Global leaders gather in Kazan, Russia to forge a new economic order.
(The Post News)- From October 22 to 24, 2024 in Kazan, Russia, the 16th annual BRICS Summit will be held, marking a pivotal moment in the economic bloc’s expansion given its recent growth to include 10 nations members, representing about 45% of the world’s population and nearly 28% of the global economy. Given the current global challenges, including the ongoing war in Ukraine and conflicts in the Middle East, this year’s summit is noteworthy. Established in the year 2009 by Brazil, Russia, India, and China and later joined by South Africa, the alliance has grown to include other members Egypt, Ethiopia, Iran, and the United Arab Emirates as permanents.
This BRICS alliance seeks to rebalance the global order away from the West, challenging Western dominance. The President of China Xi Jinping is playing an important role in shaping this new order through campaigns like the Global Security Initiative (GSI) and the Global Development Initiative (GDI). These programs aim to create an alternative system of the international affairs, while prioritising state sovereignty and territorial integrity, and concentrating on global development and cooperation.
24 state leaders will be attending the summit, including the U.N Secretary- General Antonio Gutteres, South African President Cyril Ramaphosa, Chinese President Xi Jinping, Turkish President Recep Tayyip Erdogan, the Indian Prime Minister Narendra Modi and the Brazilian President Luiz Inácio Lula da Silva, who will be attend the summit via videoconference due to health reasons. Turkey has made a formal bid for BRICS membership, joined by other interested countries like Azerbaijan and Belarus.
The BRICS+ alliance accounts for over 37% of the world’s GDP, which might exceed the European Union’s economy, and represents more than 41% of the global population and 44% of global crude oil production. This growth increases to bloc’s global influence, with state members now very important for global trade and economic growth.
Kazan has made big arrangements for the summit, with over 8 billion Rubles ($80 million) spent on the renovation projects. However, residents have faced constrains, including school closure, remote working arrangements, and limited access to public services.
As the summit resumes, the world is watching with interest, recognising the potential for BRICS+ to reshape the global order. Analysts emphasise that Putin will use this opportunity of the summit to showcase Russia’s leadership in the Global South and counter its global pariah status following the Incursion of Ukraine.
The summit’s outcome will be closely watched, especially by the West, as it attempts to understand the implications of BRICS+ growing influence. With its expanded membership and economic influence, the alliance is prepared to play an important role in international relations.
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