26-October-2024-Editorial

BRICS 16TH SUMMIT IN KAZAN, RUSSIA

The recent BRICS Summit in Kazan, Russia, brought together major emerging economies and introduced new members, expanding the influence and goals of the BRICS alliance. Key discussions included multilateral cooperation, economic integration, and sustainable development with a strong focus on issues affecting the Global South.

New BRICS Members

• Expansion: In January 2024, BRICS added Egypt, Ethiopia, Iran, and the UAE as new members.
• Saudi Arabia’s Participation: Although not yet formalized as a member, Saudi Arabia’s foreign minister attended the summit, signaling growing interest.

Topics Discussed at the Summit

Focus on Multilateralism: Leaders emphasized strengthening multilateral ties, countering terrorism, promoting economic growth, and addressing Global South issues.

Kazan Declaration: Issued statements on major global issues:

• Ukraine Conflict: Called for a peaceful resolution through diplomacy and dialogue.
• Middle East Crisis: Expressed deep concern over the humanitarian crisis in Gaza and West Bank and condemned civilian casualties.
• Sanctions: Opposed unilateral sanctions, highlighting their adverse effects on global trade, economy, and sustainable development.

New Initiatives and Agreements

BRICS Grain Exchange: Discussed the establishment of a BRICS Grain Exchange to bolster food security by facilitating grain trading among member countries.

Financial Integration: Highlighted the need for increased trade in local currencies and smoother cross-border payments.

• India’s UPI Model: India’s Unified Payments Interface (UPI) was cited as an example of efficient digital payment.
• BRICS Payment System: Proposed a BRICS-specific payment system to offer an alternative to SWIFT for international transactions.

Environmental Conservation Focus

Big Cats Conservation: BRICS members expressed support for conservation efforts, especially for rare big cat species, with encouragement for increased cooperation.

• India’s Role: India’s initiative to establish the International Big Cats Alliance received strong support.

India-China Bilateral Meeting

The summit also featured a notable bilateral meeting between India and China aimed at resolving border disputes.

• Background: This was the first bilateral meeting since 2020 following significant border incidents.
• Border Resolution Agreement: Both countries agreed to “complete disengagement and resolution” at the Depsang Plains and Demchok, allowing patrols along established points.

About BRICS

• Formation: Initially formed in 2006 with Brazil, Russia, India, and China, and expanded to include South Africa in 2010. BRICS now includes ten countries, accounting for 40% of the global population and 26% of global GDP.

• New Development Bank (NDB): Established in 2014 to support infrastructure and development projects, especially in BRICS countries.

Why BRICS Matters

• Global Influence: The alliance has grown to become a significant voice in global affairs, challenging Western-led organizations like the G7 and G20.
• Representation Concerns: BRICS countries feel underrepresented in key global institutions (e.g., UNSC, IMF, and World Bank) and seek reforms to gain greater influence.
• Kazan Declaration Goals: The Declaration expressed BRICS’s shared goal of reforming global systems for fairer representation.

Challenges Facing BRICS

• Reducing Dollar Dependence: Despite aspirations to decrease reliance on the dollar, BRICS faces challenges, as alternative financial institutions like the NDB have struggled to match the influence of the World Bank.
• Geopolitical Differences: The inclusion of new members introduces challenges, as countries like the UAE and Egypt are aligned with the US, while Iran remains a US adversary. This could make it difficult to maintain a unified stance.
• Decision-Making Complexity: With expanded membership, BRICS decisions may take longer, and consensus-building could be challenging. There is concern that BRICS could face similar issues as the Non-Aligned Movement (NAM) and the Group of 77 (G77), whose influence has waned over time.

Path Forward for BRICS

• Clear Objectives: BRICS needs to set well-defined goals, focusing on strengthening cooperation in trade, technology, and security.
• Enhanced Collaboration: Work together on crucial areas like energy, supply chains, food security, and financial resilience.
• Inclusive Security: Support the idea of universal security, respecting each nation’s security concerns and prioritizing dialogue over conflict.

Conclusion:

The 16th BRICS Summit highlights the alliance’s commitment to becoming a stronger player in international relations, economic integration, and global reform. By working toward better cooperation, environmental conservation, and financial independence, BRICS aims to enhance its role on the global stage, advocating for greater representation and stability in the face of evolving geopolitical challenges.