The 16th presidential summit of the BRICS group convened in Kazan, Russia, from October 22 to 24, 2024. Under the theme "Strengthening Multilateralism for Just Global Development and Security," the gathering brought together members of the bloc, alongside representatives from other countries and international organizations.
A Growing Importance
The summit involved a number of dynamics and events, which can be summarized as follows:
1. Continued membership requests:
The bloc currently represents about 36.7% of the global economy, surpassing the share of G7 countries, which reached 30% in 2023. This economic significance has attracted several countries seeking to join the group. Turkey, for instance, submitted a formal request in September 2024, while Azerbaijan and Belarus have also applied for membership. In contrast, Kazakhstan has chosen not to join, a decision that the Kremlin has pledged to respect. Despite Kazakhstan's stance, its President Kassym-Jomart Tokayev participated in the summit. Similarly, Serbian President Aleksandar Vučić attended, although Serbia has not yet finalized its potential membership.
2. Extensive participation of state leaders:
The BRICS summit held in Kazan, Russia, saw the participation of thirty-eight countries, with the majority represented by their leaders and heads of state. The event primarily featured the heads of state from the bloc's member countries, including His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates; Chinese President Xi Jinping; Russian President Vladimir Putin; Indian Prime Minister Narendra Modi; South African President Cyril Ramaphosa; Iranian President Ebrahim Raisi; Egyptian President Abdel Fattah El-Sisi; Ethiopian Prime Minister Abiy Ahmed; and Brazilian Foreign Minister Mauro Vieira.
UN Secretary-General António Guterres also attended the summit, alongside leaders from countries expressing interest in the bloc. Among these were Turkish President Recep Tayyip Erdoğan and Vietnamese Prime Minister Pham Minh Chinh. Saudi Arabia, which has been invited to join the group but is not yet a member, was represented by a high-level delegation led by Foreign Minister Prince Faisal bin Farhan Al Saud.
3. Focus on global issues:
The main focus of the summit's agenda was the governance of the global system and its institutions, with particular emphasis on addressing the harmful impact of Western-centric financial institutions on developing countries. In addition, the summit discussed the economic consequences of Western sanctions and their contradiction with the values of globalization. Alongside these economic concerns, the summit also touched on pressing international and regional issues, including the war in Ukraine and the situation in the Middle East.
Recognizing the importance of collaboration, the summit emphasized international and financial cooperation between BRICS countries, particularly in resolving ongoing regional conflicts. Moreover, as the group considers expansion, the summit explored the potential memberships of new players, responding to expressions of interest from more than 30 countries.
4. Numerous meetings held on the sidelines of the summit :
On the sidelines of the summit, several significant meetings took place between participants. Among these, one particularly notable encounter was the first direct meeting between the Chinese and Indian presidents. This historic meeting occurred in the wake of a bilateral agreement reached by the two countries regarding the disputed border in the Himalayas, marking a turning point after four years of military confrontation and tensions.
As the host president, Putin seized the opportunity to hold bilateral meetings with all participating member states. Additionally, he extended his diplomatic efforts by meeting with heads of state from non-member countries. These included Palestinian President Mahmoud Abbas, Laotian President Thongloun Sisoulith, Mauritanian President Mohamed Ould Cheikh Ghazouani, and Bolivian President Luis Arce.
5. Moscow's cooperative proposals:
During its presidency of the bloc, Russia put forth several significant proposals to enhance BRICS cooperation. One key proposal was the establishment of an online information exchange mechanism aimed at resolving e-commerce disputes. This proactive framework would facilitate dispute resolution before resorting to litigation, streamlining the process for all parties involved. Building on this initiative, Russia also proposed the creation of a BRICS Investment Arbitration Center, accompanied by a treaty for settling investment disputes.
In addition to these legal and economic proposals, Russia introduced the concept of a BRICS Grain Exchange. This innovative platform would serve multiple purposes: setting fair and predictable prices for products and raw materials, ensuring food security across member nations, and protecting domestic markets from harmful external interventions. Moreover, it would act as a safeguard against speculation and attempts to create artificial food shortages, thereby stabilizing the agricultural sector within BRICS countries.
Looking towards the future, Russia envisions the grain exchange evolving into a fully-fledged commodity exchange.
Strengthening Cooperation
The summit concluded with several significant outcomes, culminating in the formulation of the Kazan Declaration as its final statement. Among these results, the following stand out as the most prominent:
1. Financial and monetary cooperation:
Moving forward, BRICS nations are focused on establishing an independent infrastructure for regulating cross-border payments and financial transactions, known as BRICS Clear. Simultaneously, they are enhancing the BRICS Interbank Cooperation Mechanism (ICM) to facilitate and expand innovative financial practices and methods for projects and programs. This includes developing acceptable mechanisms for financing in local currencies. Furthermore, a study is currently underway to establish a unified transport platform, which aims to ensure efficient multimodal logistics services between the bloc's countries. In addition to these initiatives, the BRICS countries welcome the establishment of a new investment platform that leverages the infrastructure of the New Development Bank.
