eyond the quotes, there were important things that happened at or on the sidelines of this year’s summit. Unfortunately, reporting on the BRICS Summit has been at times contradictory this year, and a lot of the information that is out there comes from state–sponsored sources, particularly from Russia and China.
One way or another, BRICS is becoming a more important international player—whether you see it as a paper tiger or an emerging major player, BRICS is getting a lot of attention and needs to be reckoned with. That’s why in this retrospective piece Diplomatic Courier reviewed the biggest, most impactful takeaways from this year’s summit.
The ever–growing BRICS?
Last year, it was estimated that around 24 countries were actively in the BRICS membership application process, with around 40 countries estimated to be interested. At the BRICS Summit this year, four new members joined the summit for the first time: Egypt, Ethiopia, Iran, and the United Arab Emirates. But beyond that, at the summit BRICS announced a new membership category, partner countries. These aren’t full members, and what exactly partnership means isn’t completely clear. Reportedly, 13 countries were welcomed as partner countries—Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam—though this list comes from media leaks rather than official announcements and what exactly it means to be a “partner state” remains unclear.
In total, 36 countries sent representatives to the BRICS Summit in Kazan. Yet association with BRICS hasn’t been without controversy. Much of the new and potential membership expansion has been in Latin America, particular among countries with more controversial governments. Yet Venezuela’s bid to join BRICS was blocked by Brazil, stoking controversy. There is also uncertainty about the relationship between Argentina and BRICS, and Saudi Arabia and BRICS. Argentina outright turned down an offer at BRICS membership last year, but has at times been named as a BRICS associate. Saudi Arabia, meanwhile, has adopted a less clear stance on BRICS membership. Various sources, from Encyclopedia Britannica to announcements by the Russian government, have claimed Saudi Arabia as a BRICS member, but thus far the kingdom is officially unassociated.
Diplomacy at the summit
This BRICS Summit got a lot more attention than usual, possibly because news of the BRICS expansion earlier this year made such a splash. That in itself is a diplomatic win for the bloc, which needs the credibility of international attention as it tries to make itself the standard bearer for alternative views on what the international order ought to look like.
Russia had at least the appearance of a big diplomatic win at the summit, playing on strong indications that Russia is no longer as isolated over its invasion of Ukraine as had been the case. Some agreements made by the bloc do support the notion of a no–longer–isolated Putin, with de–dollarization initiatives intended to protect BRICS members at least in part from sanctions to a BRICS Grain Exchange that will have a similar effect. That’s not to say Russia’s image is fully reformed, as most analysts don’t expect BRICS members to support Putin’s vision for the bloc, preferring a less adversarial approach to the West.
Diplomatic rows also illustrated the bloc’s lack of unity. Brazil vetoed Venezuela’s bid to join BRICS, allegedly due to concerns over Venezuela’s contested election. The veto set off a diplomatic row with Venezuela, drew disagreement from Putin, and drew round criticism from bloc advocates, who saw Venezuela’s oil as useful for bolstering the bloc’s influence in the energy sector. Meanwhile, Saudi Arabia’s representative at BRICS—not Crown Prince Mohammed Bin Salman, a newsworthy turn of events—continued to keep its relationship with the bloc vague. There was good news diplomatically at the summit as well, as China and India at the summit announced an agreement to a detente over a contested border in part of Kashmir, and pledged to resume dialog.
Financial collaboration a strength at BRICS
Financial collaboration was a focal point of the BRICS Summit, and experienced some success. A key purpose of that collaboration, as laid out in the Kazan Declaration, is to make members more resistant to “unilateral coercive measures”—or sanctions. In general, de–dollarization is a core component of financial collaboration as the bloc explores digital and other alternatives though analysts generally don’t expect any paradigm–threatening developments. The Kazan Declaration included calls for reforms of the IMF and World Bank, while the bloc also agreed to strengthen the New Development Bank, aiming to set it up as a different type of multilateral development bank from the IMF and World Bank. More evocatively, there has been chatter about a new BRICS currency which has generally been dismissed, though China’s apparent support for a currency may make it more likely.
Similarly, the Kazan Declaration included BRICS support of Russia’s proposal for an international grain exchange—eventually allowing the exchange of other commodities. The grain exchange would both help bloc members avoid Western sanctions while also helping bolster food security for the involved countries. If it moves forward, the exchange could have resounding impacts on the agriculture industry, though observers expect it would take years for the exchange to begin operation.
a global affairs media network
A BRICS retrospective
Kazan, Russia. Photo by Dmitry Sidorov via Pexels.
