The BRICS summit in Kazan, Russia, held from October 22-24, 2024, marked the 16th gathering of the grouping, underscoring its resilience and expanding its global influence.

BRICS: A Background

• BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China and South Africa.

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• BRIC to BRICS: Only four countries — Brazil, Russia, India and China — participated in the first two summits. South Africa joined the group at the third summit in 2011, giving it its present name, BRICS. 
• BRICS Bank: The Fortaleza Declaration was adopted during the 6th BRICS Summit held in Fortaleza, Brazil, in July 2014. 
  • A significant outcome of the summit was the establishment of the New Development Bank (NDB) aimed at addressing infrastructure funding and financial stability challenges within BRICS and other developing nations.
    • Aim Behind NDB: BRICS members aim to establish alternative lending institutions to reduce dependence on traditional funding sources, particularly the IMF, which often imposes conditions on its loans.
• BRICS Plus: The alliance invited some other countries to join BRICS. Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have accepted the invitation.
  • Saudi Arabia: Saudi Arabia has not yet officially joined. Thus BRICS Plus has nine members.
  • Argentina: Argentina has decided to withdraw from its planned entry into the expanding BRICS club of nations.

Aims of BRICS

• Reforming the Existing World Order: BRICS does not seek to create a new global order but aims to reform the current one to ensure it is equitable and representative of diverse global interests. 
• “BRICS Spirit”: The BRICS spirit, defined by eight principles—mutual respect, understanding, sovereign equality, solidarity, democracy, openness, inclusiveness, collaboration, and consensus—guides the group’s actions. 
• Three Verticals: BRICS emphasises cooperation across three main areas: political and security, economic and financial, and cultural and people-to-people exchanges. 
• Advocating for Emerging Markets and Developing Countries (EMDCs):
  • Initially formed as a grouping of emerging economies, BRICS now serves as a platform for EMDCs, representing both Eastern and Southern interests and standing as a counterbalance to the Global North. 
  • While there are anti-Western elements within BRICS, moderate members work to maintain its non-Western orientation without direct confrontation.
• Pushing for United Nations Reform: BRICS actively supports comprehensive UN reforms, aiming to give a greater role to countries from Africa, Asia, and Latin America, particularly BRICS members.
  • Despite China’s reluctance to expand Security Council reform discussions, BRICS continues to advocate for an expanded role for these nations in the UN.
• Opposing Unilateral Economic Sanctions: BRICS opposes unilateral economic sanctions, arguing that these measures violate international law and infringe on human rights. 

The group enjoyed significant accomplishments in its early years; however, challenges arose in its second decade.

Issues within BRICS

• Divergent Political Alignments: Brazil and India maintain cooperative ties with the U.S., China and Russia have more adversarial relations with Western nations..
• Economic Sanctions and Isolation: The addition of Iran, alongside sanctioned Russia, increases complexities within BRICS.
• Bilateral Disputes: Disputes like the India-China border clash in 2020 add strain to BRICS unity, creating trust deficits that hinder collaboration, especially on security. 
• COVID-19’s Impact on China: The pandemic posed unique challenges, with China facing scrutiny over the virus’s origins and response.
• Russia-NATO Confrontation: Russia’s 2022 invasion of Ukraine and resulting NATO tensions create further divides in BRICS. 
  • While some members advocate diplomacy, others, mindful of Western ties, remain neutral, limiting BRICS’ collective response.

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Rejuvenation

• Resolving Conflicts: On 21 October 2024, the Indian government announced that India and China have reached an agreement for disengagement and for restarting border patrols at the Line of Actual Control (LAC) in eastern Ladakh.
• Countries are Eager to Join: The Russian President revealed that 34 additional countries are eager to join BRICS, indicating the group’s growing influence.
  • Following the summit in Kazan, Russia’s projection suggested that BRICS now represents the “Global Majority.”
• Change Within Year: Russia’s President Vladimir Putin had a brief digital appearance at the BRICS 2023. 
  • As the host and Chair of the summit in 2024, Putin’s influence was evident throughout the event.

Key Outcomes of BRICS Summit 2024

1. Political and Security Cooperation

• West Asia:  The declaration notably criticised Israel’s actions but omitted any mention of the October 7 Hamas attack. 
  • The group called for an immediate ceasefire, the unconditional release of hostages, and the establishment of an independent State of Palestine.
• Ukraine: Ukraine received less emphasis, with BRICS reiterating member nations’ individual stances and encouraging a diplomatic resolution. 

2. Economic and Financial Cooperation

• The economic agenda focused on advancing financial sovereignty by expanding the use of local currencies for trade within BRICS. 
• The idea of a common currency remains under consideration, immediate efforts will focus on enhancing financial collaboration among member states.
• The New Development Bank (NDB) faced setbacks in attracting capital from Saudi Arabia, leaders committed to its evolution as a “new type of MDB” tailored for the 21st century.
• The Kazan Declaration endorsed the establishment of a BRICS Grain Exchange as part of efforts to create a “fair agricultural trading system.” 

3. Cultural and People-to-People Exchange

• The cultural vertical seeks to strengthen BRICS collaboration through exchanges in sports, culture, and civil society, fostering stronger ties between the citizens of member nations. Strengthening People-to-People Exchanges for Social and Economic Development: Cooperation involving sports, culture, parliaments, civil society, business, and think tanks could have a beneficial long-term impact.

4. Expansion of BRICS

• A key summit outcome was the introduction of a new ‘partner state’ category, expanding BRICS’ reach. 
• Thirteen nations—Cuba, Bolivia, Belarus, Türkiye, Algeria, Nigeria, Uganda, Indonesia, Malaysia, Thailand, Vietnam, Kazakhstan, and Uzbekistan—have been invited, boosting BRICS’ global representation in population, trade, and GDP. 
• Many are expected to seek full membership, potentially by the next summit in Brazil in 2025.

Importance of BRICS for India

• Key Plurilateral Grouping: From India’s perspective, BRICS is one of the top six plurilateral groupings, alongside the G-20, Quad, BIMSTEC, G-7, and SCO.
• Strengthening Russia Ties: Through this grouping, India has strengthened its ties with Russia, balancing its relationships with Western powers and enhancing its geopolitical leverage.
• Advocating for Global South: India uses BRICS to champion the interests of the Global South, pushing for equitable global governance and development. 
• India-China Diplomatic Breakthrough: The BRICS summit facilitated the first meeting in five years between Prime Minister Modi and President Xi Jinping. 
  • This bilateral dialogue led to an agreement on border patrolling and disengagement, signalling a thaw in India-China relations and opening a path for greater cooperation between the two nations.
• Bridging East and West: BRICS allows India to serve as a bridge between the West and the East, as well as between the North and the South. 
  • This strategic positioning enhances India’s geopolitical relevance and provides it with a unique platform to influence global discourse and policy-making.

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Conclusion

While BRICS faces internal divergences and external pressures, its collective influence is undeniable. The group’s adaptability and willingness to engage with global challenges will determine its long-term relevance and success.

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