The news is from the Delhi area.
Image source, Getty ImagesThe leaders of the Brics group of nations are having their annual meeting this year.
The annual summit of the group, which owes its name to the initials of its five member states - Brazil, Russia, India, China and South Africa - is being held without much fanfare.
For the third year in a row talks will be held in a virtual format. It is not clear why the leaders decided to skip face-to-face meetings this year.
The Quad, which includes India, Australia, Japan and the US, had their leaders meet in person in Japan.
The Brics hasn't lived up to expectations over the years according to some analysts. The group was supposed to create a new financial order to help the developing world.
Its success can be described as moderate, but it's important. The Brics nations have a combined population of more than 3 billion.
According to Michael Kugelman, deputy director at the Wilson Center think-tank in Washington, the Brics hasn't really moved the needle on its long-standing efforts to bring about viable global economic alternatives to the US-led existing system.
Writing the Brics off will be a mistake because of its collective economic might.
Image source, Getty ImagesThe economy has always been at the center of the Brics, but the war in Ukraine is likely to come up over the summit.
When the leaders of India, Russia, China, South Africa, and Brazil talk to each other, they will discuss the war.
The director for South Asia at Control Risks says that Ukraine will be the center of attention.
He says that a lot of people will be keeping an eye on the summit because of the dynamics between Russia and China.
China has been more open about its support for Russia, but other countries have tried to walk a diplomatic tightrope. They have advocated talks to end the war, but have not criticized Russia.
Since the war began, a lot has changed. Inflation is up in many countries, supply chains have been disrupted and there are fears of food shortages as a result of the war and sanctions.
The Brics nations are important in blunting the impact of the sanctions.
Russia will be reassured by some pushback against Western sanctions at the summit.
He says it shouldn't be seen as an endorsement of Russia's actions.
Image source, Getty ImagesBrics members would like to be seen as helping developing nations overcome the economic impact of the war.
The summit is expected to highlight the group's global importance due to its demographic and economic clout. Mr Kugelman expects it to help poorer and middle-income countries deal with the economic impact of the Ukraine crisis.
There will be challenges. Beijing and Moscow might agree on taking a harder line against the West, but Delhi doesn't want the summit to be used to criticize the US and the West in general.
Delhi is proud of its "strategic autonomy" and the policy of non-alignment, which has shown that it can be a significant member of competing forums.
India has an independent strategic policy and an independent voice on the global stage that it wouldn't want to compromise on.
Russia and China have criticized the Quad as "Asia's Nato", but Delhi has pledged its support to the group's initiatives in the Pacific.
According to analysts, Russia and China will most likely overlook these issues for the larger goal of establishing the Brics as a viable financial institution to help the developing world.
There are disagreements between Delhi and other members over the expansion of the Brics.
India doesn't want to see more members in a group that China is in charge of. Mr Kugelman says that India will be afraid of more Chinese influence.
The success of the summit will be dependent on how the two countries manage their differences over this and other issues.
Both Mr Kugelman and Mr Rao think that the two nations can overlook their differences when they suit each other.
At the COP26 summit, they co-operated to push back against the hard targets to cut emissions that were accepted.
The Brics can be a point of convergence. It is possible for the group to convince the world that it can be a viable financial option against Western institutions.
Financial aid and more investment into the Brics led New Development Bank can be expected.
Analysts say that this would be a step in the right direction for the Brics to get more clout.
All Rights Reserved © 2024
