Putin hosts BRICS Summit in Russia as an Alternative to West

BRICS Summit a Success for Putin

The BRICS Summit held in Kazan, Russia, from October 24-26, 2024, was presided over by President Vladimir Putin, who emphasized the bloc’s role in counterbalancing Western influence. The summit focused on enhancing financial cooperation, developing alternatives to Western payment systems, and expanding the membership of BRICS. Leaders from 36 countries attended, showcasing a unified stance against US-led sanctions and promoting the interests of the Global South.

In addition, the BRICS summit hosted by Russia, highlighting its significance amidst global political tensions. It emphasizes the gathering as a showcase of Russia’s efforts to portray itself as less isolated despite international sanctions and the ongoing war in Ukraine. Key leaders from BRICS nations and others attended, signaling a potential shift in global power dynamics as these countries seek to collaborate economically and politically.

Finally, it should be noted that the BRICS Summit also took place at the same time as the World Bank/IMF Conference in Washington.

• Summit Overview: The three-day BRICS Summit highlighted financial cooperation and expansion of membership, with interest from various countries.
• Western Isolation: Putin and other leaders criticized Western sanctions and their impact on global stability.
• China’s Role: President Xi Jinping emphasized BRICS’ importance in ensuring global security and proposed a peace plan for Ukraine. The UN Chief and India’s Modi also stressed a peace plan. Howerver, the UN Chief faced criticism for attending the summit and giving Putin a platform to push his agenda.
• Global Majority: The summit represented countries accounting for half of the world’s population, challenging Western dominance.
• Bilateral Engagements: Putin held numerous meetings with leaders, including UN Secretary-General Antonio Guterres, discussing conflicts in Gaza, Lebanon, Ukraine, and Sudan.
• Internal Divisions: Despite the unity theme, differing agendas among BRICS members may limit collective action. For example, the two biggest members, China and India, have different geopolitical goals.  In addition, Iran is on opposite geopolical ends with both Egypt and the UAE for example.
• Future Outlook: Discussions included economic cooperation outside the US dollar system and addressing global crises, such as conflicts in the Middle East. India for example is also against the use of an alternative currency to the US Dollar.

Alternative Payment Systems and Other Goals

Economic Strategies: The summit led to discussions on establishing a BRICS bank to facilitate trade in local currencies, reducing dependency on the US dollar. This initiative aims to bolster economic resilience among member states and promote financial stability.

Sustainable Development Goals: Leaders reaffirmed their commitment to the United Nations’ Sustainable Development Goals (SDGs), emphasizing the need for collaborative efforts to combat climate change, poverty, and inequality. Plans for joint projects in renewable energy and technology transfer were proposed.

Cultural Exchange Initiatives: To strengthen ties among member countries, the summit included discussions on cultural exchange programs aimed at enhancing mutual understanding and cooperation in education, science, and technology.

Future Membership: The interest in BRICS membership has surged, with countries like Argentina, Egypt, and Saudi Arabia expressing their desire to join. The summit established a framework for evaluating new member applications, focusing on regional representation and economic compatibility.

Security Concerns: In light of rising geopolitical tensions, the leaders discussed security cooperation, particularly in counter-terrorism and cybersecurity. They emphasized the importance of a multipolar world order where no single nation could dominate global affairs.

Conclusion

The BRICS nations, acknowledging the shifting landscape of global politics, are exploring alternative economic frameworks that could reduce their reliance on Western financial systems. This includes discussions about creating a common currency or strengthening bilateral trade agreements that bypass the US dollar. Such moves could enhance their economic resilience and promote greater autonomy in international markets.

Additionally, the summit addressed pressing global issues, including climate change, energy security, and food sovereignty. Leaders emphasized the importance of collaborative efforts in tackling these challenges, which disproportionately affect developing nations. By pooling resources and sharing technology, BRICS countries aim to foster sustainable development and create robust responses to common threats.

Finally, the BRICS Summit by focused cooperation among emerging economies and advocating for a more equitable international system, BRICS aims to reshape global governance in a way that reflects the interests of the Global South.

All these goals if successful would suite Russia and China well since both countries are revisionist powers and are seeking to challenge the US and its allies.

While the BRICS coalition presents a formidable front against Western hegemony, internal divisions pose significant challenges. Differences in political ideologies, economic priorities, and regional interests can complicate consensus-building efforts. For instance, while China and India with their border disputes and historical tensions may hinder deeper cooperation as both giants are wary of the other taking the lead in the BRICS and Global South.

Moreover, the efficacy of BRICS as a cohesive bloc will be tested in the face of external pressures. The ongoing conflict in Ukraine continues to polarize global opinion, with some BRICS members reluctant to fully align with Russia’s stance due to their own geopolitical considerations. This tension highlights the delicate balance each country must maintain between solidarity within the group and their national interests.