"Discussions underway regarding criteria, procedure": MEA on BRICS expansion

Indian Ministry of External Affairs spokesperson Arindam Bagchi said on Friday that discussions are underway regarding the criteria and procedure for the expansion of the BRICS grouping. BRICS is an alliance comprising Brazil, Russia, India, and China - a collective representation of emerging economies.

"…Criteria, procedure, leaders have mandated from the last BRICS summit. Discussions are underway at the Sherpa level, on what the criteria could be. Certainly, we are approaching this very positive mind and positive framework. Let's see what the summit brings out in this process," Arindam Bagchi said in an MEA press briefing. He also refuted any claims that India was against any such expansion of the BRICS bloc.

"Regarding, what else we are expecting from the summit. This is an organisation in which we have been participating from inception, and this is something that we attach value. I will be waiting for a detailed preview of Prime Minister's visit…" he further said. Meanwhile, this year, South Africa is chairing the BRICS and will host the prestigious 15th Summit in Johannesburg from August 22-24, 2023 with great anticipation.

Prime Minister Narendra Modi also accepted the invitation of the summit sent by South African President Cyril Ramaphosa. Formed as BRIC and later joined by South Africa, BRICS stands as a beacon of economic optimism, presenting an alternative global order to challenge the dominance of traditional institutions. The visionary concept was coined by Goldman Sachs economist Jim O'Neil in 2001.

BRICS economies represent 27 per cent of the global Gross Domestic Product (GDP) and over 18 per cent of global trade. These countries also register 50 per cent of the total global economic growth, making them the most significant countries propelling global growth. Over the years, the BRICS has accomplished several achievements. The two notable ones are the New Development Bank and the Contingent Reserve Arrangement. The New Development Bank (NDB) was launched in 2014 with an initial capital of USD 50 billion, with member countries making an equal contribution of USD 10 billion each. (ANI)