Brics: Galvanised in the kiln of Ukraine war? | The Business Standard
Skip to main content
  • Home
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Food
    • Habitat
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
The Business Standard

Monday
December 04, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Food
    • Habitat
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
MONDAY, DECEMBER 04, 2023
Brics: Galvanised in the kiln of Ukraine war?

Panorama

Nasif Tanjim
25 June, 2022, 11:25 am
Last modified: 25 June, 2022, 11:31 am

Related News

  • Venezuela's Maduro says seeking China's help to join BRICS
  • Explainer: Who is Lavrov, the man leading Russia at G20 Summit as Putin’s proxy
  • Bangladesh on verge of getting BRICS membership: Planning minister
  • Egypt hopes Brics entry will lure foreign cash, but analysts counsel patience
  • PM's presence at BRICS enhances country’s image: Ex-UGC chair

Brics: Galvanised in the kiln of Ukraine war?

Trade within the group increased by 38% in the first quarter of 2022

Nasif Tanjim
25 June, 2022, 11:25 am
Last modified: 25 June, 2022, 11:31 am
Brics: Galvanised in the kiln of Ukraine war?
Nasif Tanjim
Nasif Tanjim

Brics, the group which owes its name to the initials of its five member states - Brazil, Russia, India, China and South Africa - has just held its annual summit in Beijing, China. It gave out one message loud and clear that although the West has closed its door on Russia, it is still in business with the rest of the world, especially Brics countries.

The group's importance cannot be overstated. Currently, Brics countries represent 40% of the world population, account for 25% of the global economy and 18% of world trade, and contribute 50% to the world's economic growth, and their combined GDP stands at more than $23tn.

This year's summit is also somewhat special as it is the first major international forum Vladimir Putin joined since he invaded Ukraine in February this year, subsequently leading to the near isolation of Russia from the US and its western allies, bringing back memories of the Cold war.

Of course, this is what sets Brics apart from other multilateral forums in the first place. The alliance serves as a counter to the US-led West, which has been dominating global economics, politics and development for a long time. 

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

The Brics summit is important for a few other reasons as well. Brics is a unique trans-continental multilateral forum that brings together five major countries — one each from Eurasia (Russia), Africa (South Africa), Latin America (Brazil) and two Asian powerhouses (China and India). 

Brics also provides a platform for voicing the concerns and aspirations of developing countries. Chinese state media have praised the Brics for boosting "multilateral cooperation with non-Western styles, forms and principles."
Gaining momentum?

Following Putin's invasion of Ukraine on February 24, the US, UK, EU, and several other nations sanctioned Russian businesses and entities, with the US and EU banning imports of Russian oil. The EU is set to ban almost 90% of Russian oil imports by 2023.

Since then, Russia has been successfully redirecting its trade flows to Brics nations and other "reliable international partners". China and India had been rushing to snap up Russian oil at low prices as Western importers pulled out, with Russia's oil export revenues jumping by 11% in May.

As Putin stated in the summit, trade within the group increased by 38% in the first quarter of 2022. 

Faraway but nearer

This year talks are being held in a virtual format, for the third consecutive year, in contrast to Quad, an informal strategic forum comprising India, Australia, Japan and the US - whose leaders met in person in Japan last month.
This might be partly because the Brics hasn't lived up to expectations over the years. When the group was formed back in 2009, it was expected to reshape the global economy and create a new financial order to help the developing world. its success can be described at best as moderate. 

Brics' biggest achievement so far has been establishing the New Development Bank (NDB). The bank is focused on assisting the member countries in dealing with the crisis and following economic recovery.

Some speculate the virtual nature of the summit could also be a result of Putin's recent practice of maintaining physical distance from other global leaders. The Russian premier has not been meeting even his generals face to face since the Ukraine invasion.

Nevertheless, this year's summit apparently brought the group's leaders even closer.

Despite their substantial differences, the leaders of the five countries usually maintain a certain distance from the United States-led liberal order.

Only Brazil voted against Russia's invasion of Ukraine at the United Nations earlier this year. China, India and South Africa all abstained from condemning the invasion. Plus, none of the leaders of Brazil, India, China, or South Africa openly criticised the Kremlin for its invasion of Ukraine.

In his opening address at this summit, Chinese President Xi Jinping said, "We must abandon the cold war mentality and bloc confrontation and oppose unilateral sanctions and the abuse of sanctions," in an apparent criticism of the US. He also stressed

Brics' importance at a time when "The US (is) pulling its Western allies to 'rebel' against globalisation". 

President Jinping stated that the group's purpose was to "make the world a more stable place" and "speak out for equity and justice."

