bank (NDB) and of the Contingent Reserve Arrangement (CRA), which contributes greatly to the global economy and the strengthening of the international financial architecture.

• In order to reach out and enrich our understanding and engagement with fellow developingand emerging economies,countries held an OutreachSummit of BRICS Leaders with the Leaders of BIMSTEC member countries - Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation comprising of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.

• Countries reiterated common vision of ongoing profound shifts in the world as it transitions to a more just, democratic, and multi-polar international order based on the central role of the United Nations, and respect for international law.

• Countries reiterated that international efforts to address these challenges, the establishment ofsustainable peace as well as the transition to a more just, equitable and democratic multi-polar international order.

• This requires a comprehensive, concerted and determined approach, based on spirit of solidarity, mutual trust and benefit, equity and cooperation, strong commitment to international law.

• Countries reiterated the necessity to implement the two-state solution of the Palestinian-Israeli conflict on the basis of the relevant UNSC resolutions, the Madrid Principles and Arab Peace Initiative, and previous agreements between the two sides,through negotiations aimed at creating an independent, viable, territorially contiguous Palestinian State livingside-by-side in peace with Israel.

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