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BRICS and Goa declaration

BRICS Goa declaration assessment:

BRICS has come into the picture after 2006 as an economic grouping. But its work in that aspect is little seen and with the slumping economic growths of its members (except India) it is little likely to say that it is going to give emerging and developing economies an alternative for their developmental assistance. Even the trade between these countries has been decreased to 10% (approx) 2016 from 14% in 2010 (Trade when compared to the world trade). So BRICS grouping has achieved a little in the ares of finance and trade. Looking this group from a broader perspective we can divide its paths of working into 5 -

  1. Finance
  2. Trade
  3. Geo politics
  4. Terrorism
  5. Sustainable development
There is a huge need in the development of secondary sector in India, Brazil, South Africa which can be assisted by Russia and China. China is the largest producer of steel in this grouping and even in the world, this gives China an edge to trade steel with other countries in a negotiated manner. Clause 26 of Goa declaration emphasizes on the industrialization and structural transformation.  If asked to sum it up in  two lines, I would say that there should be technology transfer between the group members so that they could elevate themselves in the global market economy. While World bank has dropped Least developing nations tag BIRCS is still using it. (Clause 30 of Goa declaration). Trying to get out of the western dominance BRICS is still following the lines drawn by west.
 Its want to move away from the western dominance comes from the clause 8 of the declaration where it says 
"We express our commitment to resolutely reject the continued attempts to misinterpret the results of WWII"
(this statement can be argued and interpreted in many ways)

When it comes to Geo politics and strategic interests of countries, it can be said that there are two big powers in the group viz, China and Russia. India still depends on imports to reach its military requirements so strategic competition with China is questionable. These countries can together give a blow to the western dominance if they put their common interest on the table. While world id thinking that Israel- Palestine issue has been brushed away, Goa declaration brings it up in its clause 15 saying that UN should work its way to establish 1967 order lines and bring two nations to a common consensus. 

Goa declaration has focused mainly on terrorism and it has directly condemned terror attacks on Indian soil (Clause 57). It appears that terrorism has been on the main agenda and other aspects as tail attachments to the latter. In the declaration notable discussion was on terrorism and sustainable development. 

I look forward to see this grouping work as a main economic forum and become institutionalize for more efficacy.
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