GK & Current Affairs!
Can BRICS bring back rhythm in its usual attack against West dominated world economic order, especially after considerable conflict at the political level between the two stake holders – India and China?
This year’s theme may be the retreat of the West from globalization. BRICS intellectuals especially in Beijing believe that there is concerted effort from Western countries to exit from globalization as it considerably helped countries like China to emerge as powerful economies.
So far, all the BRICS declarations were full of the demand for reconstructing the West dominated governance structure of IMF and World Bank. Demand for local currency trade settlements and strengthening of BRICS Bank were some of the occasional issues.
But this year’s heads of state meeting at Goa comes after the US Congress ratified the Fourteenth Quota review of the IMF. Governance reform of the IMF was a major demand of the BRICS leaders ever since the first meeting at Yekaterinburg.
The new issue of anit-Globalization has got widespread acceptance among Russians as well. Chinese political leadership accuses that the West is withdrawing from globalization commitments they have championed long time ago. Neo-protectionism and Brexit are instances of the West’s deviation.
Empowering the New Development Bank will be a priority of India. In the same way, the meeting may try new initiative to enhance the shared prosperity of the developing world.