In less than a week, the BRICS Summit 2024 is set to commence from October 22nd to 24th in Kazan, Russia, marking another pivotal moment in global geopolitics. As interest mounts in what the bloc could unveil, nations around the world are gearing up to witness this significant event, especially following last year’s historic summit, which welcomed four new members and reaffirmed its commitment to de-dollarization efforts.
A Historic Venue
Traditionally, the BRICS Summit rotates among its member countries, allowing each nation the opportunity to host the gathering. In 2023, South Africa held the chairmanship amid international scrutiny, particularly concerning Russian President Vladimir Putin, who faced an arrest warrant from the International Criminal Court (ICC). Despite the potential for complications, the summit proceeded smoothly and was hailed as a significant success.
This year, the spotlight shifts to Russia as it takes the helm as chair. With Kazan chosen as the venue, anticipation is high for what promises to be a robust discussion on the future of the alliance, which is not only focused on its internal dynamics but also on its growing influence in the global economy.
Who Will Attend?
The BRICS 2024 Summit is expected to draw a diverse array of participants, with over 32 countries confirming their attendance. Among the members—Russia, Brazil, India, China, South Africa, the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia—most will be represented at the gathering.
Notably, Turkey, the first NATO member to express interest in joining BRICS, is sending key leaders, alongside delegates from Nigeria, Malaysia, Thailand, Venezuela, and Cuba. This broad representation underscores the bloc’s appeal and the growing desire among nations to engage with BRICS initiatives.
However, there remains uncertainty regarding Saudi Arabia’s participation. While the country was part of the bloc’s expansion last year, it has not formally confirmed its role this time around. Russia has indicated that Crown Prince Mohammed bin Salman will not attend, instead sending a delegate in his place, leaving questions about the kingdom’s ongoing commitment to BRICS.
What Will Be Announced?
The BRICS 2024 Summit is not just about who will be present but also about what the alliance aims to achieve. A key focus is expected to be the introduction of the BRICS Pay system, a groundbreaking initiative that could reshape macroeconomic dynamics and enhance competition against Western financial systems. This move could signify a monumental shift for the Global South, reinforcing the bloc’s ongoing de-dollarization efforts.
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Additionally, discussions around potential further expansion are anticipated, with the introduction of partner nations being a highlight. Reports suggest that as many as ten new nations could join the alliance, further solidifying BRICS as a formidable player on the world stage.
As the BRICS Summit 2024 approaches, the world watches closely. With critical discussions on economic initiatives and potential expansions on the horizon, the event could redefine geopolitical alliances and challenge the traditional economic order. With Russia in the chair and a diverse group of nations attending, this summit promises to be a pivotal moment in the ongoing evolution of the BRICS bloc. Stay tuned as we await the outcomes from Kazan, where the future of global economics may very well be shaped.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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