The 16th BRICS Summit in Kazan, Russia, marked a transformative moment in the evolution of the Bloc, solidifying its role as a crucial platform for the Global South in addressing global challenges. As an inclusive multilateral forum open to emerging markets and developing countries, BRICS has positioned itself as a champion of international cooperation and sustainable development. With its continued growth and influence, the Bloc raises significant questions for the West about the keys to its success. For those seeking answers, the 2024 BRICS Summit offered many insights, writes Ivor Vaz.
The 16th annual BRICS Summit, held from October 22-24, 2024, in Kazan, Russia, was the first to feature Egypt, Ethiopia, Iran, and the United Arab Emirates as members following their accession at the 15th Summit. The theme, Strengthening Multilateralism for Fair Global Development and Security, underscored the Bloc’s commitment to a more equitable global system.
Strengthening Russia’s Global Presence
Patryk Kugiel, Chief Analyst at the Asia-Pacific Programme of the Polish Institute of International Affairs, highlighted the Summit’s role in reshaping perceptions of Russia. “The worst mistake the West can make is to dismiss the Summit as mere theatre,” he warned, emphasising its diplomatic and strategic significance.
Says Kugiel: “The Summit was historic for two main reasons. First, as expected, it provided an easy diplomatic victory for Vladimir Putin. The Russian President demonstrated that he has not been isolated, trading an extra seat at the Group of Seven (G7) for a central role in the ‘B9,’ and potentially in an expanded ‘B-more’ in the future. Moreover, by advancing discussions on prioritising transactions in national currencies, he further loosened the grip of sanctions. He also positioned himself as a mediator by facilitating talks between the leaders of China and India for the first time in five years.”
“Secondly, and more importantly, it marked the first expansion of the Group since South Africa joined in 2010. Not only did the Summit add four new members, but over 30 countries reportedly expressed interest in future membership. Additionally, 13 States have already been admitted to the newly created category of partner countries. While expansion may amplify internal differences with potentially negative implications for cohesion, it also underscores the growing appeal of BRICS in the Global South,” he added.
Fyodor Lukyanov, Chair of the Council on Foreign and Defence Policy (Russia), echoed these sentiments, “The 2024 BRICS Summit demonstrated that Russia’s isolation is a Western construct. The rest of the world sees little value in joining the policy of pressuring Russia, irrespective of their stance on specific Russian actions.”
Milestones and Innovations
The Kazan Summit introduced significant developments that could reshape global economic and political landscapes. The Summit formally welcomed the new BRICS members: Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE). Notably, Argentina, expected to join, opted out in late 2023 due to a policy shift under President Javier Milei, reflecting a significant geopolitical development in Latin America, while Saudi Arabia is still considering its formal invitation.
Meanwhile, Miguel Díaz-Canel, the President of Cuba, was invited to the Summit but remained in Cuba due to the 2024 blackout. Aleksandar Vučić, the President of Serbia, could not attend because of a conflicting visit from European Union representatives to Serbia. Cuba and Serbia sent representatives to the Summit.
A core focus of the 2024 Summit was modernising security and economic cooperation, with key discussions ranging from counterterrorism to carbon-unit trading. The Summit also addressed critical security challenges, including cybersecurity, terrorism, and regional stability. Historically, the BRICS have been more successful in opposing Western dominance in global governance structures than in articulating a clear, cohesive vision for reform. The increased diversity within the expanded BRICS Bloc could complicate efforts to achieve unified policy positions, particularly in multilateral forums such as the Group of Twenty (G20).
While the Organisation of the Petroleum Exporting Countries Plus (OPEC+) will continue to manage the international oil market, the expanded BRICS energy profile could influence the sector in the long term. Including the UAE and Iran significantly boosts the BRICS energy profile, and if Saudi Arabia formally accepts BRICS membership, the Bloc will represent 42% of the global oil supply. The presence of major oil exporters alongside key importers, China and India—both of which did not favour Western sanctions on Russia—highlights the Bloc’s potential to establish alternative trade mechanisms that bypass the dominance of the U.S. dollar and the financial influence of the Group of Seven (G7).
