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

The 16th BRICS Leaders’ Meeting will be held in Kazan, Russia, from October 22 to 24, 2024. Leaders from various countries will gather together, including Vladimir Putin, Xi Jinping and Narendra Modi Dee and other famous figures.

The summit was the first gathering since the organization expanded its membership to include Egypt, Ethiopia, Iran and the United Arab Emirates, joining its original five members: Brazil, Russia, India, China and South Africa.

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The first BRICS leaders’ meeting was held in 2009. After South Africa joined, the first BRICS leaders’ meeting was held in 2011.

Each year, leaders of member states come together to discuss a variety of issues, including economic cooperation and political alliances among emerging economies.

In this article, we will explore the main highlights, key outcomes and relevance of the recent BRICS summit, shedding light on the collective efforts and agreements reached by these influential countries.

BRICS Summit 2024: Key Highlights and Outcomes

Speaking at the BRICS Summit in Kazan, Putin said that the formation of a “multipolar world order” is ongoing and irreversible. He described the change as “dynamic” in conversations with leaders from countries such as China and India.

United Nations Secretary-General Antonio Guterres attended the BRICS summit, his first meeting with President Putin in more than two years.

Indian Prime Minister Narendra Modi met Russian President Vladimir Putin on the sidelines of the 16th BRICS Summit in Kazan. Modi invited Putin to visit India next year and attend the 23rd Annual India-Russia Summit.

According to a statement from the Prime Minister’s Office, the two leaders discussed avenues for cooperation in various fields including politics, economy, defence, energy and cultural exchanges.

According to Reuters, Russia expressed support for China and Brazil’s Ukraine peace initiative. The proposals were discussed at a bilateral meeting on the sidelines of the BRICS summit in Kazan, Interfax reported.

About 20 leaders, including representatives from China, India, Turkey and Iran, gathered in Kazan to discuss key issues such as establishing an international payments system led by BRICS and resolving ongoing conflicts in the Middle East.

1) Expand the use of local currency and promote economic stability

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

In a press release from the Ministry of Foreign Affairs, the Kazan Declaration was titled “Strengthening multilateralism to promote global development and security” The priorities were outlined after the BRICS summit on Wednesday.

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#watch | The 16th BRICS Leaders’ Meeting was held in Kazan, Russia. Prime Minister Narendra Modi said: “All BRICS countries attach special importance to infrastructure development. To quickly increase India’s multimodal connectivity, we ‘Gatishakti’ portal created which helps… pic.twitter.com/y4YNKI9ZrM

— ANI (@ANI) October 23, 2024

Leaders stressed the importance of improving cross-border financial practices and deepening economic ties between member states. They also stressed the urgent need to reform the global financial system to make it more inclusive and equitable.

Furthermore, the declaration emphasizes that the use of local currencies in trade and financial transactions is critical to reducing vulnerabilities and mitigating the impact of external economic shocks to emerging and developing economies.

2) Bilateral meeting between Indian Prime Minister Narendra Modi and Chinese President Xi Jinping

The bilateral talks between Prime Minister Modi and President Xi Jinping at the BRICS Summit signaled a possible thaw in India-China relations, with both leaders expressing their commitment to advancing constructive dialogue and cooperation.

#watch | Kazan, Russia: Chinese President Xi Jinping said during a bilateral meeting with Prime Minister Modi, “It is a pleasure to see you in Kazan. This is our first official meeting in five years. The people of the two countries, national and international… pic.twitter.com/NCUm2DVmQY — ANI (@ANI) October 23, 2024

The meeting was the first formal interaction between the two countries in five years after a period of tense relations over border tensions.

1. Restore communication: The meeting was noteworthy as it came just days after India and China agreed to resume regular patrols along the Line of Actual Control (LAC), which has been a contentious issue since the 2020 military standoff in Ladakh Leaders of both countries welcomed the breakthrough, demonstrating their common desire to stabilize relations.
2. Focus on trust and respect: Prime Minister Modi emphasized that “mutual trust, mutual respect, and mutual sensitivity” should be the foundation of India-China relations. He reiterated that maintaining peace and stability in border areas is the top priority of both countries.
3. Global impact: Modi made it clear that the relationship between India and China is not only vital to their respective countries, but also to global peace and stability. He stressed the importance of cooperation to address broader international issues, including terrorism and economic stability.
4. Future cooperation: The leaders of the two countries agreed to hold a meeting of special representatives as soon as possible to maintain peace and tranquility in the border areas and explore the resolution of outstanding border issues. This demonstrates a commitment to ongoing dialogue and conflict resolution.
5. Historical background: The last organized meeting between Modi and Xi was held in October 2019. Since then, interactions have been mostly limited to brief meetings at international summits, underscoring the importance of this formal meeting amid previous tensions.

