The 16th BRICS Summit took place from October 22 to 24, 2024, in Kazan, Russia. This summit was particularly notable as it marked the first participation of Egypt, Ethiopia, Iran, and the United Arab Emirates as full members, following their accession during the 15th BRICS Summit.
Theme and Objectives
The summit was held under the theme "Strengthening Multilateralism for Fair Global Development and Security." Discussions centered on enhancing multilateral cooperation to promote equitable global development and address security challenges.
Key Developments
BRICS Pay Introduction: A significant outcome of the summit was the introduction of "BRICS Pay," a payment system designed to facilitate transactions and the exchange of financial information between the central banks of member nations. This initiative aims to serve as an alternative to Western interbank systems, promoting financial independence among BRICS countries.
Expansion of Partnerships: In addition to the new full members, the summit expanded its partnerships by including thirteen additional nations as partner countries: Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. This expansion reflects BRICS' growing influence and its commitment to fostering inclusive global collaboration.
Notable Interactions
Bilateral Meetings: Chinese President Xi Jinping and Russian President Vladimir Putin held a bilateral meeting during the summit. They emphasized the depth and resilience of China–Russia relations and agreed to advance the integration of the Belt and Road Initiative with the Eurasian Economic Union, aiming to bolster economic development in their respective regions.
India-China Dialogue: Indian Prime Minister Narendra Modi and Chinese President Xi Jinping conducted their first formal bilateral meeting in five years. The leaders declared that they had reached an agreement to resolve a four-year-long stand-off, leading to the complete disengagement of troops along disputed border areas.
Challenges and Criticisms
The summit was not without its challenges. Brazilian President Luiz Inácio Lula da Silva was unable to attend in person due to health issues and participated via videoconference, with Foreign Minister Mauro Vieira leading the Brazilian delegation on-site. Additionally, the summit faced criticism for providing a platform to leaders like President Putin, given the ongoing conflict in Ukraine. UN Secretary-General António Guterres' attendance was also scrutinized, with some viewing it as lending legitimacy to the Russian leadership amid international tensions.
Conclusion
The 16th BRICS Summit in Kazan underscored the bloc's commitment to strengthening multilateralism and expanding its global influence. The introduction of BRICS Pay and the inclusion of new members and partner countries highlight the group's efforts to promote a more balanced and multipolar world order.
