The 16th BRICS Summit concluded on October 24, 2024, with significant developments in global collaboration. Held in Kazan, Russia, this summit marked the first major BRICS event to welcome new members such as Iran, Egypt, Ethiopia, and the UAE, setting the stage for expanding the group’s global influence. The theme for this year’s summit was to enhance multilateralism and promote global development in various sectors such as trade, security, and international relations.
Key Highlights and Outcomes of the BRICS Summit 2024
The summit featured important discussions between the core BRICS nations—Brazil, Russia, India, China, and South Africa—alongside new member countries and leaders from over 30 other nations who participated as observers or potential future members. This year’s summit focused on reducing dependency on Western-dominated financial systems, strengthening ties among BRICS nations, and promoting international peace and stability.
Modi’s Crucial Bilateral Talks with China and Russia
One of the most talked-about moments at the summit was the first structured bilateral meeting in five years between Indian Prime Minister Narendra Modi and Chinese President Xi Jinping. These talks were aimed at stabilizing relations between the two nations, especially concerning ongoing border disputes.
In addition, PM Modi held meetings with Russian President Vladimir Putin and Iran’s Vice President Masoud Pezeshkian. Modi reaffirmed India’s commitment to international peace, underscoring the importance of dialogue in resolving conflicts. The discussions between Modi and these key world leaders reflect India’s growing geopolitical influence and its unique position as a mediator in global affairs.
Expansion of BRICS
A key development at the 2024 summit was the formal expansion of BRICS to include Iran, Egypt, Ethiopia, and the UAE, which positions BRICS as an even more significant player on the global stage. Saudi Arabia’s membership is also reportedly in progress. Over 30 countries have expressed interest in joining BRICS, further solidifying its role as a counterweight to Western alliances and international financial systems.
The inclusion of these new members highlights the increasing importance of the BRICS platform as a cooperative global force. The group’s expanding economic and political influence is evident as more nations seek to align with its goals.
Reducing Reliance on the U.S. Dollar
A central theme of the 2024 summit was reducing reliance on the U.S. dollar for international trade, an idea long discussed within BRICS. Russian President Vladimir Putin proposed the creation of a BRICS-led payment system to offer an alternative to SWIFT, the U.S.-dominated financial messaging network. This initiative is particularly aimed at helping member countries avoid the negative impact of Western sanctions, allowing for smoother financial transactions between BRICS nations and their partners.
This proposal reflects the BRICS nations’ collective ambition to diversify global financial systems and reduce vulnerability to Western economic pressure. By advocating for local currency use in trade between BRICS members, the group aims to enhance intra-BRICS financial cooperation and strengthen its autonomy in the global economy.
Statements from Key Leaders
During the summit, leaders of the BRICS nations and their allies delivered powerful statements on a variety of global issues. Russian President Putin stressed the need for a new world order, suggesting initiatives like a BRICS AI alliance and a grain exchange to address global challenges. His remarks also emphasized the importance of BRICS in helping nations navigate the effects of Western-imposed sanctions.
Indian Prime Minister Modi highlighted the need for a united front in the fight against terrorism, calling it a global threat that must be addressed through international cooperation. He also pushed for the use of local currencies in trade, reinforcing India’s focus on building strong financial partnerships within the group.
Turkey also expressed its intention to deepen ties with BRICS. Turkish President Recep Tayyip Erdogan conveyed interest in collaborating more closely with the group, noting Turkey’s strategic position between the East and West as an advantage for future BRICS partnerships.
Commitment to Multilateralism and Global Development
The summit wrapped up with a joint declaration by all BRICS members, reaffirming their dedication to working together on global challenges. The declaration emphasized economic cooperation, climate change initiatives, and the need for more resilient global supply chains. BRICS leaders also expressed a commitment to promoting a multipolar world order, in which no single country or bloc dominates international politics or economics.
The BRICS Summit 2024 has bolstered the importance of this growing alliance on the global stage, with experts such as geopolitical risk analyst Ian Bremmer praising India’s strategic positioning during the summit. Modi’s diplomatic balance between engaging with Russia while keeping open dialogue with Ukraine reflects India’s potential as a global mediator in future conflicts.
Future Prospects and Conclusion
With new members and ambitious initiatives on the horizon, the BRICS Summit 2024 has set the stage for a more influential and cooperative alliance. The continued efforts to reduce reliance on Western financial systems, coupled with expanded membership, show that BRICS is rapidly becoming a major player in shaping global politics and economics.
As the summit draws to a close, the outcomes reflect an increased commitment among BRICS nations to collaborate on key global issues, including trade, security, and development. This year’s summit could mark a turning point for BRICS, solidifying its position as a leader in creating a more balanced and cooperative international system.
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