On Wednesday, President Jinping, in his address to the Brics Business Forum, appeared to lay the blame on Ukraine for Russia's invasion, calling it a "wake-up call" and a reminder that "attempts to expand military alliances and seek one's own security at the expense of others will only land oneself in a security dilemma."

Addressing the forum, Russian Prime Minister Vladimir Putinwas buoyant about the economic opportunities presented by Brics, flaunting negotiations on opening Indian chain stores in Russia and increasing Chinese industrial imports. 

The Russian premier thanked Xi and his "Chinese friends" and blasted the "selfish actions of certain states" that he said had thrown the global economy into a crisis, referring to sanctions against his government. 

The Brics group, he continued, might soon take a step further by opposing the US dollar and developing its own global reserve currency based on the "basket of currencies of our countries."

Compared to the other leaders, South African President Cyril Ramaphosa was the most restrained in his speech at the Bric summit. He said, "In line with our foreign policy principles, South Africa continues to call for dialogue and negotiation toward a peaceful resolution of conflicts around the world."

India's choice
India, also a Quadrilateral Security Dialogue(Quad) member, is set to attend the G-7 summit between 26 June and 28 June. In July, it joins another new grouping, I2-U2, with the leaders of Israel, the United Arab Emirates, and most importantly, the United States. So it no doubt faces a challenge to keep up its balancing act between East and West.

Delhi isn't unaware of its situation and is reportedly working to block any attempts to insert anti-US messaging into the Brics joint statement.Despite trying to put up a united front against the US and its allies, Brics member states also have disagreements among themselves. Bolsonaro has notably made anti-China statements in the past, while nuclear-powered neighbours India and China have locked heads multiple times on border issues, most recently about Ladakh. 
 
 

BRICS

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • For the first time, Bangladesh seeks foreign loans to support Rohingyas
    For the first time, Bangladesh seeks foreign loans to support Rohingyas
  • Treasury bill interest rate tops 11%
    Treasury bill interest rate tops 11%
  • File Photo of Prime Minister Sheikh Hasina
    PM to hold meeting with leaders of 14-party alliance tomorrow

MOST VIEWED

  • Representative image
    5.5 magnitude earthquake jolts Dhaka, parts of country
  • Cox's Bazar Express started its first journey from Cox's Bazar to Dhaka at 12:40pm on Friday (1 December). Photo: Nupa Alam
    Man crushed by Cox's Bazar Express on debut journey
  • Representative image
    BCS admin cadres' organisation forays into luxury hotel business
  • Will Bangladeshi garment exporters be able to meet EU's upcoming standards?
    Will Bangladeshi garment exporters be able to meet EU's upcoming standards?
  • 5 renewable power projects on cards to counter global fuel price surge
    5 renewable power projects on cards to counter global fuel price surge
  • Collage of the Android Earthquake Alerts System screenshots posted on the social media on Saturday, 2 December 2023
    Here’s how your Android phone alerts you of an earthquake

Related News

  • Venezuela's Maduro says seeking China's help to join BRICS
  • Explainer: Who is Lavrov, the man leading Russia at G20 Summit as Putin’s proxy
  • Bangladesh on verge of getting BRICS membership: Planning minister
  • Egypt hopes Brics entry will lure foreign cash, but analysts counsel patience
  • PM's presence at BRICS enhances country’s image: Ex-UGC chair

Features

Designed for utility, the D90 is a giant in comparison to other MG models and misses out on design elements which gives the other models their sporty stance. Photo: Akif Hamid

Maxus D90: Spacious, capable and practical

6h | Wheels
Maria Callas: Remembering the soprano diva on her century

Maria Callas: Remembering the soprano diva on her century

5h | Features
Photo: Touseful Islam

Last sip of coffee with cats: Bidding adieu to Capawcino

7h | Features
Jannatul Ferdous Ivy has written 11 books so far with the latest, a series of poems, being published this year. Photo: Noor-A-Alam

Jannatul Ferdous Ivy: Overcoming tragedy, excelling in life

15h | Panorama

More Videos from TBS

Euro champion Italy in 'Group of Death' with Spain and Croatia

Euro champion Italy in 'Group of Death' with Spain and Croatia

2h | TBS SPORTS
Will Israel kill expatriate Hamas leaders after the war?

Will Israel kill expatriate Hamas leaders after the war?

1h | TBS World
Mahiya Mahi, Dolly Sayantani and Hero Alam's candidacy canceled!

Mahiya Mahi, Dolly Sayantani and Hero Alam's candidacy canceled!

5h | TBS Stories
Doctors of bike engines

Doctors of bike engines

3h | TBS Stories
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net