Answer

The 16th BRICS Summit in Kazan, hosted by Russia, highlighted the bloc’s commitment to strengthening multilateralism and equitable global governance under the theme, ‘Strengthening Multilateralism for Just Global Development and Security’. Through the Kazan Declaration, BRICS emphasised reforms in the International Financial Architecture and the use of local currencies in trade to reduce dependency on Western financial systems. 

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BRICS Summit in Kazan Emphasised the Importance of Equitable Global Governance and Peace Through Dialogue

• Focus on Financial Independence: The Kazan Declaration called for using local currencies in cross-border payments, reducing dependency on the U.S. dollar and increasing economic resilience within BRICS
• Support for a Multipolar World: BRICS reiterated its commitment to reforming global institutions like the IMF and UN, advocating for the inclusion of emerging economies in decision-making.
  For instance: The Kazan Declaration’s push for UNSC reform aligns with India’s longstanding call for more inclusive global governance structures.
• Commitment to Conflict Resolution: BRICS emphasised dialogue over conflict, urging a peaceful resolution to international disputes, reinforcing the bloc’s commitment to diplomacy.
• Economic Collaboration for Balanced Growth: BRICS introduced initiatives like the BRICS Grain Exchange and cross-border Interbank Cooperation Mechanism, aiming to bolster self-sufficiency and equitable growth.
• Promotion of Cultural Unity and Mutual Respect: By hosting the summit in Kazan, a symbol of Russia’s multi-ethnic and multi-religious identity, BRICS highlighted the importance of cultural diversity and mutual respect among nations.
  For example: Kazan’s Kul Sharif Mosque and the Annunciation Cathedral symbolise BRICS’ advocacy for peaceful coexistence and cooperation among diverse cultures.

Why the Recent Summit Reflects Strong Intentions but Lacks Concrete Commitments

• Absence of a Common Trading Currency: While discussed, the proposal for a BRICS trading currency has yet to materialise, with members facing challenges in reaching a consensus on implementation.
  For instance: Brazil’s President suggested a BRICS currency in 2023, but economic disparities and feasibility concerns have delayed this initiative.
• Limited Progress on Institutional Reforms: BRICS’ call for UN and IMF reform remains aspirational, as entrenched global powers continue to resist changes in these institutions.
• Geopolitical Divergences Among Members: Tensions, particularly between India and China, affect the bloc’s cohesion, impacting the implementation of collective decisions.
  For example: Border disputes between India and China  and intercountry rivalry between Iran-UAE and Egypt-Ethiopia have limited collaborative potential, creating barriers to BRICS’ unified policy formulation.
• Lack of Mechanisms for Accountability: BRICS’ objectives, such as financial independence, lack concrete accountability mechanisms to track progress, making it difficult to ensure follow-through on declarations.
• Dependency on Individual Member Initiatives: BRICS projects often rely heavily on individual member leadership, slowing down the pace of regional initiatives when priorities differ.

Way Forward

• Establishment of a BRICS Secretariat for Coordinated Action: A dedicated secretariat could oversee project implementation, fostering greater accountability and tracking progress across BRICS initiatives.
• Strengthening Local Currency Frameworks: Implementing policies that support local currency use in intra-BRICS trade can strengthen financial independence and reduce reliance on Western monetary systems.
  For example: India and Russia’s Rupee-Rouble trade mechanism can serve as a model for enhancing currency cooperation across the bloc.
• Prioritising Conflict Mediation Mechanisms: BRICS could develop a structured framework to mediate conflicts within the bloc, fostering unity and reducing internal geopolitical tensions.
  For example: Creating a BRICS conflict resolution forum can help address and mitigate tensions between member nations, enabling smoother cooperation.
• Enhanced Engagement with Partner Countries: BRICS should deepen ties with its new partner countries, enhancing regional influence and bolstering the group’s support in global governance reform.
• Investment in Joint Research and Development Initiatives: Increased funding for R&D in health, agriculture, and technology can foster innovation and self-reliance among BRICS nations, reducing reliance on Western resources.
  For example: The BRICS Vaccine R&D Center should prioritise joint investment in vaccine development, improving regional health security.

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The 16th BRICS Summit in Kazan marked a pivotal moment in the bloc’s journey toward equitable global governance and reduced dependency on Western financial frameworks. Although there are strong intentions, BRICS faces challenges in translating its vision into actionable commitments. To move forward, establishing accountability structures, promoting conflict resolution, and engaging partner countries are crucial steps. With sustained collaboration, BRICS has the potential to redefine global governance in favour of a multipolar and inclusive world order.