THE 16TH ANNUAL BRICS SUMMIT

The 16th annual BRICS Summit held in Kazan, Russia, in October, marked important advances for the BRICS bloc. Coming at a time when military conflicts are rising, global geopolitics getting heavily complicated, and the global rules-based order led by the US and the West unable to restore stability, the BRICS can be an effective alternative for global peace and prosperity, particularly for the Global South.

This Summit took place amid an increasingly complex geopolitical environment and was aptly themed "Strengthening Multilateralism for Just Global Development and Security." The 2024 Kazan Declaration lays out BRICS members' renewed commitment to a multilateral world order that prioritizes equitable growth, justice, and development in the face of rising unilateral actions and global crises.

Russia's BRICS Summit

The summit, attended by leaders from two dozen nations, was the largest event Russia has hosted in years and a signal to the West amid the war in Ukraine.

BRICS stands for Brazil, Russia, India, China and South Africa. The group started in 2006, and Brazil, Russia, India and China convened for the first BRIC summit in 2009. South Africa joined a year later.

The aim of the alliance is to challenge the economic and political monopoly of the West. The group sets priorities and has discussions once every year during the summit, which members take turns hosting.

In 2023, BRICS extended invitations to include Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates after these countries applied for membership. Saudi Arabia has yet to formally join, but the others have.

Two dozen world leaders attended the opening of the summit. Leaders of several other countries that showed an interest in deepening ties with BRICS also participated, including Turkish President Recep Tayyip Erdogan and Vietnamese Prime Minister Pham Minh Chinh. United Nations Secretary-General Antonio Guterres also attended and had a meeting with Putin.

The Kazan Declaration

The central theme that unites BRICS members is their disillusionment with Western-led institutions of global governance, especially when it comes to the economy.

At the heart of the Kazan Declaration is an emphasis on a multipolar global order that seeks to empower Emerging Market and Developing Countries (EMDCs) through fair and balanced multilateralism. The declaration highlights BRICS' support for a more agile and representative United Nations system, with an insistence on comprehensive UN reform, especially within the Security Council.

As unilateral sanctions and restrictive trade practices disrupt global trade and fuel inflation, BRICS leaders underscored the critical need to strengthen the World Trade Organization (WTO) as a pillar of a fair and rules-based trading system. Additionally, BRICS members reiterated their support for reforming the International Monetary Fund (IMF) and the World Bank.

The Kazan Declaration takes an unambiguous stance on the importance of peaceful resolution of disputes, advocating for diplomatic engagement over military intervention. In light of ongoing conflicts in the Middle East, North Africa, and other regions, BRICS emphasizes the need for coordinated international responses that respect sovereignty and uphold international humanitarian law.

Other topics addressed in the Declaration are related to: the situation in the Occupied Palestinian Territory, the environmental front, the digital transformation rapidly reshaping economies, the governance of digital spaces, the potential of Artificial Intelligence (AI), support for the World Health Organization (WHO), and pursuit of a multipolar world order that challenges Western hegemony in global decision-making structures.

BRICS and its Significance

BRICS represents a significant portion of the world's population, resources, and economic growth. The group serves as a platform for these emerging economies to challenge the dominance of Western-led global financial institutions such as the International Monetary Fund (IMF) and the World Bank.

The importance of BRICS lies in its ambition to reshape the global economic and political order, emphasizing the role of developing nations in decision-making processes. By promoting a multipolar world and a fairer global governance system, BRICS aims to provide an alternative to the existing Western-dominated structure.

The Summit in Kazan was a defining moment for BRICS, especially given its expansion to new members which created new opportunities for the bloc in terms of geopolitical influence, economic cooperation, political coordination, and energy security.

Geopolitical Influence, Economic Clout and Energy Cooperation

The expansion strengthens BRICS' geopolitical weight. With members from Africa, the Middle East, and Asia, BRICS now represents a larger coalition of the Global South. This broader representation increases the group's ability to advocate for reforms in global governance and multilateral institutions like the United Nations (UN), International Monetary Fund (IMF), and World Bank.

BRICS' economic footprint has grown significantly with this expansion. The new members contribute substantially to the bloc’s collective GDP, trade potential, and energy resources. Iran and the UAE, as key energy producers, give BRICS greater leverage in global energy markets, while Egypt and Ethiopia enhance the group's position in African affairs.

The inclusion of Iran and UAE, two of the world's leading oil producers, sets the stage for more cohesive energy cooperation within BRICS. With the growing focus on clean energy transition, these nations' inclusion allows BRICS to influence global energy policies more significantly, balancing between traditional energy resources and renewable energy investments. This also signals a deeper engagement in the Greater Middle East, a region of strategic importance. This expansion allows BRICS to counterbalance Western powers' influence in the region, particularly in terms of economic alliances, security agreements, and infrastructure development.

