The BRICS Summit of 2024, held from October 22 to 24, marked a significant shift toward redefining global power dynamics. Hosted by Russian President Vladimir Putin in the city of Kazan—a city hailed as Russia's third capital—this gathering was not just another meeting but rather, as many observers noted, one of the most consequential economic, political, and cultural events of the decade.
At the summit, Russia, acting as chair for the year, welcomed leaders from 36 countries, including major players like China, India, Iran, Egypt, Turkey, and the UAE. This extended membership accounted for approximately 57% of the global population and about one-third of the world’s economy. Even the United Nations Secretary-General António Guterres made his presence felt at the conference, underscoring its international importance.
BRICS, which stands for Brazil, Russia, India, China, and South Africa, has grown significantly, recently incorporating five new members: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. Turkey also expressed interest in joining, prompting debates on what this expansion means for the future of global governance. This inclusion of such diverse nations, some of which hold conflicting international alignments, raises questions on the direction BRICS is taking and how it might emerge as a counterbalance to established Western frameworks like the EU, G7, and G20.
Putin’s motivation for the event was clear: he aimed to solidify Russia’s role on the global stage, contradicting any narratives of isolation stemming from the West's geopolitical maneuvers. The summit was intended to relay the message loud and clear: Russia is far from alone.
Throughout the gathering, leaders engaged actively, emphasizing collaboration and shared goals. Chinese President Xi Jinping termed Putin his “dear friend,” highlighting the camaraderie between the two nations. Other leaders, such as South African President Cyril Ramaphosa, acknowledged and celebrated Russia’s support during historical struggles, including the fight against apartheid.
Venezuelan President Nicolás Maduro brought forth BRICS's vision of establishing new economic frameworks aimed at challenging Western dominance. At the summit, he insisted on the urgent need for economic and monetary reforms within international trade, and he also expressed his desire for bolstering the BRICS New Development Bank to promote independent economies. He accused the United Nations of failing to address pertinent conflicts around the globe, such as those in Gaza and Lebanon, and advocated for radical reform.
The introduction of the BRICS+ format—which includes not just BRICS nations but also other countries across the globe—has led to fertile discussions about how to shift the power dynamic traditionally dominated by Western countries. With the expansion underway, BRICS+ serves as evidence of a collective yearning among member countries to challenge the U.S.-led world order.
One of the most notable aspects of the summit was the participants' shared conviction: they believe the current global economic and political systems favor Western interests, particularly those of the United States. This atmosphere of dissent culminated from years of perceived inequities within international organizations, many of which were seen as excessively influenced by Western powers.
The summit's results extended beyond superficial rhetoric. Economically, several leaders discussed strategies for trade and currency exchange, emphasizing independence from the U.S. dollar. This focus addresses issues stemming from reliance on the dollar, which has garnered the U.S. substantial power over global markets.
For years, controlling the world's reserve currency has allowed the U.S. to dictate terms of trade and influence global finance significantly. Presently, the dollar accounts for over 80% of global trade transactions, and nearly 60% of central bank reserves are dollar-denominated. Yet, as demonstrated at the summit, there’s growing disenchantment among BRICS nations with this status quo, pushing for alternatives.
According to Putin, trade channels between China and Russia have already begun to reflect their commitment to reducing dependency on the dollar, with almost 95% of their trade now conducted using the Russian rouble and Chinese yuan. While this bold move symbolizes the beginning of de-dollarization, it's important to clarify the challenges this transition entails.
The reality remains: transitioning away from the dollar's dominance won’t be easy. Nations like China and India still rely heavily on currencies such as the dollar for transactional purposes. Despite China possessing the largest foreign exchange reserves globally—standing at $3.32 trillion as of September—many of these funds are still held as dollars.
With recent geopolitical tensions, skepticism persists about how eager some BRICS members are to fully commit to abandoning the dollar. Notably, Brazil and India appear less enthusiastic about moving away from the dollar compared to their counterparts. This division raises concerns about BRICS's ability to function as a cohesive unit against U.S. dominance.
Responses from the West, especially from the incoming U.S. President Donald Trump, have been pointed. Trump’s administration has threatened to impose tariffs of up to 100% on goods entering the U.S. from nations seeking to distance themselves from dollar-based transactions. This risk creates additional pressure on BRICS countries to weigh the repercussions of their economic independence against potential trade penalties from the U.S.
While the future of BRICS and its proposed strategies remain uncertain, the summit revealed its growing assertion as a bloc challenging the legacy of Western-led global governance. Many at the summit lamented the colonial past—arguing it has created lasting disparities—and expressed hopes for developing organizations free from Western oversight.
The burgeoning solidarity among BRICS nations reflects what Tomofey Bordachev of the Valdai Club, highlights as the group’s embodiment of revisionist approaches toward altering the international order. This notion finds firmness with each summit, as BRICS continues to explore avenues for uplift and reform—whether through establishing independent economic channels or amplifying their stance within the United Nations.
Moving forward, the BRICS summit of 2024 signifies more than just another assembly of nations; it opens doors to rethinking current global relationships and lays groundwork for potentially substantial shifts within international affairs.