BRICS Summit 2024: 16th Edition Key Highlights, Major Outcomes and Relevance

The 16th BRICS Summit, held from October 22 to 24, 2024, in Kazan, Russia, holds significant relevance in the current geopolitical landscape. It serves as a crucial platform for emerging economies to assert their influence in a rapidly changing world.

The 16th Edition of the BRICS Summit, held from October 22 to 24, 2024, in Kazan, Russia, brought together leaders from various nations, including prominent figures like Vladimir Putin, Xi Jinping, and Narendra Modi. 

This summit marked the first gathering after the expansion of the group to include new members: Egypt, Ethiopia, Iran, and the United Arab Emirates, alongside the original five members: Brazil, Russia, India, China, and South Africa.

The first BRIC summit was held in 2009, and following South Africa’s inclusion, the first BRICS summit took place in 2011. 

Each year, leaders from the member states gather to discuss various issues, including economic cooperation and political alignment among emerging economies.

In this article, we’ll explore the key highlights, major outcomes, and relevance of the most recent BRICS summit, shedding light on the collective efforts and agreements made by these influential nations. 

BRICS Summit 2024: Key Highlights & Outcomes

Addressing the BRICS summit in Kazan, Vladimir Putin stated that the formation of a “multipolar world order” is ongoing and irreversible. He called this change “dynamic,” speaking to leaders from nations like China and India.

The UN Secretary-General, Antonio Guterres, attended the BRICS summit, his first meeting with President Putin in over two years. 

Prime Minister Narendra Modi met Russian President Vladimir Putin during the 16th BRICS Summit in Kazan. Modi extended an invitation to Putin to visit India next year for the 23rd India-Russia Annual Summit. 

The two leaders explored avenues for collaboration across various sectors, including politics, economics, defence, energy, and cultural exchanges, as per a statement from the Prime Minister’s Office.

According to Reuters, Russia expressed support for China and Brazil’s Ukraine peace initiatives. Interfax reported that these proposals were discussed during bilateral meetings held on the sidelines of the BRICS summit in Kazan.

Around 20 leaders, including representatives from China, India, Turkey, and Iran, gathered in Kazan to deliberate on key issues such as creating a BRICS-led international payment system and addressing the ongoing conflict in the Middle East.

1) Expanding the use of Local currencies to Promote Economic Stability

BRICS leaders have reaffirmed their commitment to strengthening financial cooperation and expanding the use of local currencies to enhance economic stability and drive development.

In a press release from the Ministry of External Affairs, the Kazan Declaration, titled “Strengthening Multilateralism for Just Global Development and Security,” outlined these priorities following the BRICS Summit on Wednesday.

Additionally, the declaration emphasised that adopting local currencies in trade and financial transactions is essential to reducing vulnerabilities and mitigating the impact of external economic shocks on emerging and developing economies.

2) PM Narendra Modi and China’s President Xi Jinping’s Bilateral Meeting

The bilateral talks between PM Modi and President Xi Jinping at the BRICS Summit signify a potential thaw in India-China relations, with both leaders expressing a commitment to constructive dialogue and cooperation moving forward. 

3) Strengthening Multilateralism

The summit underscored the importance of multilateral cooperation for global development and security. Leaders emphasised that “all states should act consistently with the purposes and principles of the UN Charter” to foster a fairer international order. This commitment aims to address challenges like unilateral sanctions and promote sustainable development across BRICS nations.

4) Voice of the Global South

A significant focus was placed on amplifying the “Voice of the Global South.” The declaration recognised initiatives like the India-Africa Forum Summit, aiming to enhance collaboration among developing nations. This reflects an intent to ensure that the perspectives and needs of emerging economies are represented in global discussions.

5) Counter-Terrorism Initiatives

The Kazan Declaration addressed cross-border terrorism, endorsing India’s Comprehensive Convention on International Terrorism (CCIT) initiative. It called for swift action on listing UN-designated terrorists, emphasising collective security and counter-terrorism efforts among BRICS members.

6) Economic Cooperation and BRICS Grain Exchange

The summit welcomed initiatives like the BRICS Grain Exchange, aimed at improving food security through enhanced trade in agricultural commodities. This platform is expected to facilitate better cooperation among member states in addressing food supply challenges.

7) Digital Health and Traditional Medicine

Cooperation in digital health and traditional medicine was highlighted as vital for improving public health outcomes. The leaders acknowledged that these areas hold significant potential for enhancing healthcare systems within member countries.

8) BRICS R&D Vaccine Centre

Support was expressed for the BRICS R&D Vaccine Centre, which aims to foster vaccine research and development. This initiative is crucial for ensuring equitable access to vaccines, particularly in light of global health challenges.

9) Recognition of Digital Public Goods

The declaration recognised the importance of Digital Public Goods, promoting their development under India’s leadership. This initiative aims to enhance technological cooperation among BRICS countries, facilitating innovation and knowledge sharing.

10) Sovereignty in Infrastructure Development

For the first time, the declaration included references to respecting national sovereignty in transport infrastructure projects. This reflects a commitment to ensuring that development initiatives do not compromise the integrity or autonomy of member states.

11) Cultural Cooperation and G20 Inclusion

The summit welcomed the inclusion of the African Union in the G20, recognising culture as a catalyst for achieving Sustainable Development Goals (SDGs). This acknowledgement highlights BRICS’s commitment to fostering cultural exchange and cooperation among diverse nations.

BRICS Summit 2024: Relevance

The 16th BRICS Summit, held from October 22 to 24, 2024, in Kazan, Russia, holds significant relevance in the current geopolitical landscape. Here are the key points highlighting its importance:

1) Strengthening Economic Ties

The summit emphasised enhancing economic cooperation among member nations, aiming to reduce dependency on Western economies. As Russian President Vladimir Putin stated, “We must build a new world order,” indicating a push for economic sovereignty and resilience among BRICS countries. This focus on intra-BRICS trade aims to create a more balanced global economic system.

2) Multilateralism and Global Governance

The theme of the summit, “Strengthening Multilateralism for Just Global Development and Security,” reflects a commitment to fostering a fairer international order. Leaders discussed strategies to amplify the “Voice of the Global South,” ensuring that developing nations have a significant role in global governance, countering Western dominance.

3) Inclusion of New Members

The summit marked the formal inclusion of new members—Iran, Egypt, Ethiopia, Saudi Arabia, and the UAE—expanding BRICS’s influence. This expansion is pivotal as it brings together countries representing approximately 41% of the global population and 24% of the global GDP, enhancing the bloc’s political and economic clout.

4) Addressing Security Concerns

Security discussions included counter-terrorism initiatives and regional stability, particularly in light of ongoing conflicts such as the Ukraine war. The declaration underscored collective security measures, emphasising that “dialogue and diplomacy” should prevail over conflict.

5) Alternative Financial Mechanisms

The summit initiated discussions on establishing alternatives to existing financial systems dominated by Western powers. Proposals included a cross-border payment system and enhanced roles for the New Development Bank (NDB), aiming to provide member countries with greater financial autonomy and resilience against external shocks.

6) Cultural and Humanitarian Cooperation

Leaders also emphasised strengthening cultural ties and humanitarian initiatives among member states. This focus aims to foster deeper connections through educational exchanges and collaborative projects that address social challenges within BRICS nations.

Conclusion

The 16th BRICS Summit serves as a crucial platform for emerging economies to assert their influence in a rapidly changing world. 

By prioritising multilateralism, economic cooperation, and security collaboration, BRICS aims to reshape global governance structures while promoting equitable development for its member states.