BRICS Summit 2024 in Russia, Know Theme, Agenda, and More
The BRICS Summit 2024 was held from October 22 to 24, 2024, under the chairmanship of Russia. The Kazan Declaration was adopted at the BRICS Summit 2024.
Deeksha Dixit25 Oct, 2024
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BRICS Summit 2024 was held from October 22 to 24, 2024 , under "Strengthening Multilateralism for Just Global Development and Security." Russia, the current chair of the BRICS grouping, hosted the 16th BRICS Summit in the city of Kazan. At this summit, BRICS countries adopted the Kazan Declaration , highlighting key areas for collaboration and demonstrating the bloc's collective position on urgent global challenges.
BRICS Summit 2024 served as a platform for discussions on enhancing cooperation among member nations to address global challenges, promote economic growth, and foster peace and security. Keep reading to stay updated about the developments in the BRICS Summit 2024.BRICS Summit 2024 Overview
Since its inception in 2009 , the BRICS platform has provided an alternative for emerging economies to collaborate outside Western-led institutions like the IMF and the World Bank. The BRICS Summit is an annual meeting where the leaders of five major emerging economies —Brazil, Russia, India, China, and South Africa—come together to discuss global issues.| BRICS Summit 2024 Overview | |
| Aspect | Details |
| Event | 16th BRICS Summit |
| Dates | October 22 to 24, 2024 |
| Location | Kazan, Russia |
| Theme | Strengthening Multilateralism for Just Global Development and Security |
| Key Attendees | Leaders from BRICS nations, guest countries |
| Current Members | Brazil, Russia, India, China, South Africa (joined 2009-2010); new members: Iran, Egypt, Ethiopia, Saudi Arabia, and UAE (2024) |
| Purpose | To strengthen economic ties, promote sustainable development, and establish a more balanced global system. |
16th BRICS Summit
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 welcomed BRICS new members and expanded its influence globally. Russia emphasizes the idea of a "new world order" supported by India's push for ' multilateralism' that challenges the dominance of the Western world. The summit provided a platform for BRICS nations to discuss strategies for strengthening economic ties, promoting sustainable development, and addressing security concerns in a changing geopolitical landscape. PM Narendra Modi made an official statement after attending the 16th BRICS Summit in Kazan, highlighting rising expectations from BRICS amid global uncertainty, including conflicts, adverse climatic impacts, and cyber threats. He proposed a people-centric approach to tackle these challenges and emphasized the urgency of adopting a Comprehensive Convention on International Terrorism at the United Nations to combat the menace of terrorism.BRICS Summit 2024 Venue
The BRICS Summit 2024 venue was Kazan , a city in the Republic of Tatarstan, Russia. This city was chosen for its strategic location and significance in Russian history. Kazan has long been a center for trade and cultural exchange between Europe and Asia, making it a fitting location for this important global event.BRICS Summit 2024 Key Points
The BRICS Summit 2024 covered a wide range of issues so far, such as:- Economic Growth and Cooperation: Discussions on how BRICS countries can boost trade among themselves, reduce reliance on Western economies, and promote sustainable development.
- Security and Geopolitical Stability: Addressing regional and global security challenges, including counter-terrorism efforts and strategies to combat cyber threats.
- Climate Action : Promoting joint initiatives on climate change, including renewable energy projects and sustainable infrastructure development. India invited member countries to join initiatives like the International Solar Alliance , Coalition for Disaster Resilient Infrastructure, 'Ek Ped Maa Ke Naam', and Green Credits.
- Global South Advocacy: Highlighting the concerns and priorities of the Global South, ensuring their voices are heard in international forums.
- Cultural and Humanitarian Ties: Strengthening cultural exchanges and promoting educational and humanitarian initiatives across BRICS nations and beyond.
BRICS Declaration 2024
The Kazan Declaration , issued during the XVI BRICS Summit, highlighted the commitment of BRICS nations towards peace and promoting sustainable development while addressing key global challenges. Major points of BRICS Declaration 2024 are:- Solidarity and Commitment: Emphasis on BRICS unity to enhance international cooperation and promote a fairer global order.
- Financial Architecture Reform : Pledge to improve global governance through a more responsive multilateral system and support for a strong IMF.
- Local Currency Trade: Agreement to strengthen trade and financial settlements in local currencies to facilitate cross-border transactions.
- Health Initiatives: Support for the BRICS R&D Vaccine Center and initiatives to strengthen health systems and address antimicrobial resistance.
