The 2024 BRICS summit, scheduled for October 22-24 in Kazan, Russia, will address crucial issues such as financing, technology, food trade, and the expansion of the union’s membership.
Scheduled to be hosted in the semi-autonomous Russian Republic of Tatarstan, the event is expected to attract representatives from 32 countries, including 24 heads of state, as confirmed by the Kremlin.
Notable attendees will include UN Secretary-General Antonio Guterres, Shanghai Cooperation Organization (SCO) Secretary-General Zhang Ming, and New Development Bank (NDB) President Dilma Rousseff, along with officials from the Commonwealth of Independent States (CIS) and the Eurasian Economic Union.
BRICS, which originally consisted of Brazil, Russia, India, China, and South Africa, has recently expanded to include Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE).
Russian President Vladimir Putin has revealed that 34 other nations, including Türkiye, have expressed interest in joining.
Experts predict that a significant portion of the summit will focus on BRICS’ expansion, with Russian officials emphasizing the union’s flexibility and long-term growth strategy.
De-dollarization and Alternative Payment Systems
In response to Western sanctions, BRICS nations are pushing to reduce their reliance on the US dollar in trade. President Putin highlighted that by 2023, the use of the US dollar and euro in Russia’s exports had dropped by half, while the Russian ruble’s share in exports and imports rose to 40%.
Russia has also started conducting trade with China, India, Central Asia, and Africa in local currencies. The BRICS Bridge project, under development, aims to create a multilateral digital payment platform to further decrease dependence on the dollar. This platform will incorporate blockchain technology and align with central bank digital currencies.
BRICS’ Role in the Global Economy
The term “BRIC” was first coined by British economist Jim O’Neill to highlight the growth potential of Brazil, Russia, India, and China. It later expanded to include South Africa, becoming BRICS.
Since its official founding in 2009, BRICS has worked to challenge the global dominance of the US and Western powers. With the inclusion of four new members this year, the bloc now comprises nine countries and plays an increasingly prominent role in the global economy.
BRICS nations account for about 30% of the world’s land area, 45% of the global population, and 45% of global oil production. Together, they represent roughly a quarter of global trade.
