BRICS Leaders Discuss Economic Cooperation and Expansion at Kazan Summit
The XVI BRICS Summit continued in Kazan, Russia, on its second day, with meetings held in both narrow and expanded formats.
Heads of delegations gathered at the Kazan Expo International Exhibition Centre, where they were welcomed by Russian President Vladimir Putin. After a traditional group photo, a narrow-format meeting took place, attended by Egyptian President Abdel Fattah Al-Sisi, Indian Prime Minister Narendra Modi, Iranian President Masoud Pezeshkian, Chinese President Xi Jinping, UAE President Mohamed bin Zayed Al Nahyan, Ethiopian Prime Minister Abiy Ahmed, South African President Cyril Ramaphosa, and Brazilian Foreign Minister Mauro Vieira.
Following an opening speech by Putin, the leaders discussed deepening financial cooperation and the possibility of further expanding the BRICS group. This was followed by an expanded-format meeting.
During the expanded meeting, Putin highlighted the importance of economic cooperation among member states, noting that preliminary estimates indicate average economic growth of 3.8 per cent for BRICS countries in 2024-2025.
“In this regard, we propose creating a new BRICS investment platform, which would become a powerful tool for supporting our national economies as well as providing financial resources to the countries of the Global South and East,” Putin said.
Putin also called for increased collaboration in technology, education, resource management, trade, and other areas to fully realise the potential of the growing BRICS economies.
Brazilian President Luiz Inacio Lula da Silva joined the expanded meeting via video link, emphasising the significance of BRICS countries in the global natural resources market.
“It is necessary to establish alternative monetary relations between participants. We are not talking about replacing national currencies. We must create a financial system, and this matter requires serious discussion,” Lula da Silva said.
He also urged the creation of a unified BRICS financial system.
Iranian President Masoud Pezeshkian proposed that BRICS countries establish a new energy transit network, highlighting Iran’s position as a transit hub for several international transport corridors, including North-South and East-West.
“We can create a new transit network for trading energy resources and other goods within BRICS by developing fruitful cooperation,” Pezeshkian said.
BRICS New Development Bank (NDB) President Dilma Rousseff also presented a report noting that the NDB accounts for 28.3 per cent of total BRICS financing in national currencies.
Following the meetings, the delegations adopted the Kazan Declaration, outlining the summit’s outcomes and Russia’s BRICS Chairmanship. A formal reception hosted by President Putin in honour of the heads of delegations is scheduled for the evening.
The XVI BRICS Summit officially opened on October 22 with a ceremony welcoming heads of delegations, followed by a concert and informal dinner for the group’s leaders. On 24 October, the event will continue in the BRICS+ format with the participation of representatives from 36 countries across Asia, Africa, Europe, and Latin America.
The high-level meeting in Kazan, under Russia’s BRICS Chairmanship, is held under the motto “Strengthening Multilateralism for Equitable Global Development and Security.”
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