Russian President Vladimir Putin hosted leaders and representatives of BRICS nations in Kazan, Russia, from October 22 to 24, 2024. This summit takes place at a time when the bloc holds significant geopolitical, economic, and strategic importance, amidst increasing polarization between the West and the Global South. The aspirations of BRICS countries to restructure the international system are evolving. With the addition of new members, including the UAE, Egypt, Iran, and Ethiopia, this summit represents an expanded version of the group aiming to challenge Western dominance, particularly the supremacy of the US dollar. The holding of this summit in Russia reflects its desire to affirm its international relevance, despite ongoing sanctions and geopolitical isolation due to the war in Ukraine.
Global Momentum
The Kazan summit gains significant importance due to the growing relevance of the BRICS bloc in the global economy and the discussions on various issues of interest to its leaders, particularly expansion of membership and reducing the dominance of the US dollar. Therefore, we can summarize the main dimensions of the summit:
Increasing Importance of the Bloc in the Global Economy:
In its expanded form, the BRICS group now represents over 45% of the world’s population, with economies exceeding $28.5 trillion, accounting for 28% of the global economy. This surpasses the G7 group’s share, which comprises 10% of the global population and approximately 26% of the world economy.
The International Monetary Fund anticipates that global economic growth will increasingly rely on BRICS economies to drive growth, contrasting with the Fund’s reduced forecasts for the G7’s contribution to this growth, according to the World Economic Outlook report issued in October 2024. Bloomberg Economics estimates that by 2040, BRICS countries could constitute half of global output, equating to double the share of the G7, with the BRICS+ population reaching around four billion by 2050, according to UN estimates.
This potential shift reflects the rise of a rival economic and political actor capable of influencing the global system traditionally led by the United States and its allies.
Expanding Bloc Membership and Its Strategic Challenges:
The Kazan summit is unique as it is the first following the expansion of membership, opening the door to defining roles for new members and coordinating the group’s strategic objectives. Additionally, Putin indicated during the summit that there has been an increase in applications for joining the bloc in recent months; for instance, Malaysia announced its desire to join in June 2024, while Thailand expressed interest during the “BRICS Dialogue” in Russia. However, it appears that Southeast Asian countries, such as Malaysia and Thailand, are seeking to hedge their bets in a multipolar international system without abandoning their ties with the West.
Turkey, a NATO member, has also expressed interest in joining despite opposition from its Western partners—reflecting tensions within the Western system regarding the sustainability of current international dominance. In recent months, North Korea has also shown interest in the BRICS group due to the opportunities and diplomatic benefits that this forum may provide.
However, while Moscow and Beijing may have interests in including Pyongyang, other members may resist adding a poor, isolated country to their ranks. On another front, countries such as Kazakhstan and Argentina have declined to join, indicating reluctance to adopt anti-Western political agendas, while Indonesia, Algeria, and Serbia prefer not to join at present until they can clarify the goals and strategies of the bloc, and Saudi Arabia is still considering full membership.
Continuing to Break Russia’s International Isolation:
The summit presents an opportunity for Russia to reaffirm its international presence amidst Western sanctions and the war in Ukraine. Russian President Vladimir Putin aims to use this event to demonstrate that Russia remains an important player on the global stage. Holding the summit in Kazan supports Russia’s narrative against Western dominance, particularly with the attendance of influential powers such as China and India, which maintain neutrality in the Ukrainian conflict and enhance their influence in this crisis. Notably, this summit may reflect broader geopolitical trends aimed at demonstrating Russian influence expansion into areas of traditional US influence, especially in Africa and the Middle East. The formal inclusion of Iran in the bloc also signifies the possibility of making the group a platform for countries under international pressure to seek alternative alliances.
Efforts to Support Multilateralism in the International System:
The summit reflects growing discontent among Global South countries regarding the unipolar system led by the United States, particularly concerning unilateral sanctions and the weaponization of economic tools such as the US dollar. The gathering itself signifies a shift in global politics that enhances multipolarity, challenging Washington, which is no longer the sole actor in defining international legitimacy, especially given its failure to address international crises, notably the wars in Gaza and Lebanon, which have enabled Russia and China to more effectively harness anti-Western sentiments, capitalizing on frustration over Western double standards. At the same time, this shift does not imply that middle powers want to exchange US dominance for Chinese or Russian dominance, but rather that they are open to alliances with both powers in pursuit of a more pluralistic and independent world.
