BRICS Summit Highlights 2024

BRICS Summit in Kazan, Russia

• 16th BRICS Summit held in Kazan, Russia
• PM welcomed recent China agreement for border issue resolution, their first bilateral meeting since 2020
• Four new members (Egypt, Ethiopia, Iran, UAE) joined in January 2024
• Saudi Arabia's foreign minister attended, but membership not formalised yet
• BRICS now includes 9 countries: Brazil, China, Egypt, Ethiopia, India, Iran, Russia, South Africa, UAE

Key Highlights of the Summit

• New Member Participation: Increased influence and diversity within BRICS+
• Multilateralism Focus: Discussions on strengthening multilateralism, counterterrorism, economic growth, sustainable development, and Global South concerns
• Kazan Declaration:
  • Geopolitical Conflicts:
    • Ukraine: Emphasized mediating peaceful resolution through dialogue and diplomacy.
    • West Asia Crisis: Deep concern over escalation in Gaza/West Bank, condemnation of civilian loss and infrastructure damage in Southern Lebanon from Israeli attacks.
    • Western Sanctions: Disruptive effects on global economy. Criticised unlawful unilateral coercive measures, including sanctions, on the attainment of development Goals.
  • BRICS Grain Exchange: Exploration of a grain trading platform and future development into other agricultural sectors.
  • Financial Integration Support: Greater financial integration among members through:
    • Trade in local currencies
    • Smooth cross-border payments
    • India's UPI highlighted as a successful model
    • BRICS-led payment system to rival SWIFT
  • Big Cats Conservation: Support for member countries' efforts to protect big cats, including India's initiative for an International Big Cats Alliance

India-China Bilateral Meeting

• Meeting aimed to revive bilateral relations following significant incidents in 2020
• Border Agreement:
  • Agreement on "complete disengagement and resolution" of border issues
  • Includes agreement to allow troops to patrol up to the old patrolling points (PPs) along the Line of Actual Control (LAC) in the Depsang Plains and Demchok.
  • Notably, China previously avoided discussion of Depsang Plains & Charding Nullah.

About BRICS

• Formed informally in 2006 (BRIC) as Brazil, Russia, India, and China emerging economies, later expanded after South Africa joined in 2010.
• Inaugural summit in Yekaterinburg, Russia (2009)
• 6th Summit in Fortaleza (2014) resulted in the New Development Bank (NDB) agreement
• BRICS contributes 40% global population and 26% global GDP (Aug 2023)

Significance of BRICS

• Non-Western Engagement with Russia: Non-Western nations acknowledge Russia's strategic role as a weapon and energy supplier.
• Cohesive Institution: BRICS demonstrated effective management despite diverse membership, despite critiques of economic disparities.
• Influential Bloc: BRICS has become an influential global bloc, causing concern among Western nations about its competitive capacity with the G7 and potential influence in the G20.
• Political Addressing of Discrimination and Inequality: Emphasizes discrimination and inequality in international institutions. Members believe underrepresented in major organisations (e.g., UNSC, IMF, World Bank) due to decreasing Western influence.

Explore the key outcomes and discussions from the 16th BRICS Summit held in Kazan, Russia. Learn about the new members joining the bloc, the focus on multilateralism, and the critical geopolitical issues addressed in the Kazan Declaration.