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The BRICS Summit in Johannesburg has drawn international attention to the grouping’s past record of achievements and failures, its strained internal dynamics, and new challenges. As BRICS heads into its 18th year, its success and way forward will depend on the members’ ability to tackle the principal challenge of retaining its internal solidarity while balancing expansion and its impact and influence in the world.
Courtesy: Lowy Institute
The 15th BRICS summit is set to take place on August 22-24 in Johannesburg. Against a backdrop of escalating global tensions, the summit's agenda encompasses crucial topics including greater representation of the Global South, reform of MDBs, and geopolitical flashpoints like the Ukraine crisis. The summit's outcomes will extend beyond the grouping and redefine the landscape of international cooperation among emerging economies.
Courtesy: The Print
The Chinese economy has slipped into deflation, partly due to the growing mistrust of foreign investors and the government's strategy of over-management and micromanagement. In an episode of Forbes India’s ToThePoint, Amit Bhandari, Senior Fellow, Energy, Connectivity and Investment, Gateway House discusses the impact of this slowdown on the global economy, while highlighting key takeaways for India, which aims to be a manufacturing hub.
Courtesy: Nikkei Asia
China-centric global supply chains are being disrupted by rising geopolitical tensions between the U.S. and China and multiple global shocks, forcing multinational companies to rethink are global sourcing strategies. India can leverage this moment to become a complementary manufacturing hub in Asia by reaping gains from technology transfers and creating value-adding jobs.
Courtesy: Kuwait Times
The 56th ASEAN Foreign Ministers Meeting in Jakarta reflected the grouping’s resilience amidst transformative geopolitical changes in the Indo-Pacific. Striving for unity and centrality, ASEAN tackled challenges posed by COVID-19, economic slowdown, climate change, and U.S.-China competition. However, internal differences on sensitive issues like Myanmar have tested its credibility.
Courtesy: Asia Times
After many early achievements, BRICS is now in gridlock, made worse by the COVID-19 pandemic, India-China border tensions, and the Ukraine conflict. Despite its apparent diplomatic bankruptcy, 19 countries across Africa, Asia, and Latin America are eagerly waiting in line to join the grouping.
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Pakistan’s latest economic survey reveals the extent of the country’s indebtedness to China. High-interest Chinese loans, reckless multilateral borrowing, and ever-increasing defence budgets have deleteriously impacted Pakistan’s finances. Any lasting solution to these problems will have to involve China.
Courtesy: Foreign Affairs
China’s expansionist nuclear programme aims to bolster its capabilities, so much so, that Beijing's predictions boast 2500 new warheads by 2030, thus rivalling the American and Russian arsenals. As the dragon quadruples its nuclear propensity, heralding the world to something greatly unstable – a tripolar nuclear system; nuclear peace seems a quite convoluted goal.
Courtesy: TIME Magazine
After its fourth summit on May 24, the Quad has emerged stronger and clearer in its initiatives which are aimed at addressing the Indo-Pacific’s geopolitical challenges. India now has a chance to work with like-minded democracies on an equal footing, with much to contribute. The Quad’s strategy for the Indo-Pacific is to deepen internalised cooperation for continued peace, prosperity, and stability.
Courtesy: Twitter- Narendra Modi
A serious stocktaking is expected at the Quad Leaders' Summit in Tokyo, to measure the progress of its wide-ranging list and proposals. In addition to vaccine partnerships, climate change, and connectivity, the Quad must now craft a common strategy for and expedite cooperation in, the economy, higher education, industry, and technology. It will also project unity in the Indo-Pacific region.