The city of Kazan in Russia is set to host the 2024 BRICS Summit from October 22 to 24, marking a significant event as the first gathering of the expanded BRICS bloc. Following the inclusion of five new members—Saudi Arabia, Egypt, the United Arab Emirates (UAE), Iran, and Ethiopia—the group has doubled its membership from five to ten nations, signaling a shift in the global economic landscape.
Russia, holding the BRICS presidency this year, aims to enhance partnership and cooperation across three pivotal areas: politics and security, the economy and finance, and cultural and humanitarian ties. This focus aligns with the bloc’s vision to strengthen its influence on international affairs and promote a multipolar world.
Integration of New Members
Experts suggest that a primary topic of discussion will be how to effectively integrate the new members into the BRICS framework. Wang Youming, a researcher at the Institute of Developing Countries at the China Institute of International Studies, noted, “As it’s the first summit after the BRICS expansion, there will likely be discussions on how to effectively integrate the new members and whether to change the mechanism for future expansion.”
Russia has introduced the concept of “BRICS partner countries,” prompting speculation about the potential recognition of nations as BRICS partners during the summit. Wang indicated that such developments might be unveiled during the conference, highlighting the bloc’s openness to broader cooperation.
Reforming Global Governance
Promoting reforms in the global economic and political governance system is expected to be a top priority. The expanded BRICS nations may collectively advocate for a more equitable international order, addressing imbalances in representation and decision-making in existing global institutions.
Key Agenda Items
In addition to expansion and governance reforms, the summit will address several critical issues:
- BRICS Payment System: Discussions may focus on establishing a BRICS payment system to facilitate trade and reduce dependence on traditional financial systems.
- Climate Change: Collaborative efforts to tackle climate change will be a significant topic, emphasizing sustainable development and environmental protection.
- Energy Cooperation: Enhancing energy cooperation among member countries aims to secure energy supply chains and promote renewable energy initiatives.
- Supply Chain Security: Safeguarding supply chains is crucial for economic stability, and strategies to strengthen these networks will be explored.
- Scientific Collaboration: Boosting scientific and technological cooperation will be on the agenda to foster innovation and shared advancements.
Looking Ahead
The 2024 BRICS Summit in Kazan not only represents a milestone with its expanded membership but also serves as a platform for these nations to assert their role in shaping the future of global affairs. The outcomes of this summit could have lasting impacts on international relations, economic policies, and collaborative efforts to address global challenges.
Reference(s):
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