KAZAN (RUSSIA): The recently concluded BRICS 2024 Summit in Kazan marks a pivotal moment in global geopolitics, highlighting the growing influence of emerging economies. As leaders from Brazil, Russia, India, China, South Africa, and newly inducted members convened, the summit showcased BRICS’ commitment to strengthening economic sovereignty, reducing reliance on Western financial systems, and advancing global governance reforms. This summit has seen BRICS expand its membership, reinforcing the bloc’s objective of representing the Global South and challenging traditional power structures. As of now, BRICS collectively represents 45% of the global population and more than 30% of global GDP a testament to its expanding geopolitical and economic leverage.
Economic Reforms and Currency Alternatives: A Challenge to Western Dominance
The central theme of the Kazan Summit was economic sovereignty. In a bid to reduce dependence on the US dollar, which currently accounts for 88% of international trade transactions, BRICS leaders pushed forward plans to create an alternative financial architecture. This includes establishing a BRICS currency framework that encourages trade in local currencies. China’s agreement with Brazil to conduct bilateral trade in their own currencies is a move indicative of this broader strategy, potentially decreasing exposure to dollar-based fluctuations. Additionally, India’s adoption of the Unified Payments Interface (UPI)—processing over 10 billion monthly transactions—was highlighted as a successful model for seamless digital payments within the BRICS framework.
Prime Minister Narendra Modi emphasized India’s significant role in this transition, stressing that India’s digital economy, projected to reach $1 trillion by 2025, could be a key driver of the BRICS economic landscape. He stated, “India’s digital transformation will underpin our shared goals for economic independence. We are dedicated to a global order that is inclusive, just, and supports the aspirations of developing nations.”
Xi Jinping, President of China, reiterated the need to bolster intra-BRICS trade and cooperation, counteracting what he described as “economic hegemony” by the West. China’s Belt and Road Initiative (BRI), involving investments across 150 countries, plays a crucial role in promoting connectivity and economic cooperation. Xi emphasized that “BRICS must serve as a stabilizing force in an unpredictable global landscape, championing economic openness and resisting protectionism.”
Russian President Vladimir Putin, addressing the summit virtually, pointed to the vital role of BRICS in energy security. Russia remains a significant global energy supplier, accounting for 12% of crude oil production and 17% of natural gas. Putin emphasized, “Energy diversification and cooperation within BRICS are essential to ensuring a stable and predictable global energy market, free from the volatility imposed by external geopolitical pressures.” His call to establish energy independence was underscored by ongoing BRICS discussions to secure alternative energy partnerships, reducing the reliance on Western markets.
Technology as a Strategic Asset: Innovation and Joint Ventures
The summit also focused on technology and innovation, areas where BRICS countries are seeking greater cooperation to counter Western technological dominance. The discussions ranged from artificial intelligence to digital transformation, highlighting the technological advancements of BRICS members. China’s technology exports, which exceeded $769 billion in 2023, and India’s strong presence in software services, generating $250 billion annually, underscore the potential of BRICS to become a global tech powerhouse.
India’s leadership in green technology and renewable energy was another key focus, as Modi highlighted India’s success in the International Solar Alliance (ISA) and renewable energy initiatives. China’s dominance in electric vehicle production, holding over 50% of the global market share, aligns with BRICS’ shared goals of promoting green technology and reducing carbon emissions. President Xi Jinping called for a “new technological ecosystem that supports sustainable development,” stressing the need for BRICS to lead in renewable energy and environmental technologies.
The New Development Bank (NDB), often referred to as the “BRICS Bank,” has committed to financing these technological ventures, with a growing portfolio of projects currently worth $32 billion. The NDB’s potential expansion to include more developing nations underscores its role as a financial pillar supporting infrastructure, technology, and development projects.
Strategic Geopolitical Partnerships: A Platform for Dialogue Amid Tensions
Geopolitical considerations were a major aspect of the Kazan Summit, with discussions on fostering stability amidst rising global tensions. The highly anticipated Modi-Xi bilateral meeting saw both leaders emphasizing the need for peace and stability, despite ongoing border disputes. Trade between India and China remains robust, surpassing $130 billion this year, despite a significant trade imbalance favoring China. Modi reiterated India’s position on territorial integrity, while Xi emphasized the importance of strategic communication to manage differences and enhance bilateral ties.
India’s meeting with Iranian President Masoud Pezeshkian was another key diplomatic moment, focusing on regional cooperation and connectivity. With Iran’s vast energy resources, holding the **second-largest natural gas reserves globally, Pezeshkian stressed the significance of BRICS as a platform to ensure energy security and stability, independent of Western pressures. He praised India’s strategic investments in the Chabahar Port, a project worth over $500 million, highlighting the critical role of this port in enhancing trade routes to Central Asia. “Our nations share a deep-rooted history, and now is the time to expand our cooperation for mutual benefit,” Pezeshkian stated, advocating for further joint ventures in energy, trade, and digital sectors.
Calls for Reform in Global Governance: Amplifying the Global South’s Voice
One of the summit’s defining moments was the collective call for comprehensive reforms in global governance. BRICS leaders emphasized the need to reshape international institutions, such as the United Nations Security Council, the International Monetary Fund (IMF), and the World Trade Organization (WTO). Despite accounting for nearly 60% of global GDP emerging economies remain underrepresented in these forums. Modi’s advocacy for a reformed world order echoed this sentiment, as he declared, “The current global structures must evolve to reflect the aspirations of the developing world. BRICS has a duty to lead this change.”
The summit also signaled the bloc’s intentions to expand its influence, with countries like Argentina, Saudi Arabia, and Egypt joining the BRICS coalition. This enlargement, aimed at diversifying and strengthening BRICS’ geopolitical influence, signals a move toward a broader and more inclusive platform that reflects the interests of emerging economies worldwide.
Commitment to Sustainable Development and Climate Action
Sustainability and climate action were key focal points, with BRICS reaffirming its commitment to green technology, sustainable energy, and environmental protection. China’s investments in clean energy, amounting to $546 billion in 2023 and India’s solar power initiatives have positioned BRICS as a leader in combating climate change. The group announced ambitious plans for green infrastructure and renewable energy, projecting potential investments of $23 trillion by 2030 in sustainable development projects.
President Putin, in his address, highlighted the critical importance of energy efficiency and sustainable practices, emphasizing Russia’s dedication to cleaner energy sources within the BRICS framework. Xi Jinping echoed these sentiments, urging BRICS nations to “seize the opportunity to lead the global green transition,” while Masoud Pezeshkian highlighted the need for collaboration in renewable energy and digital transformation as key drivers of economic growth.
As the BRICS 2024 Summit in Kazan concluded, it became clear that the bloc’s expansion and forward-looking policies mark a new era in global diplomacy. The diverse voices within BRICS reflect a shared commitment to economic cooperation, technological innovation, and sustainable development. Supporters of BRICS view the bloc’s expansion as a strategic move that strengthens its capacity to challenge Western-centric economic systems and promote the interests of the Global South. Critics, however, remain cautious, citing the complexities of aligning diverse national interests under a unified agenda.
Moving forward, BRICS’ ability to implement these ambitious initiatives will determine its success in redefining the global landscape. With a collective focus on equitable economic practices, technological advancement, and sustainable development, BRICS is poised to become a major player in the 21st-century global order. The world watches closely as BRICS nations navigate their internal challenges and work towards a cohesive and transformative agenda that could reshape international relations for decades to come.
– Dr. Shahid Siddiqui, Follow via X @shahidsiddiqui
