Understanding Significance Of PM Modi's Second Visit To Russia For BRICS Summit Amid Ukraine War

Prime Minister Narendra Modi is scheduled to visit Russia from October 22-23 at the invitation of President Vladimir Putin to attend the 16th BRICS Summit in Kazan, the Ministry of External Affairs announced on Friday.

This will mark the Prime Minister's second visit to Russia this year.

Photo Credit: PTI File Photo

During the visit, the Prime Minister is also expected to hold bilateral meetings with his counterparts from other BRICS member nations and invited leaders in Kazan, according to the Ministry of External Affairs (MEA) statement.

The theme of this year's summit is "Strengthening Multilateralism for Just Global Development and Security," offering an important platform for leaders to discuss key global issues.

"The summit will provide a valuable opportunity to evaluate the progress of BRICS initiatives and to identify potential areas for future cooperation," the ministry said.

History of BRICS

The concept of BRICS was first introduced by Jim O'Neill, Chief Economist at Goldman Sachs, in a 2001 study titled "Building Better Global Economic BRICs." It soon became an analytical category in the fields of economics, finance, business, academia, and media. In 2006, the concept itself led to the formation of the group, which was integrated into the foreign policies of Brazil, Russia, India, and China. South Africa later joined the group in 2011, during the third BRICS Summit, thus adopting the acronym BRICS.

The economic weight of BRICS is considerable. Between 2003 and 2007, the four countries accounted for 65% of global GDP growth. In terms of purchasing power parity, the combined GDP of BRICS now exceeds that of the United States or the European Union. To illustrate the rapid growth of these countries, in 2003, BRIC nations accounted for 9% of the world's aggregate GDP, and by 2009, this figure had risen to 14%. By 2010, the total GDP of the five BRICS nations (including South Africa) reached USD 11 trillion, or 18% of the global economy. When measured by purchasing power parity, this figure is even higher at USD 19 trillion, or 25% of the world economy.

Until 2006, BRICs operated as a concept rather than a formal mechanism for cooperation. The group took a crucial step forward during the Meeting of Foreign Ministers of the four nations, held on the sidelines of the 61st UN General Assembly on September 23, 2006. This event marked the first instance of Brazil, Russia, India, and China working together as a collective. By 2011, following South Africa's inclusion, BRICS became a more formal mechanism for cooperation (with an uppercase "S" for South Africa).

BRICS remains an informal grouping without a formal charter, permanent secretariat, or funds to finance its activities. It operates based on the political will of its members. However, BRICS countries have intensified their interaction, leading to a degree of institutionalisation within the group.

Significance of Modi's visit to Russia for BRICS amid Ukraine war

India has long-standing ties with Russia, despite New Delhi's growing security partnerships with the US and other Western allies.

India has navigated a delicate balance by refraining from condemning Russia's war in Ukraine, instead offering itself as a mediator for a peaceful resolution to the ongoing conflict.

India's Foreign Ministry confirmed that Modi will be in Russia on October 22 and 23 for the summit, which will take place in Kazan along the Volga River.

Upon his arrival in July, he warmly embraced Putin, a gesture which Ukrainian President Volodymyr Zelensky criticised as a "devastating blow to peace".

Modi's visit coincided with Russian strikes in Ukraine that resulted in the deaths of more than 30 people and severely damaged a children's hospital in Kyiv, sparking international outrage.

Modi later visited Kyiv in the following month, calling for peace and stating that "no problem should be solved on the battlefield."

Russia remains a crucial supplier of discounted oil and military equipment to India, but Moscow's growing ties with China and its isolation from the West have impacted its relationship with New Delhi.

The ongoing conflict in Ukraine has prompted India to seek alternative sources of arms, moving away from its traditional reliance on Russian suppliers.

At the same time, India has become one of the largest buyers of Russian oil, providing Russia with a critical export market after it was cut off by traditional European buyers.

This has majorly reshaped the economic relationship between the two countries, with India benefiting from substantial savings while supporting Moscow's war efforts.

More recently, relations have been strained by reports that Indian citizens had been misled into fighting alongside Russian forces on the frontlines.

The BRICS group, which takes its name from the initials of the original five members-Brazil, Russia, India, China, and South Africa-expanded in 2009. It has since grown to include other countries from the Middle East, such as Iran.

Russian President Vladimir Putin's foreign policy aide, Yury Ushakov, recently confirmed that leaders from 24 countries will be attending the summit.