The 16th BRICS summit, held from October 22 to 24, 2024, in Kazan, Russia, marked a pivotal moment in international relations as the group welcomed 13 new partner countries, expanding its influence in the global arena. Russian President Vladimir Putin emphasized the emergence of a multipolar world order, while Chinese President Xi Jinping described BRICS as a vanguard for global governance reform [957ba5f4]. This summit saw the participation of 36 world leaders, including Indian Prime Minister Narendra Modi, as well as UN Secretary-General António Guterres, all aiming to challenge U.S. hegemony amid ongoing sanctions against Russia following its 2022 invasion of Ukraine [f8f8db46].
The summit's expansion to include Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, alongside Turkey's application for membership, represents a significant geopolitical shift, reflecting a desire for a new economic system that challenges Western dominance [6f68c1f6]. Xi Jinping's address at the summit highlighted the importance of multilateral cooperation among BRICS Plus countries, emphasizing socioeconomic progress and collective security measures to counter U.S. dominance. He also introduced the Global Development Initiative, pledging over $20 million for development projects, positioning China as a potential steward of the Global South [18975cea]. The Kazan Declaration adopted during the summit called for reform of global institutions and criticized 'illegal sanctions,' reflecting the diverse interests of BRICS members. It emphasized de-dollarization, anti-hegemonic governance, and the rejection of Western sanctions, underscoring the group's commitment to reshaping the international order [476a5658].
The summit, which gathered leaders from over thirty countries, underscored the current international system's erosion rather than collapse, characterized by unresolved conflicts and an unfair, American-centric order. Key discussions included the monopolistic role of the dollar and the SWIFT system as tools for U.S. hegemony, with ongoing discussions about using national currencies and cryptocurrencies in international settlements [514c0bf1].
Russia's strategy within BRICS is focused on establishing a legal and economic system free from Western dominance, as highlighted by Dr. Stanislav Tkachenko. The Kazan Declaration outlines necessary reforms for the IMF and World Bank, while intra-BRICS trade reached $678 billion in 2023, growing at an impressive 10.7% annually [5c618885]. Putin's hosting of the summit showcased his image as a powerful leader despite ongoing Western condemnation. The presence of North Korean soldiers at the event drew attention to Russia's manpower issues amid the Ukraine conflict, presenting a facade of normalcy [d2f1a85c].
The expansion of BRICS now includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the UAE, and the newly added partner countries, which include nations like Bolivia, Cuba, Nigeria, and Turkey, indicating a growing coalition against Western dominance [b60b17cd]. The Economist Intelligence Unit projects that BRICS+ economies will surpass G7 economies by 2045, with BRICS+ GDP expected to reach $100 trillion, compared to the G7's $50 trillion by 2025 [10ca8beb]. Currently, BRICS nations account for 40% of the world's population and 30% of the global economy, with discussions on using local currencies for trade aiming to reduce reliance on the U.S. dollar [10ca8beb]. Economist Richard Wolff described the summit as historic, noting that the combined GDP of BRICS nations now surpasses that of the G7, positioning them as serious economic competitors to the U.S. [b60b17cd].
However, not all BRICS members are aligned on the issue of de-dollarization. While Russia promotes the BRICS Bridge payment system to bypass U.S. sanctions, other members express caution. Agathe Demarais pointed out that the dominance of the U.S. dollar remains entrenched, with over 80% of global transactions conducted in USD [d5e3bcb0]. Sarang Shidore noted the fragmentation in geopolitics and climate issues, suggesting that BRICS nations have diverse economies and geopolitical goals, complicating financial integration [d5e3bcb0].
A notable event was the meeting between Modi and Xi, aimed at reducing tensions after past conflicts, highlighting the importance of cooperation among BRICS nations [514c0bf1]. Modi's attendance at this summit alongside Putin and Xi underscores India's strategic positioning within this emerging power bloc. Analysts suggest that this gathering underscores a potential shift in global power dynamics, as the U.S. seeks to weaken Russia and contain China's rise while India aims to maintain its independence in foreign policy [e80d047f]. The summit also included discussions about a potential BRICS currency and the normalization of relations between China and India, signaling a willingness among member nations to cooperate more closely [f8f8db46].
In the backdrop of these geopolitical tensions, the recent U.S. indictment of Vikash Yadav, a former officer of India's Research and Analysis Wing (R&AW), adds another layer of complexity. Announced just days before the summit, the indictment accuses Yadav and his associate of hiring a hitman to kill Gurpatwant Singh Pannun, a designated terrorist in India. This development has sparked discussions about the perceived hypocrisy in the U.S. justice system regarding its protection of Pannun [ca00323e].
As the world watches, Modi's participation in the BRICS summit could signal a new era of geopolitical alignment, with the Global South gaining prominence in shaping global policies and economic strategies. The implications of this summit extend beyond mere economic discussions, potentially redefining international relations in a multipolar world. Additionally, discussions included calls for a ceasefire in Gaza and pressure on Russia regarding Ukraine, as well as the coalition's role in global emissions and the upcoming COP29 in Azerbaijan [b60b17cd].
In this context, the U.S. presidential elections on November 7, 2024, are crucial as 240 million Americans vote, impacting billions globally. U.S. foreign policy significantly influences international conflicts, nuclear negotiations, and relations with China, Russia, and Europe. The BRICS coalition, comprising Brazil, Russia, India, China, and South Africa, aims to counter Western dominance and promote multipolarity. However, challenges persist, including economic disparities among members, tensions between India and China, and reliance on the U.S. dollar. Kazakhstan is emerging as a key player, seeking closer ties with BRICS and enhancing trade with member states, with Deputy Foreign Minister Alibek Kuantirov stating that half of Kazakhstan's trade is with BRICS countries [ab3c8ed3].
As the BRICS nations continue to assert their influence, the summit serves as a critical juncture in the global economic landscape, challenging the traditional dominance of Western powers and advocating for a more balanced approach to international relations. Jeffrey D. Sachs argues that the BRICS summit should mark the end of neoconservative delusions in U.S. foreign policy, emphasizing that the BRICS countries, representing 57% of the global population and 47% of global output, are rejecting U.S. hegemony and advocating for a multipolar world order. Sachs notes that the combined GDP of BRICS is growing at 5% annually, compared to just 2% for the U.S. and its allies, calling for a shift towards renewed diplomacy and a more equitable global order [f503e565].
This shift in global allegiances has been underscored by the recent rise of China as an economic superpower, further challenging U.S. hegemony. Over 40 countries are currently applying to join BRICS, highlighting the growing interest in this coalition. The failure of the U.S./NATO proxy war in Ukraine has also contributed to this shift, with Russia surpassing Japan and Germany to become the fourth-largest economy [3a4e2351]. The BRICS nations are now working on developing a new collective currency aimed at challenging the dominance of the U.S. dollar, marking a significant transition from unipolarity to multipolarity in the global economic landscape. As the world grapples with these changes, the choice ahead remains stark: between negotiation and cooperation or mutual annihilation, particularly in light of the recent U.S. election outcomes and their implications for foreign policy [3a4e2351].