The creation of BRICS mechanism is a product of our common goals to establish a multipolar world, which is indeed happening as the leaders of more than 35 countries gathered in Kazan to deliberate on the future peace and prosperity of our world. BIRCS is based upon the FIVE PRINCIPLES OF PEACEFUL CO-EXISTENCE to which India and China have adhered strictly, and also apply the same principle in dealing with their neighbors as well as all sovereign equal countries.
The recently concluded XVI BRICS summit was one of the biggest gatherings of world leaders with representation from all parts of the planet. In fact, it was one of the most serious meetings of global south leaders after World War II. The outcome of the most comprehensive Kazan Declaration from the 2024 BRICS Summit is a clear statement of ambitions and aspirations of the global south. It was rightly titled as STRENGTHENING MULTILATERALISM FOR JUST GLOBAL DEVELOPMENT AND SECURITY. Indeed, the final declaration entails a clear focus on practical, incremental steps towards global institutional reform.
The Russian chairmanship was more focused on Global Governance Reforms, and Partnerships for Inclusive Multilateralism. The XVI BRICS Summit emphasized upholding international law as enshrined in the UN Charter and opposed the hegemony of one country (read one currency).
The 2024 BRICS Summit further emphasized the need to foster an environment for peace and security that considers the interests and security concerns of all stakeholders. The leaders expressed serious concern about the war-like situation in the Middle East and asked for the steps towards fostering peace and cooperation between major stakeholders.
The 2024 Russian BRICS chairmanship altogether hosted over two hundred official meetings in different parts of Russia. These Conferences included research and dialogue networks between the BRICS countries, institutions such as think tanks, universities, civil society, community-based structures, and youth organizations have continued to engage at a formal and informal level between summits. The BRICS sports event in Kazan was one of the biggest as 90 nations took part in it.
The endorsement of the establishment of the Civil BRICS Council led by Dr. Victoria Panova and others is a significant step towards promoting people to people exchange and mutual understanding among BRICS nations.
The Russian presidency proposal for establishing the BRICS Grain Exchange (#77) is a game changer in the world food supply market and its trading in national currencies. Given that the BRICS nations are massive commodities producers this can significantly shift the dial in terms of USD utility for global commodities trading.
The Chinese leadership’s emphasis on consolidating the unity of the global south under the banner of BRICS was emphasized. A win-win Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism was the mantra sounded by PR China.
The Indian position was very balanced and emphasized the need for global financial institutional reforms and the restructuring of the UNSC which no longer reflect the reality of the 21st century. India emphasized that peace, stability and growth should be the focus of BRICS agenda. It once again asked for diplomatic means to resolve international conflicts. At the same time, the much-awaited Modi-Xi meeting on the sidelines of the summit has been seen as an ice breaker in their bilateral relations which is strained due to border clashes.
On the question of BRICS payments, there were some significant progresses made as the process is going to be methodical and incremental. That there was no “BRICS currency” announced should come as no surprise. The expansion of the Contingent Reserve Arrangement will take precedence in the short term over the future clearance mechanisms (#68).
Finally, we hope that these summit outcomes will lead to the creation of the BRICS secretariat in each member country and hence formalize the institutional structure for the implementation of these initiatives. The message for all of us is that the world is changing……some just don’t get it….and others suffer. Welcome to the BRICS century!
The full text of the BRICS 2024 summit declaration in Kazan can be accessed here:https://brics-russia2024.ru/en/docs/
