Relevance of BRICS from reform of global governance to handling Covid-19 pandemic

NEW DELHI: BRICS time and again demonstrated a high degree of relevance in supplementing efforts of the international community in many fronts be it reform of the global governance or fight against COVID-19 pandemic, according to Russian envoy to India Nikolay Kudashev.
In doing so, the countries were motivated by the 2020 motto – «BRICS Partnership for Global Stability, Shared Security and Innovative Growth», affirmed Kudashev in his address at a webinar ‘Moments of Truth for BRICS Challenges, Strategies and Way Forward’.

The figures for BRICS 2020 under the Russian Presidency were impressive – over 150 events, including 25 ministerial meetings, continuing high-level foreign policy and security dialogue framed into 70 mechanisms of sectoral partnerships. But the key of the success was a dedicated job to further advance mutually beneficial and pragmatic cooperation, opined Kudashev.

“In the global dimension our efforts were aimed at the promotion of just and equal multipolar world order. Our consistent support of the central role of the UN and international law is the basic reason why our global and regional approaches are similar or even coinciding.”

Importantly, on the 75th anniversary of the end of the Second World War the Leaders emphasized that the Great Victory and the foundation of the United Nations are the common legacy. They were resolute against attempts to rehabilitate and even glorify Nazi ideology and distort history, and many countries including India became co-sponsors of the Russia-proposed relevant UN GA resolution.

Maintaining close coordination on the G20 agenda, the BRICS countries support comprehensive measures to overcome the impact of the pandemic to restore global value chains and the openness of international trade. In this regard Russia’s initiative on the green corridors free from wars and sanctions, primarily with regard to humanitarian supplies of food and vital medicines, is on the table.

“In the course of BRICS collective measures we are decided to intensify well-established collaboration between epidemiological services and suggested creating an early warning system for infectious diseases outbreaks. These efforts were also supported by the New Development Bank (NDB) allocating $ 10 bn for these purposes,” the envoy said, adding, “The NDB is a well-reputed global financial institution. Currently the Bank enjoys AA+ long-term credit rating by Fitch and S&P as well AAA by Japan Credit Rating. Its overall portfolio of infrastructure investment projects exceeded $ 20 bn. The BRICS Contingent Currency Arrangement is also fully operational.’’

The Strategy for BRICS Economic Partnership until 2025 is well designed to support revival of national economies back to sustainable growth and help to resist negative factors – unilateral and protectionist measures. In the words of Kudashev, “Our economic competitiveness will be further ensured through digitization, improving quality of life, addressing imbalances, increased use of national currencies in trade.”

Among other achievements were – implementation of the Energy Research Cooperation Platform initiative and the launch of the BRICS Women’s Business Alliance. The five countries continued cooperation in science, technology and innovation, humanitarian and cultural exchanges. Strong impetus was given to the tracks of sports, tourism, agriculture, urban development, environment protection.

“We are closely coordinating efforts on a wide range of the current global and regional matters, including new challenges and threats. The Leaders endorsed the BRICS Counter-Terrorism Strategy, which would allow to work out common measures, promote implementation of the UN Global CT-Strategy and support adoption of the Comprehensive Convention on International Terrorism. In general, despite the pandemic the Russian Chairmanship with the support of India and other partners managed to keep BRICS on its track in proceeding to the goal of a constructive polycentrism and expanding practical cooperation,” noted the envoy.