The 16th BRICS Summit kicked off today in Kazan, hosted by Russian President Vladimir Putin.
According to the Kremlin, representatives from 32 countries, including 24 heads of state, are expected to attend the event in the semi-autonomous Republic of Tatarstan.
The summit will officially begin this evening with a “friendly dinner” for all attending leaders. Before that, however, Putin will hold a series of bilateral meetings, which are set to continue after dinner and over the coming days.
Today, the Russian president is scheduled to meet with Indian Prime Minister Narendra Modi, South African President Cyril Ramaphosa, Chinese President Xi Jinping, and Egyptian President Abdel Fattah El-Sisi. The leaders are expected to discuss a wide range of issues.
Putin will also meet with the President of the New Development Bank, former Brazilian President Dilma Rousseff. This marks their third meeting since Rousseff took on her role at the New Development Bank.
Expansion agenda
The BRICS group—comprising Brazil, Russia, India, China, and South Africa—has recently expanded to include Egypt, Ethiopia, Iran, and the United Arab Emirates.
The BRICS bloc now represents 45 percent of the world’s population and 35 percent of the global economy in purchasing power parity (PPP) terms.
President Putin noted that 34 countries, including Turkey, have expressed interest in joining the bloc.
Experts expect the summit to focus on BRICS expansion, with Russian officials highlighting the group’s adaptability and long-term growth agenda.
While BRICS is often seen as an alternative to Western-centric institutions, Putin told reporters from BRICS countries that “BRICS is not in opposition to anyone” and that the shift in global growth dynamics is simply a reflection of reality.
“This is a union of states working together on the basis of shared values, a common vision of development, and, above all, the principle of taking each other’s interests into account,” he said.
As the BRICS summit opens, finance chiefs from around the world are also gathering in Washington for an IMF meeting.
Xi and Modi attend summit, Lula absent due to illness
Chinese President Xi Jinping arrived in Russia this morning to attend the summit, accompanied by senior Chinese Communist Party official Cai Qi and Foreign Minister Wang Yi.
Xi is expected to hold bilateral talks during the summit, focusing on key issues such as financing, technology, food trade, and expanding the bloc’s membership.
Indian Prime Minister Narendra Modi is also attending, though Brazilian President Luiz Inacio Lula da Silva canceled his trip on medical advice. Lula was advised to avoid long-haul flights temporarily following a head injury that caused a minor brain hemorrhage.
Before departing for Russia, Prime Minister Modi emphasized the importance of BRICS in fostering dialogue on global challenges. “India values close cooperation within BRICS, which has become an important platform for dialogue on the global development agenda, reformed multilateralism, climate change, economic cooperation, building resilient supply chains, and promoting cultural and people-to-people linkages,” he said, according to India Today.
BRICS vs. G7
The term BRIC was first coined in 2001 by then-Goldman Sachs chief economist Jim O’Neill in a research paper that highlighted the growth potential of Brazil, Russia, India, and China.
These countries began formal cooperation, and Brazil was later added, followed by South Africa. Egypt, Ethiopia, Iran, and the UAE have since joined, although Saudi Arabia has not yet formally become a member.
According to the International Monetary Fund, the BRICS’ share of global GDP is expected to rise to 37 percent by the end of the decade, while the G7’s share is projected to decrease from 30 percent to around 28 percent this year.
Alternative payment systems to counter sanctions
Russia is urging BRICS countries to develop an alternative platform for international payments, one that is resistant to Western sanctions.
Alternative payment methods are expected to be a key topic on the summit’s agenda.
In an interview with the Serbian daily Politika, published on the Russian Foreign Ministry’s website, Russian Deputy Foreign Minister Sergei Ryabkov suggested that significant progress could be made in mutual payment mechanisms after the Kazan summit.
“I believe that as a result of the summit in Kazan, we will see significant developments in this area. As our Chinese friends say, ‘a journey of a thousand miles begins with one small step.’ I think we will take a not-so-small first step,” Ryabkov said.
However, Ryabkov cautioned that no “giant leap forward” should be expected, noting that the process will likely evolve gradually, as BRICS operates on a consensus basis.
“We have a long way to go for a gradual transition from payments in national currencies to the creation of a single BRICS currency,” the diplomat added.
