Expanded BRICS Meet in Russia
It is largely considered the foremost geopolitical rival to the Western G7 bloc of leading industrial economies.
Russia hosted the 16th annual BRICS summit this week in Kazan, where political leaders from BRICS countries joined other invited guests over the three-day event. Among those in attendance were China’s Xi Jinping and India’s Narendra Modi. This is the first summit to include new members Egypt, Ethiopia, Iran, and the UAE following their accession to the organization.
BRICS is a geopolitical bloc that was originally founded by Brazil, Russia, India, and China as BRIC in 2009. South Africa joined in late 2010 and the group was renamed BRICS. It is largely considered the foremost geopolitical rival to the Western G7 bloc of leading industrial economies. However, some BRICS countries, such as India, also have strong links with other G7 nations and have cautioned about becoming an anti-West group.
The theme of this year's event was “strengthening multilateralism for just global development and security”. Among the most notable outcomes from the summit’s joint declaration was a commitment to seek reform of the UN and its Security Council, the Bretton Woods institutions (e.g. the IMF), and the current international financial architecture. The bloc also welcomed a new BRICS investment platform to boost investment flows between them and the use of local currencies in financial transactions between BRICS countries and their trading partners.
The summit declaration also addressed current international conflicts in the Middle East and Ukraine. The blocs leaders reaffirmed their support for “the establishment of a sovereign, independent and viable State of Palestine in line with internationally recognised borders of June 1967 with East Jerusalem as its capital”. They stressed “the need to preserve the sovereignty and territorial integrity of the State of Lebanon”. Curiously, as Russia continues its invasion of Ukraine, the bloc emphasized in its declaration that “all states should act consistently with the purposes and principles of the UN Charter in their entirety and interrelation.” Next year's summit will be held in Brazil.