BRICS 2024: Uniting to Reshape Global Power

Author

Ben Thompson
October 25, 2024

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  • Together Strong: 🌍 BRICS summit 2024 key takeaways.

  • Buy More: 🚜 Farmland the new wall street gold-rush?

  • Hold Up: 📈 Red Sea crisis causing vessel congestion reminiscent of the pandemic peak.

TRADE NEWS

BRICS 2024: A Unified Push to Redefine Global Power

The 2024 BRICS summit, held in Kazan, Russia, from October 22 to 24, marked a significant moment in global diplomacy, emphasizing the bloc’s expanding influence and continued efforts to reshape the global financial and political landscape. The BRICS coalition, which initially consisted of Brazil, Russia, India, China, and South Africa, now includes: Argentina (withdrawn), Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, further increasing the group’s global clout. Together, these nations represent over 42% of the world’s population and nearly one-third of the world’s landmass, providing BRICS with substantial economic and geopolitical weight.

Summit Key Takeaways

Global Financial System Reform: A major focus of the summit was reforming the international financial architecture. BRICS leaders pushed for the use of local currencies in trade between member nations, reducing their dependency on the U.S. dollar. Discussions also centered around the development of a BRICS-led international payment system, which would streamline cross-border transactions and provide a more inclusive alternative to existing global financial systems. The proposal for a BRICS digital currency, potentially backed by gold reserves, was also explored, further solidifying the bloc’s intent to challenge dollar dominance.

Geopolitical Tensions: The summit addressed significant global conflicts, including the Russia-Ukraine war and escalating violence in the Middle East. BRICS leaders emphasized the need for peaceful resolutions in line with the UN Charter, particularly focusing on the humanitarian crisis in Gaza and Southern Lebanon. The bloc strongly condemned the negative impact of unilateral sanctions, stressing that such actions disrupt the global economy and hinder progress toward achieving sustainable development goals.

Trade and Financial Integration: Another key outcome of the summit was the proposal to establish a BRICS Grain Exchange to facilitate agricultural trade among member countries. In addition, discussions included the development of a reinsurance mechanism, which would provide greater financial stability and resilience for BRICS nations. These initiatives reflect the bloc’s commitment to deepening trade ties and promoting financial independence within the group.

BRICS Expansion and Membership: This was the first summit to include the newly admitted members—Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. However, Argentina's membership remains uncertain due to recent political shifts (officially withdrawn), while Saudi Arabia is yet to formally ratify its membership. This expansion highlights BRICS’ growing appeal, with other nations such as Indonesia, Mexico, and Thailand expressing interest in joining the group. BRICS’ broadened membership amplifies its potential to influence global governance and challenge Western-dominated institutions like the IMF and the World Bank.

Official Members

🇧🇷 Brazil
🇷🇺 Russia
🇮🇳 India
🇨🇳 China
🇿🇦 South Africa
🇦🇷 Argentina (has since officially withdrawn)
🇪🇬 Egypt
🇪🇹 Ethiopia
🇮🇷 Iran
🇦🇪 UAE
🇸🇦 Saudi Arabia (pending formal ratification of membership)

Officially Applied for Membership:


🇩🇿 Algeria
🇦🇿 Azerbaijan
🇧🇭 Bahrain
🇧🇩 Bangladesh
🇧🇾 Belarus
🇧🇴 Bolivia
🇨🇺 Cuba
🇰🇿 Kazakhstan
🇰🇼 Kuwait
🇲🇾 Malaysia
🇵🇰 Pakistan
🇵🇸 Palestine
🇸🇳 Senegal
🇹🇭 Thailand
🇹🇷 Turkey
🇻🇪 Venezuela
🇾🇪 Yemen
🇿🇼 Zimbabwe

Expressed Interest in Joining


🇦🇴 Angola
🇨🇲 Cameroon
🇨🇫 Central African Republic
🇨🇩 DR of the Congo
🇨🇬 Congo
🇬🇭 Ghana
🇳🇬 Nigeria
🇸🇸 South Sudan
🇸🇩 Sudan
🇹🇳 Tunisia
🇺🇬 Uganda
🇨🇴 Colombia
🇸🇻 El Salvador
🇳🇮 Nicaragua
🇵🇪 Peru
🇦🇫 Afghanistan
🇮🇩 Indonesia
🇮🇶 Iraq
🇱🇦 Laos
🇲🇲 Myanmar
🇱🇰 Sri Lanka
🇸🇾 Syria
🇻🇳 Vietnam

The 2024 summit underscored BRICS' ambition to foster a multipolar world order, with an emphasis on financial independence, equitable development, and strengthened cooperation between emerging economies. This trajectory suggests that BRICS will continue to play an increasingly central role in global economic and political affairs. Watch clip

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