The sixteenth BRICS Summit, held from October 22-24, 2024, in Kazan, Russia, made headlines by competing for attention alongside the IMF and World Bank meetings in Washington, D.C. Global reactions to the summit varied significantly. Many developing nations hailed it as a step toward reforming the current international financial system, which they feel has not served their developmental needs. In contrast, Western observers often dismiss BRICS as a diverse group with limited cohesion, viewing its symbolic gestures as lacking in substantive action.
However, underestimating the power of symbolism in international relations is a mistake. The Kazan Summit produced tangible results that have noteworthy implications for the global community.
One key outcome was Russian President Vladimir Putin’s successful hosting of thirty-six nations, including many heads of state, which demonstrated that his global influence remains robust despite Western sanctions. Putin’s focus on strengthening ties with the Global South, leveraging anti-colonial sentiments, was evident. Additionally, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met on the sidelines to affirm a recent border agreement, underscoring BRICS as a platform for critical geopolitical dialogue.
Another significant development was BRICS’ move toward expansion, inviting thirteen partner nations to participate in ongoing discussions. These countries, confirmed by various officials though not explicitly named in the Kazan Declaration, include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. Many of these states are strategic priorities for the West, making their engagement with BRICS a matter of interest for global policymakers.
The Kazan Declaration, which closed the summit, highlights BRICS’ commitment to fostering multipolarity and advocating for a more equitable global system. Notably, it omits any explicit reference to the United States, possibly to maintain unity among BRICS members with varying degrees of alignment with the West. The declaration outlines support for initiatives that amplify the voices of BRICS and Global South countries across global platforms like the United Nations and G20, covering issues such as sustainable development, climate finance, and conflict resolution in Gaza and Ukraine.
Among BRICS’ most ambitious goals is to enhance the use of local currencies for cross-border transactions. The proposed BRICS Clear system would provide an independent settlement framework, supporting local currency payments. This initiative, along with the newly established BRICS Interbank Cooperation Mechanism, seeks to offer viable alternatives for nations with limited access to dollar-based funding.
In addition, BRICS aims to create a consultative framework for World Trade Organization (WTO) reforms, opposing unilateral sanctions and carbon border adjustments. Given BRICS members’ status as top global resource producers, the group is well-positioned to assert its interests in the value chain of mineral production, particularly in light of the energy transition. This focus could allow resource-rich developing countries to establish stronger partnerships in critical mineral supply chains essential to global sustainability efforts.
BRICS now comprises nine members and thirteen partner countries, with a population and GDP that surpass those of the G7. However, with expansion comes the challenge of building consensus among a diverse array of members. Venezuela, for example, was reportedly excluded from the partner list due to Brazil’s concerns. Despite such complexities, BRICS members have found ways to develop shared goals on the global stage. Recent initiatives include their advocacy for a loss-and-damage fund at COP28 in Dubai in 2023, as well as their work with Global South nations to establish a UN tax convention aimed at regulating multinational corporations and wealthy individuals.
One of BRICS’ flagship projects, the transition to local currency usage in trade and investment, is gaining momentum. China recently increased the renminbi’s share in cross-border transactions to over 50% by mid-2024, surpassing the U.S. dollar.
In sum, BRICS—often referred to as BRICS-plus as it incorporates more nations—has become a permanent fixture in global affairs. Countries around the world, including those in the West, need to consider how best to engage with this increasingly influential group. The BRICS Summit in Kazan represents a shift toward a more multipolar world order that could reshape the dynamics of international cooperation and economic policy in the years to come.
