BRICS Rio de Janeiro Declaration ( UPSC Prelims)

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News Context

     ○ During the 17th BRICS Summit, leaders endorsed the Rio de Janeiro Declaration.
      ○ The declaration is titled "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance".

Key Highlights of the BRICS Summit

 ● Summit Composition:  
        ○ Included 11 full member states, 10 partner countries, eight invited nations, and representatives from international organizations.
  ● New Members and Partners:  
    ● Indonesia joined as a new member.  
    ● Vietnam added as a new partner country.  
        ○ Additional BRICS partner countries: Belarus, Bolivia, Kazakhstan, Cuba, Nigeria, Malaysia, Thailand, Uganda, and Uzbekistan.
  ● Partnership for Elimination of Socially Determined Diseases (SDDs):  
        ○ Launched with five core principles:
      ● Resilient Health Systems & Access  
      ● Whole-of-Society Action on Determinants, R&D  
      ● Capacity & Technology Transfer  
      ● Sustainable & Innovative Financing  
      ● Global Alignment & SDG Coherence  
  ● BRICS Leaders' Declarations:  
    ● Global Governance of AI: Emphasizes principles like digital sovereignty and UN-centered multilateralism.  
    ● Climate Finance Framework: Establishes a five-year roadmap to enhance resource mobilization for climate action.  
      ● Tropical Forest Forever Fund (TFFF): Recognized as an innovative mechanism for long-term financing of tropical forest conservation.  
          ○ Launched at COP28 in the UAE, targeting USD 4 billion annually.
  ● BRICS Land Restoration Partnership:  
        ○ Initiated at the 15th BRICS Agriculture Meet in Brazil.
  ● BRICS Labour & Employment Minister’s Meeting 2025:  
        ○ Adopted a declaration on two key themes:
      ● Artificial Intelligence (AI) and the Future of Work  
      ● Impacts of Climate Change on the World of Work and a Just Transition  
        ○ Supported by the ILO for advancing labor rights.

BRICS

 ● Origin: The term BRIC was introduced by British economist Jim O'Neill in 2001 and was formalized during the G8 Outreach Summit in 2006.  
  ● First Summit: The inaugural BRIC Summit took place in Russia in 2009.  
  ● Original Members: The initial group consisted of Brazil, Russia, India, China, and South Africa.  
  ● New Members: Recently added members include Egypt, Ethiopia, Iran, United Arab Emirates, and Indonesia.  
  ● Southeast Asian Representation: Indonesia is the first Southeast Asian nation to join BRICS.  
  ● Pending Membership: Saudi Arabia has yet to make a formal decision regarding membership.  
  ● Partner Countries: BRICS collaborates with Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, Uzbekistan, and Nigeria.  
  ● Secretariat: There is no permanent secretariat or office for BRICS.  

BRICS initiatives

 ● New Development Bank (Headquarters: Shanghai, China): Aims to finance infrastructure projects in BRICS and other emerging economies, while ensuring equal representation and voting power for all member countries.  
  ● Genesis: Established during the 6th BRICS Summit in Fortaleza, Brazil in 2014.  
  ● Contingent Reserve Arrangement: Offers crucial short-term liquidity support to member countries facing balance of payment issues.  
  ● BRICS Grain Exchange: A Russian-led initiative designed to establish a fair trading system for agricultural products within the BRICS nations, aiming to improve food security.  
  ● BRICS Cross-Border Payments Initiative (BCBPI) or BRICS Pay: Utilizes blockchain technology for payment settlements, providing an alternative to SWIFT for BRICS countries.