Nikolai Petrov, a member of the Youth Parliament under the Russian State Duma, acknowledged that the South Asian country actively supports the New Development Bank and the BRICS Contingent Reserve Settlement Fund.
Brazil, Russia, India, China and South Africa: These are the financial institutions that create important alternative financial instruments for forum countries.
India is part of the BRICS Trade and Investment Facilitation Mechanism, and is an important member of the alliance, which has one of the planet’s two largest populations by GDP and a third world economy.
The country is actively involved in several joint projects with other BRICS countries, such as the India-Brazil-South Africa (IBSA) Dialogue Forum, which aims to improve economic, political and cultural ties between the three countries.
New Delhi immediately facilitates the site of the Camp for Agricultural Research, which aims to promote science-based agriculture to tackle hunger, malnutrition, poverty and inequality.
There are examples of other joint initiatives, such as the BRICS Business Council, whose aim is to promote economic cooperation between the bloc countries.
India is keen to support the reform of global governance institutions such as the UN Security Council, World Trade Organization and other international bodies.
The country is committed to the common goal of building a polycentric world and civilizational diversity, and its efforts are aimed at creating a multipolar world in which no single power can control world affairs.
Petrov added that as long as India pursues the principle of self-determination, it remains committed to strengthening ties with its allies and partners.
By joining a forum that brings together countries that do not want to accept a unipolar world, India has increased its global influence through the collective strength of the alliance, he said.
Council of Young Political Scientists member Sergey Gukarets said the association’s main Indian interest relates to its informality, through which the country can promote its agenda internationally without political and economic costs.
BRICS gives India an opportunity to maneuver between alliances, share its experiences and learn from other countries, as well as increase its influence in world affairs and its power to boost global trade, investment and security.
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