The 16th BRICS Summit, held in Kazan on October 22-24, 2024, represents a new turning point in global dynamics. Delegations from 36 countries participated in the summit, led by Russia. The symbolic and strategic importance of this summit was reinforced by Russian President Vladimir Putin’s effort to define BRICS as a counterweight to Western-centered alliances such as the G7.[i] From the Western point of view, the capacity of this structure to act as a solid bloc is in question.
Daniel Fried, former United States (US) Coordinator for Sanctions Policy, is skeptical of the idea that BRICS can provide a counterbalance to the G7, arguing that despite the presence of economic powerhouses such as China and India, Russia does not play a strong enough role in this structure. Although the incompatibility emphasized by Fried undermines the practical value of the summit, the ideological divergence represented by the summit and its efforts to secure Russia’s interests cannot be ignored.[ii]
The BRICS countries are acting in a multilateral approach to redress imbalances in the international system. This platform represents a social construction effort to protect and advance the interests of the Global South. In this context, social and economic solidarity is ensured under the BRICS umbrella, going beyond the power struggle of states proposed by realist theory. The emphasis on the need to reform Western-centered financial structures – such as the Bretton Woods institutions – is in line with BRICS’ criticism of the need to restructure the international financial architecture. This is necessary to break the continued dominance of the current Western hegemony and provide a more equitable representation of the Global South.
The BRICS have been putting increasing pressure to reform the existing financial system, demanding a reorganization of global economic structures such as the Bretton Woods system. This system is seen as a structure dominated by Western-centered norms, deepening inequalities and triggering the debt crisis. Therefore, BRICS aims to build an alternative global financial order that serves the interests of the Global South.
In the context of economic developments, the BRICS summit discussed ways to create an alternative to the international payment system SWIFT. In this context, Russia’s expulsion from the SWIFT system in 2022 with its attack on Ukraine has made the search for alternatives even more urgent. Russia, in particular, has been active in developing these alternatives in order to increase its financial independence and develop a sustainable solution in international trade. These efforts of BRICS can be considered as a reaction against the hegemonic structure in the international financial system and are seen as an important step in the construction of a multipolar world order.[iii]
Slow progress in achieving sustainable development goals is another issue that is in line with BRICS goals. Developing countries, in particular, face huge inequalities in access to technological advancements. At this point, BRICS aims to ensure the economic development of developing countries through digitalization by supporting the Global Digital Compact, which will bridge the digital divide. This is part of not only economic but also social construction efforts. Because access to digital technologies plays a key role in the economic and social development of societies.
The emphasis on international peace and security is also prominent in BRICS’ strategic vision. The idea that the UN Security Council should have a representation that reflects the multipolarity of today’s world coincides with the BRICS countries’ demands for reform in the Security Council. It is important for the countries of the Global South to have a greater say in security mechanisms in order to encourage multipolarity by going beyond the Western-centered norms of the current structure. In this framework, BRICS countries advocate for the reform of the Security Council in order to ensure global peace and for developing countries to play an active role in this process.[iv]
BRICS advocates financial arrangements to support developing countries, especially for achieving sustainable development goals. On the issues of climate crisis and emission reduction, BRICS aims to strengthen internal solidarity by demanding that developed countries take more responsibility and increase financial support. These approaches represent a social construction effort to restructure the current Western-dominated system and take into account the priorities of the Global South in the fight against climate change.[v]
The momentum BRICS has gained in international relations in recent years has made the long-standing policy of ignoring Western powers unsustainable. This development was concretely demonstrated when the group welcomed four new members – Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) – at its annual summit in Russia. BRICS’ accelerated expansion, which has only accelerated since the admission of the Republic of South Africa in 2010, has been widely welcomed in circles that see it as an alternative to existing Western-led models of global governance. In particular, the growing criticism of Western policies and the need to restructure the Bretton Woods system are the main factors strengthening its global influence.
One of the members that has benefited the most from the expansion of BRICS has been India. The country has historically deep ties with the new BRICS members: Egypt stands out as a security and trade partner in the Middle East, while the UAE is one of India’s most important trading partners. On the African continent, India has one of the longest-standing relations with Ethiopia. These ties allow India to consolidate its strategic interests in South Asia through the BRICS platform.
