BRICS 2024 Summit Highlights Economic Alternatives

The 16th BRICS summit in Kazan, Russia, has convened leaders from 36 countries, including China’s Xi Jinping and India’s Narendra Modi, to discuss strengthening economic collaboration and creating alternatives to Western financial systems. The summit aims to challenge the U.S.-led global order, with Russia highlighting its resilience against Western sanctions and efforts to isolate it over the Ukraine conflict. BRICS, which originally included Brazil, Russia, India, China, and South Africa, has expanded to include Egypt, Ethiopia, Iran, and the UAE, with numerous other nations expressing interest in joining. A significant agenda item is the unveiling of a 'BRICS Pay' system to facilitate trade in national currencies, reducing reliance on the U.S. dollar. However, experts suggest that the group's growing diversity could hinder its ability to form coherent policies, given internal tensions between member countries. Despite these challenges, the summit underscores the increasing influence of BRICS on the global stage, representing over 37% of the world's GDP.