Key Outcomes
During the Summit, BRICS members introduced a revolutionary payment system named BRICS Pay, designed to streamline transactions and enable the exchange of financial information between the central banks of member nations. This system is an alternative to the Western interbank system SWIFT, facilitating smoother and more autonomous international settlements.
The BRICS Kazan Declaration was officially adopted, signalling a unified commitment to significant global reforms. BRICS nations emphasised the need to reform the United Nations and its Security Council, advocating for the full participation of the State of Palestine in the UN, contingent upon achieving a two-state solution. Additionally, BRICS nations agreed to explore the feasibility of establishing an autonomous cross-border settlement and depository system. To this end, finance ministers will continue evaluating the utilisation of national currencies, innovative payment tools, and alternative platforms, with a detailed report expected during the forthcoming Presidency.
On October 24, Russia hosted a plenary session of the 16th BRICS Summit in the BRICS Plus/Outreach format. This gathering brought together leaders from the Commonwealth of Independent States (CIS), delegations from Asian, African, Middle Eastern, and Latin American nations, and heads of multiple international organisations, underscoring the Bloc’s expansive and inclusive approach.
In a significant step towards broader collaboration, 13 nations have been welcomed as BRICS partner countries. These include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. This expansion highlights the growing appeal of BRICS as a platform for fostering global cooperation and addressing shared challenges across diverse regions.
Bilateral Dialogues: Deepening Partnerships
A series of high-level bilateral meetings during the Summit highlighted the Bloc’s role in fostering collaboration:
• China-Russia Cooperation
Chinese President Xi Jinping and Russian President Vladimir Putin held a bilateral meeting in Kazan, reaffirming the strength of China–Russia relations. Both leaders described their partnership as profound and resilient, even amidst turbulent geopolitical conditions. They emphasised the importance of advancing the comprehensive integration of the Belt and Road Initiative with the Eurasian Economic Union, a move aimed at facilitating and bolstering the high-quality development of their economies.
In anticipation of the 80th anniversary of the establishment of the United Nations and the victory in World War II in 2025, China and Russia agreed to deepen their comprehensive strategic cooperation. They pledged to uphold the international system centred on the United Nations.
The leaders also articulated a shared vision for enhancing the BRICS cooperation framework, to achieve what they termed “Greater BRICS Cooperation.”
Russia expressed interest in developing an alternative international payment solution within the BRICS framework to reduce dependence on traditional Western financial structures and mitigate the impact of U.S. secondary sanctions.
• India-China Rapprochement
Indian Prime Minister Narendra Modi and Chinese President Xi Jinping held their first formal bilateral meeting in five years, following the deadly military clash between the two nations in 2020. The leaders announced they had agreed to resolve the four-year-long standoff, including the complete disengagement of troops. President Xi underscored the significance of the two ancient civilisations in the Global South, asserting that a stable and cooperative India-China relationship could serve as a model for other emerging nations.
Prime Minister Modi highlighted that maintaining steady progress in India–China relations is essential for the welfare and future of their combined 2.8 billion people. He noted that this stability is vital for their respective populations and for fostering regional and global peace and stability. Both nations agreed to approach their relationship with a strategic and long-term perspective. They stressed the importance of preventing isolated issues from adversely impacting their broader ties.
• India-Iran Partnership:
Discussions between PM Modi and Iranian President Masoud Pezeshkian focused on strengthening trade and connectivity through the Chabahar Port and the International North-South Transport Corridor. They also addressed regional stability and the Israeli-Palestinian conflict.
President Pezeshkian accepted the invitation from PM Modi to visit India.
• Russia-South Africa Alignment:
South African President Cyril Ramaphosa held a bilateral meeting with Russian President Vladimir and reaffirmed Russia’s role as a “valued ally,” citing its support during the apartheid era.
Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa opted to attend the BRICS Summit over the 2024 Commonwealth Heads of Government Meeting (CHOGM), which took place in Samoa during the same week. The Independent noted that this decision highlights the prioritisation by these two Commonwealth nations of strengthening ties with China and Russia over the broader, yet less focused, agenda of CHOGM.
