Kazan: Around two dozen world leaders have gathered in the Russian city of Kazan for the opening of the three-day BRICS group summit in a gathering of the emerging economies in Vladimir Putin’s push to challenge the Western hegemony and to establish a bipolar world order.
The summit also serves as a display of strength by Russia, demonstrating that Western efforts to isolate Moscow over the two-and-a-half-year conflict in Ukraine have not succeeded. Chinese leader Xi Jinping, Indian Prime Minister Narendra Modi, and Turkish President Recep Tayyip Erdogan—key partners for Russia—are set to attend the gathering in the western city of Kazan from October 22 to 24.
Reports from Russian media indicate that Putin, Modi, and South African President Cyril Ramaphosa have already arrived in Kazan, while Chinese state broadcaster CCTV confirmed that Xi has landed. Expanding the BRICS group—comprising Brazil, Russia, India, China, and South Africa—has become a cornerstone of Moscow’s foreign policy.
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Key topics on the agenda include Putin’s proposal for a BRICS-led payment system to compete with SWIFT, the international financial network from which Russian banks were cut off in 2022, as well as the escalating conflict in the Middle East.
BRICS in numbers and its global significance
The bloc that was formed with Brazil, Russia, India, and China as the members saw South Africa joining in 2010. Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates joined later on with more nations in line to join the grouping as part of the expansion.
The collective statistics of the BRICS nations (Brazil, Russia, India, China, and South Africa) hold significant implications on a global scale in several areas:
Population Power: With 45% of the world’s population, BRICS nations have substantial demographic influence. This large consumer base can drive global markets and trends, making the bloc a key player in international economic negotiations and trade agreements.
Global Economic Contribution: Representing 28% of the world economy, BRICS nations are pivotal in shaping global economic policies. Their collective GDP of $28.5 trillion means they have significant leverage in international financial institutions, impacting decisions on trade, investment, and development.
Emerging Markets: BRICS countries are often viewed as emerging markets with high growth potential, attracting foreign investment and fostering economic partnerships that challenge Western dominance in global finance. The BRICS countries also possess a significant portion of the world’s natural resources, including energy, minerals, and agricultural products. This resource wealth allows them to exert influence over global supply chains and trade routes.
Political Alliances: The BRICS grouping serves as a counterbalance to Western-led institutions and alliances, allowing member countries to collaborate on common interests, including security, trade, and climate change. This can lead to a more multipolar world, where power dynamics shift away from traditional Western hegemony.
Land Mass Covering 33 per cent of the world’s land area, BRICS nations have the potential to play a crucial role in addressing global challenges related to land use, agriculture, and environmental sustainability.
