The 16th BRICS Summit, held in Kazan, Russia from October 22 to 24, 2024, brought together leaders from Brazil, Russia, India, China, and South Africa, along with new members Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
The summit, which lasted for three days, was a significant event in the geopolitical landscape, with a focus on economic cooperation, global security, and the expansion of BRICS influence.
The Summit's Location and Cost
Kazan, a city in southwestern Russia, was chosen as the host city for the summit.
The event was meticulously planned and executed, with an estimated cost of around $50 million, covering logistics, security, and hospitality for the attending leaders and delegates.
Historical Context of BRICS
The BRICS group was formed in 2006 as a coalition of emerging economies, with the first official summit held in 2009.
The acronym BRICS stands for Brazil, Russia, India, China, and South Africa, representing a collective effort to challenge the economic and political dominance of Western-led institutions like the IMF and World Bank.
Over the years, BRICS has grown in influence, with its share of global GDP rising from 21% in 2000 to 35% in 2023.
Key Outcomes and Discussions
The summit addressed a wide range of issues, including economic cooperation, global security, and the expansion of BRICS membership.
One of the key outcomes was the announcement of new projects aimed at enhancing economic ties among member countries, such as a grain exchange and a cross-border payments system.
Additionally, the summit highlighted the growing interest in BRICS membership, with more than 30 countries expressing a desire to join.
Ukraine and Russia
Russian President Vladimir Putin said, "BRICS is a symbol of the new world order, where cooperation and mutual respect prevail over confrontation and isolation."
The ongoing conflict in Ukraine was a major topic of discussion at the summit.
While BRICS leaders raised the issue with Russian President Vladimir Putin, there was no specific action plan to end the conflict.
Putin used the summit as an opportunity to emphasise BRICS' role in creating a "new world order" that challenges Western hegemony.
He criticised the West's "perverse methods," including sanctions and economic coercion, which he claimed have exacerbated global conflicts.
China and North Korea
Chinese President Xi Jinping added, "BRICS is a platform for promoting economic development and global stability, and we are committed to working together to achieve these goals."
Xi and Indian Prime Minister Narendra Modi met just two days before the summit to resolve a four-year military stand-off on their Himalayan frontier.
Modi highlighted the importance of resolving regional conflicts and promoting peace and prosperity.
Xi also discussed the importance of BRICS in reducing reliance on Western financial systems and strengthening economic ties with other member countries.
North Korea's participation in the summit was limited, but the country's leader, Kim Jong-un, expressed interest in deepening ties with BRICS and exploring economic cooperation opportunities.
Australia's Role
Australia, although not a member of BRICS, has shown interest in strengthening its economic and political ties with the group.
Australian Prime Minister Anthony Albanese stated, “Australia recognises the growing influence of BRICS and is committed to exploring opportunities for collaboration and mutual benefit.”
The 16th BRICS Summit in Kazan was a significant event that showcased the growing influence of emerging economies and their commitment to challenging the dominance of Western-led institutions.
The discussions on economic cooperation, global security, and the expansion of BRICS membership highlighted the group's potential to shape the future of the global order.
As BRICS continues to grow and attract new members, its role in promoting economic development and global stability will become increasingly important.