At activity (Barry Eichengreen, 2014). It would be wrong

At an international level, the BRICS have focused
their attention on common interests by working together on trade negotiations,
climate change, reorganisation of international institutions based on a shift
in economic rebalancing and non-intervention in other states. They usually have
shown more cooperation economic affairs. One of their key demands has been
reforms in the IMF to increases the quotas of developing countries. In 2010 the
G20 proposed reforms that would double the IMF quotas shifting voting shares
toward dynamic emerging market and developing countries (International Monetary
Fund, 2010).In 2013 the BRICS Business Council was established, with the
objective of pursuing common interests of BRICS nations to promote mutual trade
and investments among the member countries, identifying problems and
bottlenecks to ensure greater economic and recommend solutions accordingly
(BRICS Business Council, 2013). ‘eThekwini Action Plan’ (2013) reaffirmed their
commitment to the promotion of international law, multilateralism and the
central role of the UN (Ministry of External Affairs, India, 2013).  Aim to reform the international institutions
also appeared in the declaration, they reiterate their support for a ‘comprehensive
reform of the UN, including its Security Council, with a view to making it more
representative, effective and efficient so that it can be more responsive to
global challenges’ (Ministry of External Affairs, India, 2013).

The 2014 BRICS Summit declared the creation of a New
Development Bank. It sought to strengthen cooperation among BRICS and
supplement the efforts of multilateral and regional financial institutions for
global development. It is viewed as an important instrument and fund national,
regional and global strategies.  It could
also help reduce the dependency on the dollar and pressure the financial
institutions to induce relevant reforms as BRICS possess only 11% of the votes
in the IMF, despite accounting for more than 20% of global economic activity
(Barry Eichengreen, 2014).  It would be
wrong to assume that the new institutions will articulate or promote any
fundamentally new norms according to which international affairs should be
organized in a post-Western world (Stuenkel, 2016:173). These new institutions
don’t function on any new ideas specific to rising powers rather they are based
on similar principles and rules as the prevalent institutions and hence in no
way undermine liberal norms.

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Another area of
co-operation is climate change. BRICS are of the view that Western
industrialised nations should take a bigger responsibility cutting
greenhouse-gas emissions. They argue for limits based on population and
resisted tough regulation that would threaten their economic trajectories. However,
Russia’s position is different as it is linked more closely to those of western
powers e.g. Kyoto Protocol. But despite having a dissimilar position on the
Kyoto Protocol they have all signed the Paris Agreement and ratified it (except
Russia), nonetheless, President Putin has said that Russia will meet its
obligations under the Paris climate agreement. Domestically BRICS are
integrating the directive of the Paris Agreement. 


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