Key Outcomes of the 16th BRICS Summit: Shaping a Multipolar Future
The 16th BRICS Summit, held in October 2024, was a significant event in the global political landscape, with key discussions focused on economic growth, geopolitical conflicts, and multilateral cooperation. The Leaders of BRICS countries, met in Kazan, Russian Federation, from 22 to 24 October 2024 for the XVI BRICS Summit held under the theme: ”Strengthening Multilateralism for Just Global Development and Security‘.
1. Expansion of BRICS+
The summit marked the growing influence of BRICS as new member countries joined the alliance, broadening its representation and amplifying its voice on the world stage. Four further countries joined the group in 2024: Egypt, Ethiopia, Iran and the United Arab Emirates. The inclusion of these nations signals the increasing importance of the BRICS+ framework in shaping global policy and trade practices.
2. Strengthening Multilateralism
BRICS leaders reiterated their commitment to a multilateral world order that ensures the concerns of the Global South are heard. They underscored the importance of fostering peace, addressing global inequalities, and enhancing collaboration to tackle challenges like poverty, terrorism, and climate change. The summit reinforced the need for global solidarity to face these interconnected issues.
3. Geopolitical Conflicts
The summit addressed several ongoing geopolitical issues:
- Ukraine: BRICS emphasized the need for diplomatic dialogue to resolve the ongoing conflict, urging a peaceful resolution through negotiation rather than military means.
- West Asia Crisis: The humanitarian situation in Gaza and the West Bank was a major point of concern. BRICS leaders condemned civilian casualties and infrastructure damage caused by ongoing military operations, calling for an immediate ceasefire and humanitarian support.
- Western Sanctions: The summit voiced strong opposition to the imposition of unilateral sanctions, calling them disruptive to global trade and the achievement of Sustainable Development Goals (SDGs). The BRICS countries argued that these sanctions are damaging to the economies of the Global South and hinder their development.
4. BRICS Grain Exchange
A groundbreaking proposal discussed at the summit was the creation of a BRICS Grain Exchange. This platform aims to improve food security within member countries by facilitating grain trading. The idea is to ensure stable supplies of essential agricultural commodities and reduce dependency on volatile global markets. Future developments may see the inclusion of other agricultural sectors in this exchange, further strengthening intra-BRICS cooperation on food and agriculture.
5. Financial Integration
The summit highlighted the importance of financial integration among BRICS countries to reduce reliance on the US dollar and Western financial systems. Key aspects discussed included:
- Local Currency Trade: The promotion of local currencies in trade agreements was emphasized as a way to minimize dependence on the US dollar and foster economic stability within the BRICS nations.
- UPI Model: India’s Unified Payments Interface (UPI) system was presented as a successful model for simplifying and streamlining cross-border payments. The system, which has revolutionized domestic payments, is seen as a potential solution for reducing transaction costs and increasing financial accessibility among BRICS countries.
- Alternative Payment System: The summit reaffirmed efforts to establish a BRICS-led payment system to rival SWIFT, providing a secure and independent financial communication channel for member countries, thus reducing reliance on Western financial infrastructure.
6. Conservation Efforts: The Big Cats Initiative
In an unexpected but significant addition, BRICS leaders discussed the conservation of endangered species, particularly big cats. India’s initiative to create an International Big Cats Alliance was endorsed by the group, highlighting the need for collaborative conservation efforts across member states. The preservation of these species is seen as vital not only for biodiversity but also for strengthening cultural and ecological ties among BRICS countries.
Conclusion
The 16th BRICS Summit in 2024 marked a crucial step towards a more multipolar world order. The discussions at the summit revealed a clear push to reduce reliance on Western-dominated systems, advocate for peace in conflict zones, and promote financial and agricultural cooperation. As BRICS continues to grow, it is expected to play an increasingly central role in shaping the global economic and geopolitical landscape.
