How Can BRICS Empower the Global South?
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Synopsis
In a pivotal address, Finance Minister Nirmala Sitharaman highlights the essential role of BRICS in enhancing the representation of the Global South. As global institutions face legitimacy challenges, she advocates for cooperation and reforms to amplify voices from developing nations.
Key Takeaways
- BRICS is essential for inclusive multilateralism.
- India's resilience is highlighted through strong domestic policies.
- Cooperation among BRICS nations can enhance sustainable development.
- South-South cooperation is vital for global climate action.
- India and China can lead in global growth and innovation.
Rio de Janeiro, July 7 (NationPress) Finance Minister Nirmala Sitharaman asserted on Monday that BRICS serves as a crucial platform for promoting inclusive multilateralism. As global institutions grapple with crises of legitimacy and representation, it must set a precedent by strengthening collaboration, championing credible reforms, and elevating the voice of the Global South.
Speaking at the BRICS Finance Ministers and Central Bank Governors gathering, she emphasized India's resilience, bolstered by strong domestic demand, effective macroeconomic strategies, and targeted fiscal policies, as noted in a Finance Ministry update on the social media platform X.
FM Sitharaman noted that India's response to trade and financial limitations has revolved around market diversification, fostering infrastructure-led development, and executing structural reforms aimed at enhancing competitiveness and productivity.
She stated, "While South-South cooperation is essential for achieving climate and development objectives, it is unreasonable for the Global South to shoulder the primary responsibility for climate action. The BRICS nations are well-positioned to enhance collaboration on sustainable development," she stressed.
Previously, the Finance Minister addressed various aspects of bilateral cooperation, including cross-sector collaboration, to fortify strategic partnerships during her discussions with BRICS colleagues in Rio de Janeiro.
During her meeting with Russian Finance Minister Anton Siluanov, which took place on the sidelines of the BRICS Finance Ministers and Central Bank Governors meeting, she tackled bilateral cooperation issues, particularly within the financial sector, as well as topics concerning the New Development Bank.
FM Sitharaman also engaged with her Chinese counterpart Lan Fo’an, underscoring that India and China are uniquely positioned to drive inclusive global growth and innovation, being the two largest and fastest-growing economies worldwide. Finance Minister Sitharaman highlighted that both nations can enhance collaboration across various domains, given their rich human capital, deep civilizational ties, and expanding economic influence.
Point of View
It is crucial to recognize the significance of BRICS in fostering a platform for the Global South. Nirmala Sitharaman's remarks underscore India's commitment to inclusive multilateralism, highlighting the need for cooperation amid global challenges. The emphasis on sustainable development and bilateral partnerships reflects a strategic vision for a more equitable international order.
NationPress
01/09/2025
Frequently Asked Questions
What is BRICS?
BRICS is an association of five major emerging economies: Brazil, Russia, India, China, and South Africa. It serves as a platform for cooperation in various sectors.
Why is the Global South important?
The Global South represents developing countries that face unique challenges. Its voices are crucial in shaping global policies, especially regarding climate action and development.
How does BRICS support sustainable development?
BRICS countries collaborate on initiatives that promote sustainable development, enhance economic growth, and address climate change challenges.
What reforms did FM Sitharaman advocate for?
FM Sitharaman called for credible reforms within global institutions to enhance representation and effectiveness for the Global South.
What is India's role in BRICS?
India plays a pivotal role in BRICS by advocating for inclusive multilateralism and strengthening partnerships with other member countries.
