The 2024 BRICS Summit will take place in Kazan, Russia, from October 22 to 24. This summit is the first gathering of BRICS countries following its expansion to include five new members: Saudi Arabia, Egypt, the United Arab Emirates (UAE), Iran and Ethiopia, doubling the membership from five to 10 countries.
According to Moscow, during Russia's BRICS presidency this year, it will prioritize enhancing partnership and cooperation across three key areas: politics and security, the economy and finance, and cultural and humanitarian ties.
What are the main topics that will be discussed at the summit, and what's the significance? Experts believe that promoting the reform of the global economic and political governance system will be the summit's top priority.
Wang Youming, a researcher at the Institute of Developing Countries at the China Institute of International Studies, told CGTN that, as it's the first summit after the BRICS expansion, there will likely be discussions on how to effectively integrate the new members into the BRICS framework and whether to change the mechanism for future expansion?
Russia has introduced the concept of "BRICS partner countries," prompting speculation about whether any nations will be officially recognized as the first batch of BRICS partner countries during the summit. Wang indicated that such details may be revealed through the conference.
Besides, topics such as promoting the establishment of a BRICS payment system, tackling climate change, enhancing energy cooperation, safeguarding supply chains and boosting scientific collaboration will also be on the agenda of the summit, said Wang.
A view shows a banner with the logo of the upcoming 2024 BRICS Summit, with the Kul Sharif Mosque and the Suyumbike Tower at the Kazan Kremlin seen in the background, Kazan, Russia, October 14, 2024. /CFP
Rising global economic influence
The BRICS represents more than 40 percent of the world's population. In 2021, the five BRICS economies account for about a quarter of the world's gross domestic product, and contribute more than half to global economic growth, according to the World Bank. However, the voting rights of the BRICS countries in the World Bank and the International Monetary Fund are less than 15 percent in 2021.
Experts suggest that BRICS was established to address imbalances in international governance, amplifying the voices of countries in the Global South. The summit will focus on various fields of cooperation and strengthen solidarity among member nations.
According to Boris Guseletov, a researcher from the Russian Academy of Sciences, Russia intended to bolster strategic partnerships in trade, investment, innovation and technology through the summit, aiming for robust economic growth. Key measures include enhancing business ties through small and medium-sized enterprises, increasing mutual trade and investment, and ensuring financial stability amidst rising unilateral sanctions and protectionist measures.
In recent years, emerging countries are increasingly exploring the establishment of an alternative payment system to mitigate international transaction risks as unilateral sanctions based on the dollar have exacerbated the vulnerabilities of the international monetary system.
A report by the CITIC Securities Research stated that given conditions are still developing, the independent payment system or supranational currency for BRICS countries has yet to be fully explored. The summit this year will more likely place emphasis on directional explorations of financial cooperation and payment systems.
The report also notes that as energy and infrastructure are essential for economic growth and regional integration, these sectors are expected to receive great attention during the summit. The report added that BRICS countries will continue to support infrastructure projects through the New Development Bank (NDB) established by the BRICS states in 2014.
A view shows the building of the New Development Bank, east China's Shanghai Municipality, October 2, 2024. /CFP
Imbalanced international governance system
In addition to economic issues, this year's summit is themed "Strengthening Multilateralism for Equitable Global Development and Security," underscoring the summit's other focus on enhancing international governance and pursuing a greater voice of developing nations in global affairs. The summit will focus on various fields of cooperation and strengthen solidarity among member nations.
"Western countries, including the United States, seek to maintain the existing imbalance to ensure their monopoly over international affairs. However, developing countries are unwilling to remain sidelined; they strive to reform the unjust global governance system," Wang Youming said.
While acknowledging the contributions of the post-war international order, shaped by Western powers, to global stability and economic growth, he clarified that BRICS does not aim to dismantle this existing order or create a parallel adversarial system to the G7. Instead, its goal is to reform and innovate the unjust and unreasonable aspects of the current system to make it fair and equitable.
Wang cited the NDB as an example of BRICS' approach, saying the financial organization is not intended to replace the World Bank; rather, it complements and enhances existing international financial institutions, fostering greater diversity in the global financial system.