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3) Strengthen multilateralism

The summit emphasized the importance of multilateral cooperation to global development and security. The leaders emphasized that “all countries should abide by the purposes and principles of the United Nations Charter” in order to establish a more equitable international order. This commitment aims to address challenges such as unilateral sanctions and promote the sustainable development of BRICS countries.

4) Voice of the South

Emphasis is placed on amplifying “voices of the Global South”. The declaration endorsed initiatives such as the India-Africa Forum Summit aimed at strengthening cooperation among developing countries. This reflects an intention to ensure that the views and needs of emerging economies are represented in global discussions.

5) Counter-terrorism measures

The Kazan Declaration discussed cross-border terrorism and endorsed India’s Comprehensive Convention on International Terrorism (CCIT) initiative. The statement called for prompt action to add terrorists designated by the United Nations to the list, emphasizing collective security and counter-terrorism efforts among BRICS members.

6) Economic cooperation and food exchange among BRICS countries

The summit welcomed initiatives such as the BRICS Grain Exchange aimed at improving food security through enhanced trade in agricultural products. The platform is expected to promote better cooperation among member countries to address food supply challenges.

7) Digital health and traditional medicine

Emphasizing collaboration between digital health and traditional medicine is critical to improving public health outcomes. Leaders recognized that these areas have great potential to strengthen member states’ healthcare systems.

8) BRICS Vaccine Research and Development Center

Support the BRICS Vaccine Research and Development Center, which aims to promote vaccine research and development. This initiative is critical to ensuring equitable access to vaccines, especially given global health challenges.

9) Recognition of digital public products

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The declaration recognizes the importance of digital public goods and promotes their development under India’s leadership. The initiative aims to strengthen technical cooperation among BRICS countries and promote innovation and knowledge sharing.

10) Sovereignty in infrastructure development

The declaration refers for the first time 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 African Union into the G20 and recognized culture as a catalyst for achieving the Sustainable Development Goals (SDGs). This recognition highlights the BRICS countries’ commitment to promoting cultural exchanges and cooperation among different countries.

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BRICS Summit 2024: Relevance

The 16th BRICS leaders’ meeting will be held in Kazan, Russia, from October 22 to 24, 2024. It is of great significance in the current geopolitical landscape. Here are the key points that highlight its importance:

1) Strengthen economic ties

The summit emphasized strengthening economic cooperation among member countries and aimed to reduce dependence on the Western economy. As Russian President Vladimir Putin said, “We must build a new world order,” which shows that the BRICS countries are pushing for economic sovereignty and resilience. The focus on intra-BRICS trade is aimed at creating a more balanced global economic system.

2) Multilateralism and global governance

The theme of the summit is “Strengthening Multilateralism and Promoting Global Development and Security”, which reflects the commitment to establishing a more equitable international order. Leaders discussed strategies to expand the “Voices of the Global South” to ensure that developing countries play an important role in global governance and counter Western dominance.

3) Recruit new members

The summit marked the formal joining of new members such as Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates, expanding the influence of the BRICS countries. This expansion is crucial because it brings together countries that account for about 41% of the global population and about 24% of GDP, strengthening the EU’s political and economic influence.

4) Solve security issues

Security discussions include counterterrorism initiatives and regional stability, especially in light of ongoing conflicts such as the war in Ukraine. The declaration emphasizes collective security measures and emphasizes that “dialogue and diplomacy” should prevail over conflict.

5) Alternative financial mechanisms

The summit kicked off discussions on creating alternatives to the existing financial system dominated by Western powers. Proposals include a cross-border payments system and a strengthening of the role of the New Development Bank (NDB), aiming to provide member states with greater financial autonomy and resilience to external shocks.

6) Cultural and humanitarian cooperation

Leaders also emphasized strengthening cultural ties and humanitarian initiatives among member states. This focus aims to promote deeper connections and address social challenges within BRICS countries through educational exchanges and cooperative projects.

in conclusion

The 16th BRICS Leaders’ Meeting is an important platform for emerging economies to exert their influence in a rapidly changing world.

The BRICS countries prioritize multilateralism, economic cooperation and security cooperation, aiming to reshape the global governance structure while promoting equitable development among member countries.

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