The 2024 BRICS Summit was the 16th edition, held in Kazan, Russia from 22 October- 24 October. It is a pivotal event for global diplomacy. This BRICS summit marked the first gathering to include Egypt, Ethiopia, Iran and the United Arab Emirates as official members, following their induction into the organisation during the 15th BRICS summit.
Theme: Strengthening Multilateralism for Fair Global Development and Security
Official Website: https://brics-russia2024.ru/en/
Global Participation-
Leaders from various countries, including South Africa, China, India and the UAE attended with Brazilian President Lula da Silva participating remotely because of health concerns. Other nations including Belarus, Uzbekistan and Armenia also sent delegations, adding to BRICS’ increasing influence over world politics.
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Key-Bilateral Meetings-
- China-Russia: Presidents Xi and Putin strengthened their strategic alliance, promoting the merger of the Eurasian Economic Union and the Belt and Road Initiative.
- India-China: In an effort to improve ties between the two historic civilisations, PM Modi and President Xi ended a four-year military standoff.
- India-Iran: Talks centred on the Israel-Palestine conflict, Afghanistan, Central Asia and Chabahar Port.
- Russia-South Africa: President Ramaphosa strengthened their relationship by recognising Russia’s assistance during apartheid.
Major Outcomes of the Summit-
1. BRICS Pay-
- A new payment system was introduced for the members of the BRICS group.
- It would be a faster and more cost-effective payment system.
- This is a part of Russia and China’s de-dollarisation strategy.
- BRICS Pay aims to be an alternative to the dominant SWIFT System.
- It would be based on blockchain technology and would use already existing infrastructures e.g. the Mir network of Russia and India’s UPI.
- The system would enable smooth transactions by allowing users to send and receive money across borders easily.
- Moreover, regional trade blocs with their own currencies and payment systems emerge and flourish.
- Challenges: Security, Currency fluctuations, Geopolitical tensions, etc.
2. Kazan Declaration-
- The 16th BRICS summit in Kazan, Russia, made waves with the adoption of the Kazan Declaration. This joint statement lays out the bloc’s vision for the world stage.
- Here are the key points of the declaration: Adoption of reforms to the UN and Security Council, support for Palestine’s full UN membership under the two-state solution, Strengthening Multilateralism, Geopolitical Focus, Economic Collaboration, Financial Architecture Reform, Innovation in Finance, Health and Environment, BRICS Plus Partnership, Commitment to Sustainable Development, etc.
3. Common Currency and Cooperation in Space-
The BRICS leaders agreed to look into the potential of creating a unified currency for trade and investment in order to reduce dependency on the US dollar. With special significance after its successful lunar mission, India suggested the creation of a BRICS space collaboration.
4. Rise and Impact of the BRICS-
Countries from Africa, Latin America and West Asia were invited to the summit, increasing the group’s geopolitical influence. As evidence of the bloc’s increasing significance, more than 40 countries have shown an interest in joining BRICS. The strategic resources of BRICS are further strengthened by the admission of energy-rich nations like Saudi Arabia and Iran.
About ‘BRICS’-
BRICS stands for a coalition of five significant emerging economies: Brazil, Russia, India, China, and South Africa. Known for their rapid economic growth, these countries hold substantial influence in global trade and economic policy. Originally termed “BRIC” by economist Jim O’Neill in 2001, the group expanded to “BRICS” when South Africa joined in 2010. Today, The group represents around 45% of the world’s population and accounts for a third of global GDP.