- Geopolitical Concerns: Call for peaceful resolutions to conflicts in Ukraine and Palestine, reaffirming the importance of diplomacy.
- BRICS Plus Partnership: Endorsement of new partnerships with emerging nations, welcoming countries like Egypt, Ethiopia, and Saudi Arabia.
BRICS Presidency
The BRICS Presidency rotates annually among its member countries: Brazil, Russia, India, China, and South Africa. The country holding the presidency sets the agenda for the next summit, focusing on key issues like economic cooperation, sustainable development, and global governance. Currently, Russia holds the BRICS Presidency.BRICS Summit 2024 Theme
The theme of BRICS Summit 2024 is "Strengthening Multilateralism for Just Global Development and Security. " This theme highlights the group’s focus on creating a fair and equitable global order where all nations have a voice. The emphasis is on addressing the challenges faced by developing nations in the areas of trade, investment, and security. Russia, as the current chair, has been vocal about promoting economic sovereignty and reducing dependency on Western economies. The BRICS nations, under this theme, aim to establish stronger ties among themselves and with other countries in the Global South to create a more balanced global system.Everything About BRICS
BRICS full form is “Brazil, Russia, India, China, and South Africa,” which is basically an acronym for these five major emerging economies. The group initially formed as BRIC , with the leaders of Brazil, Russia, India, and China meeting for the first time on the sidelines of the G8 Outreach Summit in St. Petersburg, Russia, in 2006 . Later, the group was expanded to BRICS in 2010 when South Africa was admitted as a full member during a BRIC Foreign Ministers’ meeting in New York. In 2024, with the addition of new members—Iran, Egypt, Ethiopia, Saudi Arabia, and the UAE— BRICS+ now represents 45.2% of the world’s population and approximately 36.7 % % of the global GDP. There is no formal BRICS headquarters , as it operates more as a forum for cooperation rather than a structured institution. Some of the key achievements of the BRICS grouping are:New Development Bank
The New Development Bank (NDB) was created by BRICS countries to support development projects and improve infrastructure. It was established in 2014 and began operations in 2015. The headquarters of the NDB is located in Shanghai, China. NDB focuses on helping emerging economies by providing funding for sustainable development and complementing other financial institutions. The first president of the NDB was Mr. K.V. Kamath from India and Dilma Rousseff is the current president.BRICS Contingent Reserve Arrangement
The BRICS Contingent Reserve Arrangement (CRA) was established in 2014 to provide support during global financial crises. It aims to offer short-term liquidity through currency swaps to help member countries manage balance of payments issues. By enhancing financial stability and cooperation among BRICS nations, the CRA serves as a complementary framework alongside existing institutions like the International Monetary Fund (IMF).BRICS Pay
BRICS Pay is designed to establish a new financial and payment system for BRICS nations and their partners. Its goal is to ensure equal access to financial technologies while promoting a decentralized and fair global financial structure. The BRICS Pay Consortium, comprising various tech and financial firms, is developing multiple payment solutions to facilitate cross-border transactions and strengthen economic cooperation among member countries.BRICS Vaccine Centre
PM Modi highlighted the importance of the BRICS Vaccine Centre at BRICS Summit 2024 in ensuring equitable access to COVID-19 vaccines and enhancing global health security. Launched in 2022 to streamline vaccination resources, the center reflects BRICS nations' commitment to collaborative pandemic response, with India offering its extensive vaccine manufacturing capabilities to support this initiative. For UPSC aspirants seeking to stay updated on current global events, understanding the outcomes of the BRICS Summit and its background is crucial, particularly for the International Relations section in both Prelims and Mains. Join Physics Wallah’s UPSC Online Coaching Program to access expert guidance!BRICS Summit 2024 FAQs
What is BRICS?
BRICS is a group of five emerging economies: Brazil, Russia, India, China, and South Africa. It focuses on economic cooperation and multilateralism.
BRICS Summit 2024 was held in which country?
The BRICS Summit 2024 was held in Kazan, Russia.
Who are the current members of BRICS?
The current members of BRICS are Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, Ethiopia, Iran, and the UAE.
What is the BRICS's full form?
The full form of BRICS stands for Brazil, Russia, India, China, and South Africa.
What is the theme of BRICS Summit 2024?
The theme of the BRICS Summit 2024 is "Strengthening Multilateralism for Just Global Development and Security."
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