In this context, BRICS seeks to attract more members to enhance its global weight, a drive primarily led by China and Russia, as some view the expansion of BRICS as part of their efforts to challenge the G7 and other Western international institutions, indicating that Washington and Brussels are not the sole governors of international legitimacy.
Aiming to Challenge the Dominance of the US Dollar: Efforts by the BRICS group to reduce reliance on the US dollar represent a key issue of primary concern among group members, as they aim to bolster financial sovereignty by developing regional currency systems or even proposing an alternative currency for the bloc. This trend stems from a shared frustration among BRICS nations regarding Western dominance over global financial systems and the excessive use of economic sanctions. Consequently, China, in particular, is working to develop financial payment technologies as a strategic alternative to undermine US dominance in international finance, rather than focusing solely on military confrontation or economic warfare. Among these efforts, initiatives like the “BRICS Bridge” plan—a financial payment system designed to circumvent Western sanctions—are significant.
This initiative aims not only to bypass Western financial networks but also to offer faster and cheaper solutions for cross-border transfers among these emerging economies in an attempt by Moscow and Beijing to develop alternatives to the traditional SWIFT system, thus reducing exposure to Western financial pressures and sanctions. However, there remain questions about the potential new currency—possibly backed by gold or non-dollar assets—gaining global momentum. Complicating these efforts are diverging interests among BRICS nations; while Russia, China, and Iran seek to develop alternatives to counter international sanctions, countries such as India and Brazil prefer a gradual approach to avoid destabilizing their economies. Additionally, India is wary of excessive reliance on Chinese financial systems, prompting a cautious stance toward direct dollar-targeting efforts.
Enhancing Economic and Trade Partnerships within the Bloc:
The expansion of BRICS reflects a trend towards establishing a multipolar economic system that can balance Western dominance over global financial institutions, particularly by enhancing trade between member states, especially in promising sectors such as renewable energy, technology, and agriculture. Statistics indicate that trade among BRICS countries grew by 14% in 2023, totaling $683.5 billion, thereby surpassing the trade between BRICS members and the G7. A report from the Boston Consulting Group confirms that this growth reflects increased trade intensity among member countries, and thus aspirant nations believe that membership would open new avenues for investment and trade.
At the institutional level, the summit emphasizes the role of the New Development Bank as an alternative to the global financial system established by Western countries under the Bretton Woods Agreement after World War II, particularly as Global South countries view institutions like the World Bank and IMF as failing to meet the needs of poorer nations, especially in areas like financing projects related to climate change.
Balancing Multipolarity and Non-Alignment: Countries such as India and Brazil strive to balance their participation in BRICS with their relations with Western nations, reflecting their commitment to enhancing multipolarity without adopting an anti-establishment position toward prevailing political and economic international systems. The expansion of membership in the bloc also suggests the necessity for BRICS to adopt a pragmatic approach in its alliances, steering clear of direct ideological confrontations with the West; this aligns with desires to transform BRICS into a force supportive of reform in the international system and encourage genuine multipolarity.
Opportunity to Mitigate the Legacy of Conflict Between Beijing and New Delhi:
In a crucial step towards easing tensions, India announced an agreement with China regarding the regulation of military patrols along their disputed borders, representing a significant advancement following four years of deadly clashes that harmed bilateral relations and reshaped the geopolitical landscape in Asia. This announcement came just before both Indian Prime Minister Narendra Modi and Chinese President Xi Jinping arrived in Russia for the BRICS summit, raising speculation about the potential for a diplomatic breakthrough between the two neighbors. Consequently, the leaders of both countries held their first official talks in five years, suggesting that relations between the two Asian giants are beginning to recover from their diplomatic disputes, and they also discussed enhancing communication and cooperation between their countries.
Outcomes of Kazan
The summit’s activities and its final statement underscored the call for world direction toward a multipolar system, where smaller countries would be granted more mobility and flexibility in making their decisions, thereby aiding them in achieving their developmental goals and meeting their people’s future aspirations. The key outcomes of the summit can be summarized as follows:
Attempting to Establish a Framework for Future Expansions of the Bloc: Russian Foreign Minister Sergey Lavrov stated on the sidelines of the UN General Assembly in New York at the end of September 2024 that the primary objective of Russia’s annual presidency of the bloc is to quickly and effectively integrate new members into BRICS structures. Due to the challenges of this task, Lavrov clarified that no additional new members would be accepted at the Kazan summit, despite more than 30 requests or expressions of interest for joining. Instead, a “partner status” has been created to allow qualified countries to participate in various BRICS formats, albeit without voting rights.
