BRICS Summit 2024: What's on the Agenda?

What Is BRICS?

BRICS refers to a group of emerging economies that have experienced considerable growth and aim to challenge Western dominance in global affairs. Comprising Brazil, Russia, India, China, and South Africa, these nations collectively represent a formidable force in the global economy. Furthermore, the group is actively considering expanding its membership, with several countries expressing interest in joining.

To learn more about BRICS, we recommend exploring our guides, such as 'The BRICS Alliance Plan to Develop a New Currency,' which discusses BRICS’ plans to challenge Western dominance, with China’s long-term goal of making the Yuan the dominant international currency. We also suggest reading our summary of the 2023 BRICS Summit for background on the events leading up to the 2024 summit.

When Is the BRICS Summit 2024?

Russia will host the 16th BRICS Summit, an annual gathering of world leaders to discuss the future of BRICS. The summit will take place from October 22-24, 2024 in Kazan, Russia. This marks the first time a BRICS summit has been held on Russian territory since 2020, when the Saint Petersburg meeting was delayed due to the Covid-19 pandemic and ultimately held virtually. Vladimir Putin will chair this summit in person. He did not attend the 15th annual BRICS summit in person, opting to participate virtually due to an arrest warrant issued for war crimes related to Russia's invasion of Ukraine. Instead, Sergei Lavrov, the foreign minister, represented Russia at the previous summit.

Additionally, this is the first summit to include four new members, bringing the total from five to nine. The new members are Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE). Saudi Arabia may potentially become the 10th member, but as they have yet to confirm, they will not be attending the upcoming BRICS summit.

'During its BRICS presidency this year, Russia has said it will focus on "promoting the entire range of partnership and cooperation within the framework of the association on three key tracks – politics and security, the economy and finance, and cultural and humanitarian ties'.

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What To Expect From the 2024 BRICS Summit?

The 2024 BRICS Summit, set to take place in Russia, will be the largest gathering of world leaders in years. With 22 leaders expected to attend, the summit will last for three days. Brazil, one of the founding BRICS members, will not attend the summit in Russia. Brazilian President Luiz Inácio Lula da Silva recently fell at home, suffering a minor brain hemorrhage. He is expected to join the meeting via video conference after receiving medical advice from his doctors to avoid long haul flights.

On the eve of the BRICS summit, India's longstanding president, Narendra Modi, discussed his desire for peace in Ukraine with Russian president Vladimir Putin. Modi expressed that he and his country are prepared to help achieve this, emphasising the need to end Europe's deadliest conflict since World War II. The ongoing conflict is estimated to have caused up to 1,000,000 casualties during the Russian invasion of Ukraine by mid-September 2024.

What’s Expected to Be Addressed at the 2024 BRICS Summit?

A recent report published on the BRICS Portal, a platform dedicated to BRICS information, highlights key issues expected to be discussed at the upcoming summit.

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BRICS Post-Expansion and the Issue of Partner Countries: A range countries were invited to join BRICS in 2023. Egypt, Ethiopia, Iran, and the United Arab Emirates accepted, while Argentina and Indonesia declined. Saudi Arabia remains undecided. BRICS is likely to focus on integrating its new members before expanding further. In a surprising move, Turkey, a NATO member, has bid to join BRICS, sparking concern among Western nations.

Enhancing Trade Through Local Currencies, Not De-Dollarisation: The BRICS summit is expected to discuss ways to promote local currencies and offer its members more flexibility in cross-border transactions. This has led BRICS members to explore a new international payment system to reduce their reliance on Western currencies.

Co-ordination Between BRICS, G20 and G7: With Saudi Arabia's potential membership, nearly one-third of the G20 nations would be part of BRICS. In contrast, the G7, consisting of Canada, France, Germany, Italy, Japan, the UK, the US, and the EU, represents 35% of the G20.

Russia's Role: Russia, as a founding member of BRICS, plays a crucial role in shaping the group's agenda. Its actions and policies can significantly influence the direction of BRICS.

Grain Exchange Initiative: BRICS nations are exploring the creation of a grain exchange. This initiative would provide an alternative platform for trading grains, potentially reducing reliance on Western markets and addressing food security concerns.

Strengthening Economic Cooperation: The BRICS group is committed to strengthening economic cooperation among its members. This includes areas such as trade, investment, and infrastructure development.

Deepening BRICS Strategic Partnership: This likely involves discussions on strengthening political and economic cooperation among member states.

Global Governance Reform: The summit will likely address calls for a more equitable international order with increased representation for developing countries.

Counter-Terrorism Cooperation: The BRICS nations will likely discuss ways to collaborate on fighting terrorism.

Food Security Cooperation: Given the global food crisis, discussions on ensuring food security for BRICS member states and beyond are likely.

Who Are the BRICS Countries/Members?

According to Vladimir Putin, more than 34 nations have expressed a desire to join during a recent meeting between himself and high-ranking representatives of BRICS countries on September 12, 2024. This table shows a range of countries that are believed to have either expressed interest in joining, accepted membership, or withdrawn their application. However, this list may not include all countries, as the total number of interested nations may vary depending on ongoing developments and discussions.

Key Developments From the 2024 BRICS Summit

As the 2024 BRICS Summit unfolds, this blog will be updated with new insights from the conference. Be sure to check back regularly for the latest updates, including potential shifts in international policies, economic cooperation, and geopolitical strategies discussed throughout the summit.

• Putin's attempts to gain BRICS' support for the Ukraine war were unsuccessful.
• Global calls for peace were a central theme, with leaders advocating for diplomatic solutions.
• BRICS leaders emphasised the use of local currencies.
• Modi and Xi Jinping agreed to work on peace at the India-China border.
• Modi highlighted climate change, terrorism, and the need for updated cyber security regulations.
• Putin pushed for BRICS to establish ethical guidelines for AI.

2024 G20 Rio de Janeiro Summit

The 2024 G20 Rio de Janeiro summit is the upcoming 19th summit, scheduled to take place on 18-19 November 2024, and it will be the first G20 summit held in Brazil. The summit will be chaired by Luiz Inácio Lula da Silva and will focus on three main agenda priorities.

• Social inclusion and the fight against hunger
• Energy transition and sustainable development in its social, economic and environmental aspects
• Reform of the global governance institutions

The G20, or (Group of Twenty), includes 19 sovereign countries representing the world's major economies. It serves as a platform for these nations to collaborate on addressing global economic challenges such as financial stability, climate change, international trade, and development. Collectively, G20 nations account for approximately 85% of the world’s GDP and 75% of international trade.