November 1, 2024
BRICS wrapped up what may have been its most visible summit ever last week. With confusing and often conflicting accounts of the summit in the media, Diplomatic Courier brings you a rundown of what happened and what mattered.
B
eyond the quotes, there were important things that happened at or on the sidelines of this year’s summit. Unfortunately, reporting on the BRICS Summit has been at times contradictory this year, and a lot of the information that is out there comes from state–sponsored sources, particularly from Russia and China.
One way or another, BRICS is becoming a more important international player—whether you see it as a paper tiger or an emerging major player, BRICS is getting a lot of attention and needs to be reckoned with. That’s why in this retrospective piece Diplomatic Courier reviewed the biggest, most impactful takeaways from this year’s summit.
The ever–growing BRICS?
Last year, it was estimated that around 24 countries were actively in the BRICS membership application process, with around 40 countries estimated to be interested. At the BRICS Summit this year, four new members joined the summit for the first time: Egypt, Ethiopia, Iran, and the United Arab Emirates. But beyond that, at the summit BRICS announced a new membership category, partner countries. These aren’t full members, and what exactly partnership means isn’t completely clear. Reportedly, 13 countries were welcomed as partner countries—Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam—though this list comes from media leaks rather than official announcements and what exactly it means to be a “partner state” remains unclear.
In total, 36 countries sent representatives to the BRICS Summit in Kazan. Yet association with BRICS hasn’t been without controversy. Much of the new and potential membership expansion has been in Latin America, particular among countries with more controversial governments. Yet Venezuela’s bid to join BRICS was blocked by Brazil, stoking controversy. There is also uncertainty about the relationship between Argentina and BRICS, and Saudi Arabia and BRICS. Argentina outright turned down an offer at BRICS membership last year, but has at times been named as a BRICS associate. Saudi Arabia, meanwhile, has adopted a less clear stance on BRICS membership. Various sources, from Encyclopedia Britannica to announcements by the Russian government, have claimed Saudi Arabia as a BRICS member, but thus far the kingdom is officially unassociated.
Diplomacy at the summit
This BRICS Summit got a lot more attention than usual, possibly because news of the BRICS expansion earlier this year made such a splash. That in itself is a diplomatic win for the bloc, which needs the credibility of international attention as it tries to make itself the standard bearer for alternative views on what the international order ought to look like.
Russia had at least the appearance of a big diplomatic win at the summit, playing on strong indications that Russia is no longer as isolated over its invasion of Ukraine as had been the case. Some agreements made by the bloc do support the notion of a no–longer–isolated Putin, with de–dollarization initiatives intended to protect BRICS members at least in part from sanctions to a BRICS Grain Exchange that will have a similar effect. That’s not to say Russia’s image is fully reformed, as most analysts don’t expect BRICS members to support Putin’s vision for the bloc, preferring a less adversarial approach to the West.
Diplomatic rows also illustrated the bloc’s lack of unity. Brazil vetoed Venezuela’s bid to join BRICS, allegedly due to concerns over Venezuela’s contested election. The veto set off a diplomatic row with Venezuela, drew disagreement from Putin, and drew round criticism from bloc advocates, who saw Venezuela’s oil as useful for bolstering the bloc’s influence in the energy sector. Meanwhile, Saudi Arabia’s representative at BRICS—not Crown Prince Mohammed Bin Salman, a newsworthy turn of events—continued to keep its relationship with the bloc vague. There was good news diplomatically at the summit as well, as China and India at the summit announced an agreement to a detente over a contested border in part of Kashmir, and pledged to resume dialog.
Financial collaboration a strength at BRICS
Financial collaboration was a focal point of the BRICS Summit, and experienced some success. A key purpose of that collaboration, as laid out in the Kazan Declaration, is to make members more resistant to “unilateral coercive measures”—or sanctions. In general, de–dollarization is a core component of financial collaboration as the bloc explores digital and other alternatives though analysts generally don’t expect any paradigm–threatening developments. The Kazan Declaration included calls for reforms of the IMF and World Bank, while the bloc also agreed to strengthen the New Development Bank, aiming to set it up as a different type of multilateral development bank from the IMF and World Bank. More evocatively, there has been chatter about a new BRICS currency which has generally been dismissed, though China’s apparent support for a currency may make it more likely.
Similarly, the Kazan Declaration included BRICS support of Russia’s proposal for an international grain exchange—eventually allowing the exchange of other commodities. The grain exchange would both help bloc members avoid Western sanctions while also helping bolster food security for the involved countries. If it moves forward, the exchange could have resounding impacts on the agriculture industry, though observers expect it would take years for the exchange to begin operation.
