BRICS 2024 kicks off in Kazan: Charting path for new members
The BRICS 2024 Summit, which kicked off in the Russian city of Kazan on October 22, is set to be one of the “main events on the global agenda,” according to Kremlin spokesman Dmitry Peskov. With more than 30 countries confirmed to participate, the summit is expected to be Russia’s largest-ever foreign policy event, according to Russian presidential aide Yury Ushakov.
The three-day summit, which will bring together more than 20 world leaders and 30 delegations, will focus on strengthening BRICS’ global influence and establishing a framework for integrating new members. The BRICS nations, which now account for more than 40 percent of global oil production and about 40 percent of global oil consumption, are looking to increase their economic and political weight on the world stage.
The BRICS 2024 will be divided into two parts. The first will be held under the slogan “Strengthening Multilateralism for Equitable Global Development and Security,” while the second will focus on “BRICS and the Global South – Jointly Building a Better World.”
During the event, Russia, which has held the group’s rotating presidency since January 1, 2024, will propose initiatives related to humanitarian, economic, financial, parliamentary, and other fields.
Discussions are expected to include the creation of a BRICS digital payment platform, BRICS Bridge, and ways to increase trade in national currencies.
Russian President Vladimir Putin will hold 17 bilateral meetings with foreign counterparts on the sidelines of the summit, beginning ahead of the official opening on October 21. Putin, in particular, is due to meet with his counterparts China’s Xi Jinping, Egypt’s Abdel Fattah Al-Sisi, India’s Modi, South Africa’s Cyril Ramaphosa.
The summit is also expected to focus on establishing clear-cut criteria for admitting new BRICS members, including Egypt, Ethiopia, Iran, and the United Arab Emirates, which joined the group in 2023. Ushakov has stressed that Moscow seeks to ensure “the smoothest possible entry of new BRICS members into the group’s existing multi-level cooperation architecture.”
Russia, which currently holds the rotating presidency of the group, sees BRICS playing a growing role in the international monetary and financial system. Putin has outlined goals for the group, including “enhancing the role of BRICS in the international monetary and financial system, developing interbank cooperation and expanding the use of national currencies in mutual trade.”
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