External Affairs Minister S Jaishankar on Thursday rejected the argument that there was no need for “another club” called BRICS, saying he was pained by the “insecurity” in the developed world about the grouping. Speaking to Ambassador Jean-David Levitt at the think tank Global Centre for Security Policy here, Jaishankar said if the G-7 can exist with the G-20, there was no reason why BRICS should not exist.
BRICS, which contributes 27 per cent of global gross domestic product (GDP), was founded by Brazil, Russia, India and China. South Africa later joined, and in January 2024 five new countries – Iran, Saudi Arabia, Egypt, UAE and Ethiopia – joined the group. “Why club? Because there was another club! It was called G7 and you wouldn’t let anyone else into that club. So, we go and form our own club,” Jaishankar said to loud applause from the audience.
“I am still amazed at how insecure the North becomes when you talk about BRICS. Somehow, something stirs in people’s hearts,” he said. “Here’s a thought. There is the G20, has the G7 disbanded? Has it stopped meeting? No, it is still going on. So, the G20 is there, and the G7 still exists. Then, why can’t there be a G20 and not BRICS?” he said to thunderous applause.
Jaishankar explained how BRICS started and how it gained importance over time as others saw value in it. “It is actually a very interesting grouping because, if you look at it, usually, any club or any grouping has either geographical proximity or some common historical experience or, you know, a very strong economic connection,” he said.
