Daily News Analysis

Argentina Withdraws From BRICS

stylish_lining

Context: The newly elected far-right President of Argentina, Javier Milei, pulled out of plans to join the BRICS bloc. Argentina was set to join on January 1, 2024.

Reasons for withdrawal:

  • The decision to join BRICS had been taken by the previous administration, and the new dispensation was reviewing such policies. Milei cited China's communist ideology as a pivotal factor in Argentina's decision to disengage from BRICS.
  • The Brics alliance is often portrayed as promoting a more multipolar world, but it is economically dominated by China, which accounts for more than 70% of the bloc's combined GDP.
  • Milei has strongly criticized China and has pledged to pursue a foreign policy that aligns with Western countries, moving away from the previous administration's efforts to build ties with other developing countries.

BRICS

  • BRICS, initially known as BRIC, is an acronym that represents an intergovernmental organization comprising Brazil, Russia, India, China, and South Africa.
  • The term was coined by Goldman Sachs in 2001, and South Africa was added to the group in 2010. Together, the BRICS countries represent a significant portion of the world's land mass, population, GDP, and global trade.
  • The organization was established to deepen economic cooperation, development financing, political coordination, social and cultural exchanges, technology and innovation, sustainable development, and peace and security.
  • The principles governing BRICS relations include solidarity, openness, pragmatism, neutrality regarding third parties, and a non-bloc nature.
  • The organization seeks to establish deeper ties between member nations and cooperate on economic and political matters. Over the years, BRICS countries have come together to deliberate on important issues under the three pillars of economic and financial and cultural and people to people exchanges.

Corporate Average Fuel Efficiency

The study by Nomura researchers calls for reform of India’s Corporate Average Fuel Efficiency (CAFE) norms, particularly to better protect small cars. Key Highlights of the Study: 1.
Share It

Delhi’s Fuel Ban for Old Vehicles

The Delhi Government has faced considerable backlash following its fuel ban for old vehicles under a directive from the Commission for Air Quality Management (CAQM). The ban was implemented to cur
Share It

India State of Forest Report (ISFR) 2023

The India State of Forest Report (ISFR) 2023 has sparked controversy by attributing part of the negative change in forest cover to the Forest Rights Act (FRA), 2006. The claim has been contested b
Share It

International Treaty on Plant Genetic Resources for Food and Agriculture

The International Treaty on Plant Genetic Resources for Food and Agriculture (ITPGRFA) is a crucial international agreement that plays a key role in the conservation and sustainable use of plant g
Share It

Green Climate Fund (GCF)

The Green Climate Fund (GCF) has recently approved over USD 120 million to support climate resilience projects in Ghana, the Maldives, and Mauritania. This funding aims to assist these countries i
Share It

Quad Critical Minerals Initiative

The Quad Critical Minerals Initiative launched by the United States, India, Australia, and Japan marks a significant shift in global geopolitics and economic strategy, especially with regard to cr
Share It

NITI Aayog's Proposal

NITI Aayog's proposed roadmap to boost India's chemical exports is a significant step toward enhancing the country's position in global chemical supply chains and addressing existing i
Share It

One Big Beautiful Bill Act

The newly introduced 1% tax on outbound remittances under the One Big Beautiful Bill Act (OBBBA) by the United States has raised concerns about its potential impact on global remittance flows, particu
Share It

pulse cultivation

The Department of Consumer Affairs, under the Ministry of Consumer Affairs, Food and Public Distribution, has launched an important initiative to promote pulse cultivation in India, especially to
Share It

Gini Coefficient

The Gini coefficient is a key measure used in economics to quantify income inequality within a country or region. Developed by the Italian statistician Corrado Gini, it serves as an essential tool
Share It

Newsletter Subscription


ACQ IAS
ACQ IAS