New Delhi is using the multilateral platform offered by BRICS as a strategic tool to remain outside the Western-led global politics. BRICS provides New Delhi with an opportunity to maintain its ties with Moscow. Moreover, India’s cooperation with China under the BRICS umbrella provides an important diplomatic avenue to ease tensions between the two countries. The border patrol agreement between the two countries prior to the last summit can be seen as a step towards taking this cooperation to a more constructive level. These developments allow India to maintain its principle of strategic autonomy and enable New Delhi to position itself in a multipolar world order without entering into formal alliances with any bloc or country.[vi]
India’s central role in the expanding BRICS structure reinforces the country’s foreign policy approach based on the principle of strategic autonomy in the international arena. Through its strategic partnership with the United States, its active role in the Indo-Pacific Quadrilateral (QUAD), and its presence in BRICS, India is pursuing a balanced strategy to consolidate its position in a multipolar world. The long-term goals of BRICS complement India’s diplomatic and economic engagement with Western-led institutions.[vii]
Another important detail about the summit is that Russia and China are developing joint projects in various sectors such as energy, industry, high technology and agriculture. In this context, Putin stated that this cooperation could contribute to the potential of creating a more balanced economic structure across the world. In the context of the expansion of BRICS and global balances, after the G7 froze $300 billion of Russian assets, plans to use some of these funds to provide credit support to Ukraine came to the agenda.
Such economic sanctions from the US and Western countries are encouraging Russia and China to deepen their cooperation within BRICS, accelerating the search for a multipolar economic structure. This year, BRICS expanded to include Egypt, Ethiopia, Iran, Saudi Arabia and the UAE. This strategic move gives BRICS a stronger platform for countries seeking alternative strategies to US dollar-based sanctions. The weaponization of the dollar and the sanctions against Russia have motivated BRICS member countries to build an independent economic structure. The deepening cooperation between Russia and China within BRICS has the potential to serve as a counterweight to US sanctions policies.
The decisions taken at the 16th BRICS Summit are as follows:
1. Encourage the use of local currencies,
2. Establishment of the BRICS Grain Exchange,
3. Supporting the BRICS R&D Vaccine Center,
4. Establish expanded cooperation in the fields of digital health and traditional medicine,
5. Increasing the visibility of the Global South,
6. Cooperation in the fight against terrorism,
7. Strengthening multilateralism,
8. Develop alternative financial systems,
9. Development of digital public goods,
10. Develop infrastructure projects while adhering to the principle of sovereignty,
In conclusion, the 16th BRICS Summit is an important turning point in global dynamics. This summit, organized under the presidency of Russia, not only strengthened diplomatic relations between the participating countries, but also became a step towards the redefinition of Russia in the international arena. The summit’s discussions and decisions are a reflection of the BRICS countries’ efforts to create an alternative to Western-centered orders.
The themes of cooperation and multilateralism emphasized by United Nations Secretary-General António Guterres overlap with the ideological goals of BRICS. The construction of the global family proposed by Guterres is in line with BRICS’ goals, which aim to give a greater voice to developing countries in particular. In this context, the BRICS platform promotes not only economic cooperation but also social solidarity.
The Summit underscores BRICS’ demands for reform of the international financial system and the protection of the interests of the global south. More equitable representation of developing countries and steps to achieve sustainable development goals are among the strategic objectives of BRICS. The 16th BRICS Summit is not only a diplomatic meeting, but also an indication of BRICS’ efforts to position itself in an environment where global power dynamics are being reshaped. As an actor with the potential to change the balances in international relations, BRICS aims to play an important role in shaping the future multipolar world order. In this process, India’s strategic position within BRICS is critical for the reconstruction of multilateral relations and the balance of power.
[i] “BRICS Summit Underscores Russia’s Geopolitical Strategy”, The Pinnacle Gazette, https://evrimagaci.org/tpg/brics-summit-underscores-russias-geopolitical-strategy-49018, (Date of Access: 27.10.2024).
[ii] Ibid.
[iii] “BRICS’ de-dollarization agenda has a long way to go”, VOA, https://www.voanews.com/a/brics-de-dollarization-agenda-has-a-long-way-to-go/7840686.html, (Date of Access: 27.10.2024).
[iv] “BRICS Summit: Guterres underscores bloc’s role in boosting global cooperation”, United Nations, https://news.un.org/en/story/2024/10/1156086, (Date of Access: 27.10.2024).
[v] Ibid.
[vi] “India’s balancing act with the West as Brics flexes new muscles”, BBC, https://www.bbc.com/news/articles/cly2verz8ggo, (Date of Access: 27.10.2024).
[vii] Ibid.
