The BRICS summit comes at a pivotal moment, as the world grapples with a multitude of challenges, including economic instability, political realignment, and a need for strengthened cooperation among non-Western nations. Here’s a look at the importance of this BRICS summit and how the expanded membership signals the bloc’s ambition to reshape global governance.
Welcome to BRICS Summit 2024 in Kazan, Russia. pic.twitter.com/ISVNwEmnzp
— BRICS News (@BRICSinfo) October 22, 2024
The Expansion: A New Era for BRICS
The inclusion of Egypt, the United Arab Emirates (UAE), Ethiopia, and Iran marks a significant evolution for BRICS. Once a coalition of five countries representing a substantial portion of the global economy and population, the group now spans even more key regions—bringing North Africa, the Middle East, and more of Sub-Saharan Africa into its fold. This expanded membership reflects the desire of these countries to break away from the traditional dominance of Western economic and political structures and form alliances that better represent the interests of developing nations.
Egypt, with its strategic location and historical significance in the Middle East, adds geopolitical weight to BRICS. Meanwhile, the UAE is one of the Middle East’s financial and technological hubs, and its involvement signals BRICS’ interest in oil markets and financial investments. Ethiopia, as a growing economy and a key player in Africa, reinforces the bloc’s African ties, while Iran brings energy resources and its anti-Western sentiment, which aligns with the bloc’s collective aim to reduce dependency on Western institutions.
Addressing Global Economic Instability
The summit is being held against the backdrop of global economic uncertainty. From supply chain disruptions and inflation to rising tensions in energy markets, the world’s economic system is more fragile than ever. In this context, BRICS presents itself as an alternative platform for developing nations to collaborate and find solutions tailored to their needs, independent of Western influence.
The BRICS New Development Bank (NDB) is one of the key pillars of this ambition. Established in 2014 to finance infrastructure projects and sustainable development, the NDB is increasingly seen as a potential alternative to Western-led financial institutions like the World Bank and the International Monetary Fund (IMF). As BRICS continues to expand, the NDB will likely grow in scope and importance, potentially becoming a financing hub for emerging economies that face challenges in securing funding from traditional global institutions.
With Russia facing heavy Western sanctions due to the ongoing conflict in Ukraine, the summit also highlights BRICS’ role in creating alternative trade networks and ensuring energy security. The presence of Iran and the UAE, both major oil producers, at the summit is particularly important, as the global energy market continues to experience turbulence.
China and India, both major energy consumers, are looking to secure stable energy supplies through cooperation with fellow BRICS members. Russia, Iran, and the UAE can play critical roles in fulfilling these needs, while also working to bypass the impact of Western sanctions and dominance in global energy markets.
As these nations strengthen their economic ties, they may also push for increased use of their local currencies in international trade, diminishing the reliance on the U.S. dollar—a significant shift that could reshape the global financial order.
Political Realignment and Geopolitical Tensions
The expansion of BRICS and its growing influence also represent a significant geopolitical realignment, especially amid rising tensions between the West and non-Western powers. The United States, Europe, and their allies are facing increasing opposition from countries that wish to establish a multipolar world, where no single power dominates global decision-making.
Russia and China, in particular, are pushing for a world where emerging economies have more say in global governance. The Kazan summit has already seen discussions on expanding BRICS’ political influence, including talks on global peace, security, and diplomatic partnerships. As these countries navigate ongoing global conflicts, their cooperation is likely to result in a more concerted effort to mediate crises from a non-Western perspective.
For Brazil, India, and South Africa, the goal is to ensure that their interests are better represented on the global stage while fostering cooperation that boosts their respective economies. This collective bargaining power gives BRICS members a stronger voice in international platforms like the United Nations and G20.
Global Influence Amid Disorder
With rising geopolitical tensions and ongoing global crises, including conflicts in Ukraine and the Middle East, the BRICS summit underscores the desire of these emerging nations to build a new world order. As Western influence wanes in certain areas, It is positioning itself as a counterbalance, challenging the existing frameworks of global governance and introducing an alternative vision for development and cooperation.
The expanded BRICS bloc can address issues such as the need for reformed global financial institutions, new trade routes, and greater investment in sustainable infrastructure. This becomes even more important as global power dynamics shift, with it’s emerging as a key player in determining the future of global trade, finance, and politics.