Challenging Dollar Dominance and Strengthening the BRICS New Development Bank (NDB)

A key topic of the summit was the ongoing discussion about creating a BRICS currency. This initiative aims to reduce the reliance on the US dollar in international trade and finance, especially given the rising concerns about the impact of dollar volatility, global inflation, and Western sanctions. Although the BRICS currency is still in the planning stages, several important points emerged related to: De-Dollarization Strategy, Enhancing Financial Sovereignty, and  Impact on Global Trade.

With the addition of new members, the BRICS New Development Bank' s potential for financing large-scale infrastructure and sustainable development projects has grown significantly. The expanded membership will enable the bank to take on more ambitious projects, particularly in renewable energy, infrastructure development, and poverty alleviation. The NDB is positioning itself as an alternative to the World Bank and IMF, providing loans without Western conditions.  The NDB also announced a renewed focus on financing projects that help mitigate climate change. This aligns with the broader BRICS commitment to sustainable development, particularly in the context of green infrastructure and clean energy initiatives.

Multilateralism and Global Security: a Call for Reforms

BRICS advocated for a multipolar world order where power is not concentrated in the hands of a few Western nations.

BRICS reiterated its call for reforms in international institutions like the United Nations Security Council, the World Bank, and the IMF. The group stressed the need for these institutions to better represent the interests of developing countries and the Global South.

BRICS members, particularly Russia and China, advocated for resolving regional conflicts through diplomacy and non-interference. The summit discussions focused on peaceful conflict resolution, particularly in areas like the Middle East, Ukraine, and Africa, with BRICS positioning itself as a key player in facilitating dialogues and peace-building efforts.

BRICS leaders also expressed concern over the growing influence of Western powers in global affairs. The group emphasized the need for South-South cooperation and the importance of sovereign decision-making without external interference, especially in relation to regional security matters.

BRICS is continuing to expand

Southeast Asian countries have recently expressed an interest in joining the alliance. At the BRICS Dialogue with Developing Countries held in Russia on June 11, Thailand said it wanted to join. On June 18, Malaysia expressed interest   in being part of BRICS just before Chinese Premier Li Qiang visited the country, and NATO member Turkey also formally requested to join BRICS in September.

As a matter of fact, 13 Partner Countries were accepted in October 2024: Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, Vietnam. The expansion of BRICS has made the group into even more of a geopolitical and economic powerhouse.

Together, the current nine BRICS members comprise more than 1/3 of world GDP (measured at purchasing power parity - PPP). They have well over 40% of the planet's population, and make up roughly 30% of global oil production.

By contrast, the G7 nations comprise less than 10% of the world population and under 30% of GDP (PPP), and their share of the global economy is shrinking over time, whereas that of BRICS is increasing.

Considerations

The official expansion of BRICS marked a significant shift in the group's global influence. With new members bringing economic power, energy resources, and geopolitical weight, BRICS is poised to play a larger role in global governance. As BRICS continues to grow, the outcomes of this summit will have long-lasting impacts on global politics, economics, and diplomacy. The bloc is now in a stronger position to challenge Western dominance and advocate for a more equitable, just, and sustainable world.

BRICS want an alternative to the US imperialist order. The politics of BRICS is to support multilateral cooperation and oppose hegemony. Greater inclusiveness in decision-making in international governance and economic institutions is emphasized, giving countries of the Global South more voice and representation.

BRICS stands for independent politics, but it is not opposed to any country. Cooperation with the highly-developed capitalist economies is welcome when based on mutual benefit, mutual respect, and non-interference in each other's internal affairs.

In this, the BRICS group represents the continuation of the principles of the Bandung Conference of Asian and African countries of 1955 and the Five Principles of Peaceful Coexistence proposed by India and China at that time.

Conclusion

The BRICS believe they are on the right side of history. A claim that can be considered blasphemous in a West that links the defense of its privileges to military supremacy and confuses liberal order and democracy with a racist and colonial ideology based on the superiority of the white man.

The BRICS want respect for the Charter of the United Nations which is in contrast with the arbitrary defense of the rules invented à la carte by the hegemonic power. They oppose the excesses of US unilateralism that has militarized the economy. De-dollarization is now on the agenda. US arrogance, amplified by the obtuse servility of Europe, with economic sanctions and illegal seizure of funds, has accelerated the response of Chinese diplomacy. And it has led to an increase in trade between the BRICS in national currencies.

An alternative monetary platform to the dollar is already being studied. The BRICS demand non-interference in the internal affairs of another country, self-determination of peoples, equality between sovereign states and the impossibility of increasing one's own security at the expense of the other. But BRICS suspect that this is poison for the singers of the democratic West, accustomed to choosing the principle most convenient to its own interests.

The West is lost in its autistic dream in which a state that currently owns 750 military bases around the world strives to maintain its hegemonic role forever.