The summit also affirmed discussions regarding the expansion of BRICS membership, where several countries expressed interest in joining, which was welcomed by summit leaders who believe expansion would enhance BRICS’s standing as a global platform promoting multipolarity and comprehensive governance. Therefore, members agreed to establish a framework for managing future expansions and ensuring that new members align with the core values and objectives of the bloc.
Call for Peaceful Solutions to the Ukrainian War: The summit’s announcement reflects the unified call from BRICS countries for a peaceful resolution to the Russia-Ukraine conflict through diplomacy and dialogue; leaders emphasized the importance of respecting international law, including principles of sovereignty and territorial integrity, while stressing the necessity of avoiding unilateral sanctions that exacerbate the conflict, asserting the importance of fostering a constructive environment for peace negotiations to ensure regional stability and mitigate the humanitarian suffering resulting from the two-and-a-half-year war.
Emphasis on the Need to End the War in the Middle East: The BRICS statement expressed deep concern over the continued instability in the Middle East, particularly the ongoing violence in the Gaza Strip; it condemned the targeting of civilians and called for an immediate ceasefire, stressing the need to ensure unimpeded humanitarian access by lifting the blockade on Gaza, which has exacerbated this crisis.
The statement reaffirmed the bloc’s support for a peaceful resolution to the conflict, specifically calling for a two-state solution consistent with UN resolutions, emphasizing that peace and stability in Gaza require not only de-escalation but also efforts toward sustainable development and recovery post-conflict. Within this context, the statement addressed escalating tensions in Lebanon, expressing concern over the spill-over of regional conflicts into Lebanese territory; summit leaders urged all factions in Lebanon to engage in an inclusive national dialogue to avoid further destabilization.
The BRICS group condemned external interference in Lebanese affairs, underscoring the importance of respecting Lebanon’s sovereignty, reaffirming the need for economic support to help Lebanon recover from its ongoing financial crisis, and calling on the international community to contribute to reconstruction and humanitarian assistance efforts. The statement also warned that military escalations along Lebanon’s southern borders pose a grave risk to regional peace, urging all parties to exercise significant restraint and prioritize diplomatic solutions.
Reforming the Global System and International Economic Institutions: The leaders of the bloc called for a comprehensive reform of global governance institutions, including the United Nations, World Bank, and International Monetary Fund, criticizing Western powers’ dominance over international financial institutions. They demanded a more representative system that reflects the realities of emerging economies, also asserting the need to transition from a unipolar world dominated by Western powers to a multipolar international system that reflects the diversity of global power centers. This transition would enhance global peace, security, and cooperation, thereby reducing risks of conflict and economic coercion by any one bloc or power.
Establishment of a Grain Exchange for BRICS Countries: The Russian president announced the creation of a grain exchange for BRICS nations to address food security challenges and reduce dependency on Western agricultural markets, underscored in the summit’s final statement emphasizing the importance of this initiative to facilitate grain and agricultural product trade among member states, particularly ensuring fair pricing mechanisms and stability in food supply chains, aligning with BRICS’s goal of supporting sustainable agriculture and reducing global hunger.
Encouraging Use of National Currencies in Inter-trade: BRICS leaders emphasized the importance of cross-border payment systems to reduce reliance on the US dollar and Western financial infrastructure; they discussed the necessity of developing an alternative payment mechanism using national currencies to facilitate trade and financial transactions within the blocs, aiming to enhance economic cooperation and increase financial sovereignty among BRICS nations.
Cooperation in Preventing the Spread of Global Diseases and Epidemics: The summit underscored the need for joint efforts to prevent disease outbreaks and respond effectively to pandemics; BRICS leaders committed to enhancing collaboration in health research, vaccine production, and disease monitoring systems. The summit also stressed the importance of equitable access to vaccines and medications, calling for reform of the World Health Organization to better support global health initiatives.
In Summary
The BRICS summit of 2024 in Kazan marked a pivotal moment in the group’s journey towards reshaping the global system and solidifying its position as a competitive alternative to the Western-led order. The expansion of BRICS membership and increasing ambitions clearly indicate a desire to promote multipolarity and offer a more inclusive global model. However, internal obstacles such as conflicting interests among member states, variances in their political priorities, and challenges related to managing diverse political systems may weaken its capacity to emerge as a unified and effective power, particularly regarding the proposal to reduce reliance on the US dollar, given the complex challenges tied to establishing an alternative currency capable of meeting global trade needs and international monetary systems.
