Context: The summit is the first after the grouping’s expansion last year. For India, it is especially significant as Prime Minister Narendra Modi could meet China’s President Xi Jinping here, soon after the two countries agreed on a disengagement along the LAC.

16th BRICS Summit

• Host – Russia (16th BRICS summit is being held in Kazan, one of Russia's largest and wealthiest cities).

• Theme: "Strengthening Multilateralism for Just Global Development and Security".

• Purpose: To strengthen economic ties, promote sustainable development, and establish a more balanced global system.

• The 16th BRICS Summit holds special importance as it arrives at a time when global economies are recovering from post-pandemic challenges and countries are struggling with ongoing conflicts like the Ukraine-Russia war. The 2024 BRICS Summit will be notable for potentially welcoming BRICS new members, and expanding its influence globally. 

• Russia is using this summit to emphasize the idea of a “new world order” that challenges the dominance of the Western world. The summit provides a platform for BRICS nations to discuss strategies for strengthening economic ties, promoting sustainable development, and addressing security concerns in a changing geopolitical landscape.

Key Highlights of the Declaration 

• Global Governance and Multilateralism

• Made a commitment to cooperate for International Financial Architecture Reform.

• Economic Cooperation 

• BRICS Cross-Border Payment System: Built upon the principle of minimizing trade barriers and non-discriminatory access. Promoting use of local currencies. 

• BRICS Clear Depositary: An independent cross-border settlement and depositary infrastructure.

• BRICS Interbank Cooperation Mechanism (ICM): Facilitating and expanding innovative financial practices and approaches for projects and programmes, including finding acceptable mechanisms of financing in local currencies. 

• BRICS Grain Exchange: Initiative of the Russian side to establish a grain (commodities) trading platform within BRICS.

Other

• Geopolitical Concerns:

• Diplomatic Resolutions for International Conflicts: The summit highlighted the critical need for peaceful resolutions to international conflicts through diplomacy. The declaration underscored the importance of adhering to the United Nations Charter, particularly in relation to the ongoing Ukraine conflict. Leaders expressed appreciation for mediation efforts aimed at facilitating dialogue and resolving the conflict peacefully.

• Concerns Over Palestine: The situation in Palestine was a focal point of concern, with the declaration noting the severe humanitarian crisis in the Occupied Palestinian Territory. The BRICS leaders voiced their grave apprehension regarding the escalation of violence in Gaza and the West Bank, calling for immediate measures to alleviate the situation.

• Middle East Crisis: The declaration also addressed the escalating humanitarian crisis in the Middle East, particularly in Southern Lebanon. Leaders condemned the civilian casualties and damage to infrastructure resulting from military actions, urging for a cessation of hostilities.

• Global Governance and Multilateralism:

• Role of the G20: The importance of the G20 in global decision-making processes was emphasized. The leaders recognized the necessity for the G20 to function effectively, advocating for a consensus-driven approach focused on achieving tangible outcomes.

• Reform of Financial Architecture: The BRICS nations reiterated their commitment to reforming the international financial architecture to enhance global governance. They called for a more agile and representative multilateral system capable of addressing financial challenges, stressing the need for reforms that promote inclusive growth.

• Innovative Financial Practices: The declaration encouraged the exploration of new financial practices, highlighting the BRICS Interbank Cooperation Mechanism (ICM) as a means to facilitate innovative financial solutions. The leaders reaffirmed their support for a robust International Monetary Fund (IMF), emphasizing the need for a quota-based and adequately resourced financial safety net.

• Economic Cooperation and Local Currencies:

• Strengthening Trade in Local Currencies: A significant aspect of the summit was the agreement to enhance trade and financial settlements in local currencies. The declaration welcomed initiatives aimed at utilizing local currencies for BRICS financial transactions and establishing independent cross-border settlement infrastructures.

• BRICS Grain Exchange: The leaders endorsed the initiative to create a BRICS Grain Exchange, which would facilitate commodities trading within the bloc. This move is seen as a step towards greater economic integration among member nations.

• Expansion of BRICS: Recognizing the growing interest from nations in the Global South, the leaders established a BRICS Partner Country category. New members, including Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, are welcomed to join the bloc, indicating a commitment to expanding BRICS influence and partnerships.

• Pandemic Preparedness and Environmental Conservation:

• Health Initiatives: The summit highlighted the necessity of strengthening health systems through collaborative efforts. Leaders supported initiatives related to vaccine research and development, early warning systems for infectious diseases, and the establishment of a BRICS TB Research Network.

• Addressing Antimicrobial Resistance: The Kazan Declaration acknowledged the threat posed by antimicrobial resistance (AMR), welcoming the outcomes of the UNGA High-Level Meeting on AMR.

• Conservation of Big Cats: India's initiative for an International Big Cats Alliance received recognition, with BRICS countries pledging to collaborate on the conservation of endangered species. This highlights the bloc’s commitment to environmental sustainability.

BRICS

• BRICS stands for Brazil, Russia, India, China, and South Africa. It is a group of these five emerging economies that collaborate on political, economic, and cultural issues, aiming to enhance development and cooperation globally.

• Formation And Background Of BRICS

• The term BRIC was coined by economist Jim O'Neill in 2001 to describe four fast-growing economies—Brazil, Russia, India, and China—believed to be future global economic powerhouses. The grouping was formalised in 2006 when the foreign ministers of these nations met on the sidelines of the United Nations General Assembly. South Africa was invited to join in 2010, making it BRICS.

• Since its inception, BRICS has served as a platform for dialogue and cooperation among its members. These countries collectively represent about 45% of the world’s population; 30% of the World's land area; 24% of the global GDP, and 20% of world trade. The annual BRICS Summit is the most prominent event within the BRICS framework.

• Objectives Of BRICS

• The primary objective of BRICS is to promote peace, security, development, and cooperation among its member countries. The group's broader goals include:

• Promoting economic growth and development: BRICS aims to support sustainable development by facilitating trade, investment, and infrastructure development.

• Reforming global governance: BRICS advocates for reforms in international institutions like the United Nations, the International Monetary Fund (IMF), and the World Bank to make them more representative of emerging economies.

• Enhancing political and security cooperation: The member countries work together on combating terrorism, organised crime, and promoting global peace.

• Technological and cultural exchanges: BRICS promotes cooperation in areas such as science, technology, and education to ensure mutual development.

BRICS+ Nations List: Brazil; Russia; India; China; South Africa (Joined in 2010). New Members (Effective January 1, 2024): Iran; Egypt; Ethiopia; United Arab Emirates; Saudi Arabia (pending confirmation)

BRICS Structure

• BRICS has a flexible structure, with no formal headquarters or secretariat. It operates through a system of meetings and summits held annually. Several working groups and subcommittees focus on areas like trade, health, agriculture, and education.

Key mechanisms within the BRICS framework include

• New Development Bank (NDB): Established in 2014, the NDB funds infrastructure and sustainable development projects in BRICS and other developing nations.

• Contingent Reserve Arrangement (CRA): This is a financial safety net aimed at providing liquidity support to members in times of balance of payments crises.

• BRICS Academic Forum: This platform encourages educational and research collaborations among universities in BRICS nations