Leaders from Brazil, Russia, India, China, and South Africa will meet in Kazan, Russia, next week for the 16th BRICS summit, marking a pivotal moment for the bloc. With an expanded roster of members and heightened global interest, the summit is expected to focus on strengthening ties among emerging economies and pushing back against Western-dominated financial and security systems.
Scheduled from October 22 to 24, the summit will engage country leaders in discussions aimed at addressing key international issues. This year's gathering is particularly significant as it follows the inclusion of Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE into BRICS earlier this year, marking the first summit of the newly expanded group.
Russia, which holds the BRICS presidency, has invited over two dozen other nations expressing interest in joining the bloc, making it the first “BRICS+” summit. Countries such as Turkey, Algeria, Indonesia, Nigeria, and Bangladesh have either applied or shown interest in joining BRICS, attracted by the prospect of benefiting from stronger trade ties and a collective effort to counterbalance the influence of the U.S. and its allies.
The BRICS bloc currently accounts for 45% of the world’s population and 28% of the global economy. Its influence extends to nearly half of the world’s crude oil production, positioning it as a critical force in shaping the future of global energy markets. These factors have made BRICS increasingly appealing to other countries looking to enhance their strategic autonomy and gain a larger voice in international affairs.
The bloc’s economic agenda has gained momentum in recent years, particularly in the area of intra-BRICS trade. In a statement from the June 2024 BRICS foreign ministers’ meeting, member countries emphasized the increased use of local currencies in trade and financial transactions within the group. From 2017 to 2022, intra-BRICS trade surged by 56%, and the trend accelerated further following Western sanctions on Russia. A report by the Boston Consulting Group noted that trade between BRICS nations has now outpaced their trade with the G7, leading to deeper economic integration among BRICS members.
As BRICS members strengthen their economic ties, they are also working to reduce their reliance on the U.S. dollar. The dollar’s dominance as a global reserve currency has long given Washington significant leverage over the international financial system, particularly through sanctions and export controls. Countries affected by U.S. sanctions, including BRICS leaders Russia and China and new members such as Iran, see reducing the dollar’s influence as essential for protecting their economies from external pressures.
Moreover, many countries view BRICS membership as an opportunity to enhance their representation on the global stage. With the United Nations and other multilateral institutions often criticized for being outdated and ineffective, BRICS provides a platform for emerging economies to push for reforms and greater inclusion in international decision-making.
The timing of this year’s summit is critical. As the United States grapples with challenges to its global leadership, BRICS is positioning itself as an importantplayer in shaping a multipolar world. This shift is expected to have profound implications for international peace, security, and the distribution of global power.
The 2024 BRICS summit will likely be seen as a defining moment for the group and for global politics. As BRICS seeks to assert its influence on the world stage, its growing economic and political clout is reshaping the international order, challenging the long-standing dominance of Western powers. While the road ahead is fraught with challenges, the summit in Kazan marks a significant step toward a more multipolar world, where emerging economies are determined to play a larger role in shaping global governance.
(The author is a senior journalist based in Islamabad. Views personal.)
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