BRICS Summit 2024 in Russia: Strengthening Multilateralism for Global Development and Security

The BRICS summit in Kazan, Russia, scheduled from October 22 to 24, 2024, represents a crucial juncture for the alliance, which has expanded to ten member nations. The summit will bring together leaders from Brazil, Russia, India, China, South Africa, Ethiopia, Iran, Saudi Arabia, Egypt, and the UAE. Established in 2006, BRICS aims to amplify the voices of emerging economies and provide a counterbalance to the influence of Western powers in global governance. With member nations accounting for about 45% of the world's population and nearly 28% of the global economy, the significance of BRICS is on the rise. Prime Minister Narendra Modi will join discussions on economic cooperation and global challenges.

What is the BRICS Summit?

Originally called "BRIC," the group was founded in 2006 by Brazil, Russia, India, and China. South Africa joined in 2010, leading to the current name, BRICS. This coalition seeks to unite influential developing countries and challenge the power of wealthier nations, particularly in North America and Western Europe. As of January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE have joined BRICS. Initially, there were doubts about Saudi Arabia's membership, but South Africa confirmed it. Argentina was also invited, but President Javier Milei withdrew shortly after taking office in December 2023.

Significance of the BRICS Summit

BRICS, a term originally coined by Goldman Sachs, represents emerging market economies with significant growth potential. The alliance now functions as an informal organization that promotes economic ties among its members.  With the inclusion of Iran, Saudi Arabia, and the UAE, BRICS nations collectively contribute to 44% of global crude oil production. The bloc advocates for greater representation of emerging economies in institutions like the IMF and World Bank. In 2014, BRICS established the New Development Bank, which has funded nearly $32 billion in infrastructure projects by 2022. While there is speculation about a potential BRICS currency, the economic diversity among member nations makes this unlikely for now.

Importance of the BRICS Summit for India

Prime Minister Narendra Modi is expected to play a significant role in the upcoming summit. He may hold a one-on-one meeting with Russian President Vladimir Putin, marking his second visit to Russia in 2024. Speculation surrounds the possibility of Modi advising Putin on the Ukraine conflict, though India's focus may be on energy security and its defense relationship with Russia. Modi may also seek to increase Chinese investment in infrastructure  and technology. Discussions may address ongoing tensions along the Line of Actual Control (LAC) with hopes for improved border management. While China has shown some willingness to enhance relations, it remains uncertain whether any significant breakthroughs will occur. There is currently no confirmation of a meeting between PM Modi and Chinese President Xi Jinping during the summit, which could impact media coverage.

Membership of BRICS

The BRICS alliance currently comprises ten nations: Brazil, Russia, India, China, South Africa, Ethiopia, Iran, Saudi Arabia, Egypt, and the UAE.