BRICS Summit 2024
In October 2024, the 16th BRICS Summit took place in Kazan, Russia, bringing together leaders from 36 countries, including the UN Secretary-General, for a three-day event.
BRICS formally welcomed four new members, officially admitted in January 2024 (Egypt, Ethiopia, Iran, and the United Arab Emirates), alongside the newly accepted 13 partner countries (Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Türkiye, Uganda, Uzbekistan, Vietnam).
The expansion of BRICS has elevated the group to an even greater geopolitical and economic force. The nine BRICS members now represent around 42 per cent of the global population and account for over 31 per cent of the world’s GDP (measured at purchasing power parity).
By comparison, the G7 nations comprise less than 10 per cent of the world’s population and under 30 per cent of the global economy (PPP).
With the addition of new members, the bloc’s population now exceeds 4 billion, nearly half of the global total, significantly increasing its influence in global trade, energy, and resource markets. For Russia, this summit marked a pivotal moment both domestically and internationally, as the Kremlin highlighted the scale of the event, describing it as one of the largest foreign policy gatherings ever hosted in the country.
A key focus of the Kazan summit was the development of an alternative international monetary and financial system to challenge the dominance of the U.S. dollar in global trade. This initiative, detailed in a report published by Russia’s central bank and finance ministry, was advanced under Russia's BRICS chairmanship in 2024.
On the sidelines of the BRICS summit, President Xi and Prime Minister Modi held their first bilateral meeting in five years. Xi called for stronger communication and cooperation between the two nations, while Modi reiterated the importance of stability along their shared border. The Xi-Modi meeting was seen as a significant step toward easing longstanding tensions between the two Asian giants.
The summit underscored BRICS' commitment to fostering growth and resilience in the global economy.