The summit, with leaders from approximately twenty countries, began on Tuesday in the city of Kazan, in southwestern Russia, and will continue until October 24. Why is this summit significant for Russia, China, and others?
What Are the BRICS?
BRICS stands for Brazil, Russia, India, China, and South Africa. The group was formed in 2006, with Brazil, Russia, India, and China meeting for the first BRIC summit in 2009. South Africa joined the alliance a year later. The group sets priorities and holds discussions annually at the summit, which rotates hosting among its members. This marks the 16th summit. In 2023, the BRICS extended invitations to Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates after these countries applied for membership. Saudi Arabia has not officially joined yet, but the others have. An invitation was also extended to Argentina at the same time, but the South American country declined following President Javier Milei’s election in December, who campaigned on strengthening ties with the West.
Who is Attending the 2024 BRICS Summit?
Around twenty world leaders attended the opening, including Indian Prime Minister Narendra Modi, Chinese President Xi Jinping, and South African President Cyril Ramaphosa. Also present in Kazan are the UAE President Mohamed bin Zayed Al Nahyan, Iranian President Masoud Pezeshkian, Egyptian President Abdel Fattah el-Sisi, and Ethiopian Prime Minister Abiy Ahmed. Leaders from several other countries interested in deepening ties with the BRICS are also participating, notably Turkish President Recep Tayyip Erdogan and Vietnamese Prime Minister Pham Minh Chinh. Brazilian President Luiz Inacio Lula da Silva canceled his trip to Russia after injuring his head in a fall at home on October 19. Foreign Minister Mauro Vieira now represents the country at the summit. UN Secretary-General Antonio Guterres is also in attendance.
Why is the Summit Important for Russia?
Since Russia launched its invasion of Ukraine in February 2022, the country and its leader have faced isolation with sanctions from many Western countries targeting banks, oil refineries, and exports. However, the expanded BRICS group now represents about 45% of the world’s population and 25% of global GDP, significantly diminishing the impact of Western decisions. China, in particular, has repeatedly reaffirmed its support for the Russian economy since the conflict began, making massive energy purchases. Vladimir Putin and Xi Jinping have met every year during official visits, with the Chinese president advocating for a negotiated solution to the conflict “when conditions allow.”
Why is the Summit Important for China?
The newly expanded BRICS alliance allows China to extend its international influence and promote the de-dollarization of global trade. Indeed, Chinese contracts now include a clause requiring full or partial payment in yuan, and having a large potential market in line with the New Silk Roads initiative is the best way to move away from the order established by the United States post-World War II. At a time when China faces an embargo on electronic products and sees Europe imposing customs barriers on its electric vehicles, strengthening alliances within the BRICS opens new commercial and technological pathways. While no major upheavals are expected from this summit, it should at least strengthen ties among participating countries and lead to joint declarations.
