The BRICS is an international group made up of Brazil, Russia, India, China and South Africa. The first summit took place in 2009 for the simple reason that the alliance was formed in 2006 by Brazil, Russia, India and China, while South Africa joined the group in 2007. One of the primary objective that BRICS strives towards is the weakening of the economic and political dominance of Western countries. Each year, member nations set priorities and engage in discussions during the summit, which rotates among the member countries. The 16th BRICS summit is currently being hosted by Russian President Vladimir Putin in Kazan, Russia, from October 22 to 24, 2024.
The BRICS alliance aims to amplify the voices of emerging economies and provide a counterbalance to the influence of Western powers in global governance. With member nations accounting for about 45% of the world’s population and nearly 28% of the global economy, the significance of BRICS is increasingly rising on the world stage. This year’s summit brings together leaders from the ten BRICS member nations, underscoring the group’s commitment to enhancing cooperation and collaboration among emerging markets.
Expansion and Key Developments
In a significant move, BRICS expanded its membership in 2023 by inviting Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to join the alliance. This expansion reflects a strategic shift in global geopolitics, as BRICS seeks to enhance its influence in international affairs and strengthen collaboration among emerging economies. By including these nations, BRICS showcases a united front against Western dominance, emphasizing the need for a multipolar world where multiple voices are heard and considered.
A notable event at this year’s summit was the first bilateral talks between Indian Prime Minister Narendra Modi and Chinese President Xi Jinping in five years. This meeting is particularly important given the recent steps taken by both nations to ease their long-standing border dispute. The dialogue represents a positive development in diplomatic relations and highlights the importance of negotiation in resolving conflicts. Modi’s engagement with Xi Jinping signals a willingness to strengthen ties and work towards mutual understanding, which is crucial for maintaining stability in the region.
In addition to talks with China, Modi also met with Iranian President Masoud Pezeshkian for their first discussion since Pezeshkian took office in July 2024. The two leaders discussed various topics, including enhancing trade relations, the Chabahar port project and addressing regional issues such as the situation in Gaza, stability in Afghanistan and the ongoing conflict in Ukraine. The discussions highlight India’s commitment to strengthening ties with Iran, recognizing its role as a key player in regional geopolitics.
As the host of the summit, Russia aims to increase BRICS’ role in the international financial system and promote collaboration between member banks. One of the key initiatives discussed is the BRICS Pay system, designed to facilitate financial transactions between member nations and reduce reliance on Western payment systems like SWIFT. This initiative reflects the group’s ambition to create a more independent financial ecosystem and enhance economic cooperation among member states.
At the summit, Prime Minister Modi reaffirmed India’s commitment to boosting cooperation within BRICS. He emphasized the significance of diversity and multipolarity, stating, “This strength of ours and our shared belief in humanity will help in giving a meaningful shape to the prosperous and strong future of our future generations.” He also extended his best wishes to Brazil’s President Lula, who will assume the BRICS presidency next, signaling India’s support for a collaborative approach in leading the alliance.
