Business Standard

BRICS Summit 2023: Will adding more bricks to a divided house help?

Whether BRICS becomes the voice of the Global South or remains a divided house without any coherent agenda will be keenly watched

PM Modi to attend 15th BRICS Summit in Johannesburg

BRICS brings together five major emerging economies, comprising 42% of the world population

Asit Ranjan Mishra New Delhi
In 2016 during its BRICS presidency, India proposed to create a credit rating agency under the umbrella of the grouping to challenge the existing credit rating system dominated by the three global rating agencies India considers biased against developing countries. The Exim Bank prepared a concept paper, and CRISIL conducted a study. Still, no consensus could be reached as China opposed the proposal holding that a government-backed credit rating agency would not have any credibility and that BRICS should stay away from it. The idea has since been abandoned.

China also made a strong pitch for a free trade agreement

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First Published: Aug 22 2023 | 1:01 PM IST

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