2. Global governance:
Endorsing the call for global governance reform initiated by the G20 under Brazil's presidency, while simultaneously fostering dialogues and partnerships that strengthen cooperation with the African continent (exemplified by initiatives such as the Forum on China-Africa Cooperation, the India-Africa Forum Summit, and the Russia-Africa Summit). Building upon the achievements outlined in the 2023 Johannesburg Declaration, and advocating for a comprehensive reform of the United Nations, including its Security Council, to enhance its democratic nature, representativeness, and efficiency. A crucial objective is to increase the representation of developing countries within the Council, enabling it to respond more effectively to current global challenges. Additionally, championing the legitimate aspirations of emerging and developing nations from Africa, Asia, and Latin America to ensure their voices are heard in shaping global policies and decisions.
3. Supporting the Palestinian cause:
The bloc emphasized the critical necessity of initiating a comprehensive political process to tackle the entire Middle East issue. This process aims to halt violence, deliver essential aid to those affected, and strive towards establishing a two-state solution while addressing the historical injustice endured by the Palestinian people. By pursuing this path, which is viewed as the sole guarantee for regional peace, the bloc simultaneously supports Palestine's bid for membership within its ranks.
4. Strengthening nuclear security:
The bloc's countries called for strengthening nuclear non-proliferation and making the Middle East free of nuclear weapons, while emphasizing the need for all parties to renew the Iranian nuclear deal.
5. Calling for a peaceful resolution to the Ukrainian crisis:
Members of the bloc pledged the need for a peaceful resolution to the crisis in Ukraine, emphasizing the importance of resorting to dialogue and diplomatic means.
Implications and Consequences
The summit carries numerous implications and potential consequences, which can be explained as follows:
1. Attempt to break Putin's isolation:
The success of Russian diplomacy in hosting this summit at this time has effectively countered the Western narrative. Moreover, the widespread international participation, including that of UN Secretary-General Guterres, challenges the portrayal of an isolated Putin subject to Western sanctions and threatened with arrest under an International Criminal Court warrant. Through this event, Russia has not only demonstrated the resilience and vitality of its regional and global partnerships but also showcased itself as a system that enjoys international acceptance and trust.
2. Turkey's balancing act between East and West:
Turkey's participation in BRICS has likely sparked numerous reactions, given its status as the NATO member with the largest army and its historically hostile stance towards Russia. This move, however, aligns with Turkey's balanced foreign policy approach, which aims to diversify alliances while maintaining relations with the West. Moreover, it reflects Ankara's growing discontent with European policy regarding its accession to the European Union.
Turkey's inclusion in BRICS could yield strategic benefits for both parties. For the group, it would lend a more balanced character, potentially mitigating perceptions of being anti-Western. Simultaneously, Turkey stands to gain from the increased flexibility in its international relations, allowing it to navigate between East and West more effectively. This diplomatic maneuverability could prove particularly advantageous in Turkey's dealings with the United States, potentially safeguarding crucial agreements such as the anticipated F-16 deal.
3. Difficulty of de-dollarization:
The possibility of eliminating the dollar's position in the international system and moving towards de-dollarizing the global economy is somewhat exaggerated. During the summit, Putin's symbolic proposal for a unified currency for the bloc faced resistance from some BRICS members, particularly India and Brazil. These nations are wary that aligning with the Russian-Chinese orientation might adversely affect their interests and their relationships with the West.
4. Signs of a shift towards a multipolar world:
The growing interest of Global South countries and emerging international powers in the BRICS summit is a significant development that cannot be ignored. This enthusiasm reflects their collective desire to reshape the global balance of power and voice their dissatisfaction with the current Western-dominated system, particularly that of the United States. Moreover, this increased engagement underscores the success of China and Russia's efforts to rally the international community against the Western system, which has been criticized for its perceived double standards. The recent war in the Middle East has further exposed the fragility of international organizations tasked with enforcing international law, lending credence to these criticisms. Additionally, this conflict has highlighted the flaws in international trade rules, the SWIFT system, and economic sanctions frameworks, which are seen as disproportionately harming the economies of Global South countries while benefiting Western nations.
In conclusion, the BRICS group's developments and their reflection of a rapid shift in the global system cannot be overlooked, given the vast economic, market, natural resource, manufacturing, and human capital it encompasses. However, exaggerating the impact of the group's moves would be a departure from reality. This is particularly evident when considering the diversity of interests and goals among its members, which often result in significant contradictions that hinder effective action. The nature of the outcomes from the presidential summit further illustrates this point, as they are largely limited to announcements and visions regarding general cooperative projects, lacking specific timetables and realistic implementation plans for many initiatives. Consequently, the effectiveness of the bloc remains questionable.
