21-Nov-2024

Outcomes of the BRICS 2024 Summit

The 16th BRICS Summit that took place in Kazan, Russia between October 22-24, 2024, was an event for this influential group’s development and progress on the global stage with an emphasis on promoting fairness and balance worldwide.
Egypt, Ethiopia, Iran and the United Arab Emirates have become official members of the group which increases its geopolitical and economic sway considerably. This expansion showcases the increasing popularity of BRICS and its capability to better advocate for the Global Souths interests. With these recent additions, BRICS now represents a wider range of emerging economies bolstering its unified stance, on global issues.
The statement made in the Kazan Declaration during the summit underscores the significance of working on a global scale to improve economic collaboration and reform global governance structures. The document signifies BRICS' dedication to tackling issues collectively and showcases their efforts to advocate for a more equitable international framework that serves the interests of all countries across the globe.
One significant advancement unveiled during the summit was BRICS Pay, a payment mechanism created to streamline transactions and exchange financial data among the central banks of member countries. This system seeks to act as a substitute, for the Western controlled SWIFT system by offering a more comprehensive financial framework that bolsters the economic independence of BRICS nations.
The BRICS countries emphasized their backing for the overhaul of the United Nations and the Security Council while pushing for the State of Palestine to have involvement, in the UN activities. This position highlights BRICS' dedication to a governance system that is more inclusive and reflective of diverse international perspectives.
Officials at the meeting talked about matters such as the conflict in Ukraine, advancements in finance and environmental conservation efforts that reflect BRICS' comprehensive approach to worldwide problems by understanding how economic pressures and environmental concerns intersect with geopolitical matters.
The summit had a session where leaders from various regions like the Commonwealth of Independent States (CIS) Asia, Africa the Middle East, Latin America and heads of different international organizations gathered together. This inclusive attitude shows BRICS' dedication to creating an alliance that backs its goal for a fairer and more balanced global system.
A discussion between Chinese President Xi Jinping and Russian President Vladimir Putin during bilateral meetings centered on furthering the Belt and Road Initiative (BRI) and the Eurasian Economic Union was noteworthy. A decade into its existence the BRI is extending its influence to promote trade and connections among Asia, Europe and Africa, with the aim of advancing development and economic unity.
BRICS has a lot of promise in voicing the concerns of nations that have frequently been sidelined in international decision-making forums. To achieve its goals effectively it is crucial to enhance efforts and foster stronger relationships. This involves not strengthening ties between member countries but also enhancing engagement, with other global stakeholders and regional bodies.
The BRICS bloc is gathering momentum and has the potential to be a powerful advocate for positive transformation. By giving voice to diverse perspectives that have been overlooked, BRICS can play a crucial role in promoting greater fairness and inclusivity on a global level.