BRICS 2024: Uniting to Reshape Global Power

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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 blocโ€™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BRICS coalition, which initially consisted of Brazil, Russia, India, China, and South Africa, now includes: Argentina (withdrawn), Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, further increasing the groupโ€™s global clout. Together, these nations represent over 42% of the worldโ€™s population and nearly one-third of the worldโ€™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 blocโ€™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 blocโ€™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 membersโ€”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 BRICSโ€™ growing appeal, with other nations such as Indonesia, Mexico, and Thailand expressing interest in joining the group. BRICSโ€™ broadened membership amplifies its potential to influence global governance and challenge Western-dominated institutions like the IMF and the World Bank.

Official Members

๐Ÿ‡ง๐Ÿ‡ท Brazil
๐Ÿ‡ท๐Ÿ‡บ Russia
๐Ÿ‡ฎ๐Ÿ‡ณ India
๐Ÿ‡จ๐Ÿ‡ณ China
๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa
๐Ÿ‡ฆ๐Ÿ‡ท Argentina (has since officially withdrawn)
๐Ÿ‡ช๐Ÿ‡ฌ Egypt
๐Ÿ‡ช๐Ÿ‡น Ethiopia
๐Ÿ‡ฎ๐Ÿ‡ท Iran
๐Ÿ‡ฆ๐Ÿ‡ช UAE
๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia (pending formal ratification of membership)

Officially Applied for Membership:


๐Ÿ‡ฉ๐Ÿ‡ฟ Algeria
๐Ÿ‡ฆ๐Ÿ‡ฟ Azerbaijan
๐Ÿ‡ง๐Ÿ‡ญ Bahrain
๐Ÿ‡ง๐Ÿ‡ฉ Bangladesh
๐Ÿ‡ง๐Ÿ‡พ Belarus
๐Ÿ‡ง๐Ÿ‡ด Bolivia
๐Ÿ‡จ๐Ÿ‡บ Cuba
๐Ÿ‡ฐ๐Ÿ‡ฟ Kazakhstan
๐Ÿ‡ฐ๐Ÿ‡ผ Kuwait
๐Ÿ‡ฒ๐Ÿ‡พ Malaysia
๐Ÿ‡ต๐Ÿ‡ฐ Pakistan
๐Ÿ‡ต๐Ÿ‡ธ Palestine
๐Ÿ‡ธ๐Ÿ‡ณ Senegal
๐Ÿ‡น๐Ÿ‡ญ Thailand
๐Ÿ‡น๐Ÿ‡ท Turkey
๐Ÿ‡ป๐Ÿ‡ช Venezuela
๐Ÿ‡พ๐Ÿ‡ช Yemen
๐Ÿ‡ฟ๐Ÿ‡ผ Zimbabwe

Expressed Interest in Joining


๐Ÿ‡ฆ๐Ÿ‡ด Angola
๐Ÿ‡จ๐Ÿ‡ฒ Cameroon
๐Ÿ‡จ๐Ÿ‡ซ Central African Republic
๐Ÿ‡จ๐Ÿ‡ฉ DR of the Congo
๐Ÿ‡จ๐Ÿ‡ฌ Congo
๐Ÿ‡ฌ๐Ÿ‡ญ Ghana
๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria
๐Ÿ‡ธ๐Ÿ‡ธ South Sudan
๐Ÿ‡ธ๐Ÿ‡ฉ Sudan
๐Ÿ‡น๐Ÿ‡ณ Tunisia
๐Ÿ‡บ๐Ÿ‡ฌ Uganda
๐Ÿ‡จ๐Ÿ‡ด Colombia
๐Ÿ‡ธ๐Ÿ‡ป El Salvador
๐Ÿ‡ณ๐Ÿ‡ฎ Nicaragua
๐Ÿ‡ต๐Ÿ‡ช Peru
๐Ÿ‡ฆ๐Ÿ‡ซ Afghanistan
๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia
๐Ÿ‡ฎ๐Ÿ‡ถ Iraq
๐Ÿ‡ฑ๐Ÿ‡ฆ Laos
๐Ÿ‡ฒ๐Ÿ‡ฒ Myanmar
๐Ÿ‡ฑ๐Ÿ‡ฐ Sri Lanka
๐Ÿ‡ธ๐Ÿ‡พ Syria
๐Ÿ‡ป๐Ÿ‡ณ 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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