BRICS Summit 2024: Key Developments and Updates from October 22, 2024
The BRICS Summit on October 22, 2024, marked a significant moment for the bloc, comprising Brazil, Russia, India, China, and South Africa. The summit, held in Kazan, Russia, focused on the evolving global landscape, addressing economic, political, and social challenges, and reinforcing cooperation among the BRICS nations.
1. Expansion of BRICS Membership
One of the most notable outcomes of the 2024 summit was the announcement regarding BRICS expansion. The member states agreed to formally admit several new countries into the bloc, including Saudi Arabia, Argentina, and Egypt. This expansion, building on the momentum from previous discussions, reflects the bloc's intention to enhance its global influence and create a multipolar world order, providing alternatives to Western-led institutions such as the G7 and the World Bank.
The inclusion of these nations also brings new opportunities for energy cooperation, given Saudi Arabia's role as a global oil powerhouse, and for increased collaboration in agriculture, as Argentina is a major exporter of food products. Egypt's strategic location in Africa and the Middle East makes it an important geopolitical player in trade and energy routes.
2. Strengthening of Economic Cooperation and Trade
At the summit, BRICS members discussed deepening economic ties and enhancing trade cooperation within the bloc. Leaders reiterated their commitment to reducing reliance on the U.S. dollar in international trade. The summit included discussions about using local currencies in transactions to mitigate the impact of sanctions and global financial instability. China and India led the charge on this initiative, advocating for increased use of the Chinese yuan and the Indian rupee in trade deals with BRICS partners and new member states.
BRICS also explored the possibility of creating a common digital currency that could facilitate cross-border transactions between member nations, reducing transaction costs and providing an alternative to traditional financial systems.
3. Geopolitical Tensions and Russia-Ukraine Conflict
The ongoing conflict between Russia and Ukraine remained a point of contention during the summit. Russian President Vladimir Putin, hosting the event, used the platform to rally support from BRICS nations against Western sanctions. While China and India maintained a neutral stance, calling for peace and a negotiated settlement, they refrained from directly condemning Russia's actions. This highlights the delicate balance BRICS nations must navigate between aligning with global powers and maintaining their own independent foreign policies.
Brazil's President Luiz Inácio Lula da Silva called for diplomatic engagement to resolve the conflict, urging all BRICS members to promote peace and stability in the region.
4. Energy Security and Cooperation
Energy security was a key topic, particularly with the inclusion of Saudi Arabia in the BRICS bloc. As global energy markets remain volatile due to ongoing conflicts and climate change, the summit focused on enhancing energy cooperation between BRICS nations. Russia and Saudi Arabia, two of the world’s largest oil producers, discussed strengthening their coordination on oil production levels to stabilize global oil prices.
Additionally, renewable energy collaboration was emphasized. China, a global leader in green energy technology, proposed joint initiatives on solar, wind, and hydrogen energy projects to help BRICS members transition toward cleaner energy sources. Brazil, with its experience in biofuels, also suggested sharing its expertise to diversify energy supplies within the bloc.
5. Reforming Global Governance Institutions
Another major agenda item was the reform of global governance institutions like the United Nations Security Council (UNSC) and the International Monetary Fund (IMF). BRICS members have long advocated for greater representation and a more significant voice in these institutions, reflecting the growing importance of emerging economies in the global order.
India, in particular, reiterated its call for permanent membership in the UNSC, with strong backing from Brazil and Russia. This push for reform highlights BRICS' dissatisfaction with what they perceive as a Western-dominated global governance system that does not adequately represent the interests of developing nations.
6. South-South Cooperation and Development
The BRICS 2024 summit reinforced the importance of South-South cooperation, particularly in areas such as technology, healthcare, and infrastructure development. Leaders emphasized the need for joint efforts to address global challenges like poverty, inequality, and access to education. South Africa's President Cyril Ramaphosa highlighted the need for increased investment in African infrastructure and development, which was echoed by the other BRICS members.
The New Development Bank (NDB), often seen as the BRICS equivalent of the World Bank, announced plans to fund more development projects in emerging markets, focusing on sustainable infrastructure, climate change adaptation, and poverty reduction. The bank also pledged to increase its financial support for countries affected by the COVID-19 pandemic and other global crises.
7. Technology and Innovation
Technological collaboration was another crucial theme at the summit. BRICS members discussed expanding cooperation in areas like artificial intelligence, 5G, and space exploration. China, which has made significant advancements in AI and space technology, proposed the creation of a joint research platform to foster innovation within BRICS nations.
India, with its rapidly growing tech industry, emphasized the importance of digital infrastructure and cybersecurity in today’s interconnected world. The country also encouraged deeper collaboration on developing cutting-edge technologies to ensure BRICS members remain competitive in the global tech race.
8. Climate Change and Environmental Sustainability
Addressing climate change remained a priority for BRICS members. Brazil and India, in particular, underscored the need for a balanced approach to economic development and environmental sustainability. Brazil’s President Lula called for greater international support for Amazon rainforest protection efforts, while India advocated for more substantial investments in green technologies across developing nations.
China presented its roadmap for achieving carbon neutrality and proposed enhanced collaboration within BRICS to meet the goals set by the Paris Climate Agreement. The summit concluded with a commitment to promoting sustainable development and protecting biodiversity in BRICS countries.
Conclusion
The BRICS Summit on October 22, 2024, was marked by significant decisions and discussions that will shape the future of the bloc. From expanding membership to addressing global governance reforms and strengthening economic and energy cooperation, BRICS continues to position itself as a vital player in the evolving global order. As the bloc expands and deepens its collaborative efforts, it is expected to play an even more influential role in addressing the challenges and opportunities of the 21st century.
India will support 
Pakistan's membership in BRICS during the summit in Kazan, 
Russia.
