An Analysis of the 2024 BRICS Summit in Kazan

Release Date : 2024-10-28

(Lien Hong-yi, Dean of College of International Affairs/ Professor of Diplomacy, National Chengchi University)

The BRICS (Brazil, Russia, India, China, and South Africa) Summit was initially convened by Russia in 2009, evolving into a geopolitical group after the first leaders’ summit with Brazil, Russia, India, and China. Its main purpose was to promote the investment, trade opportunities, and interests of BRICS nations. Since then, BRICS has expanded, now including ten member countries: Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia.

From October 22 to 24, 2024, the BRICS Summit was held in Kazan, Russia, with Russia presiding over the event and hosting more than 20 global leaders, including UN Secretary-General António Guterres. The summit’s theme was “Strengthening Multilateralism for Just Global Development and Security,” focusing on three main areas: “politics and security,” “economy and finance,” and “cultural and humanitarian contacts.”

Regarding Russia’s perspective on BRICS and its bilateral relations with China and India, Russian President Vladimir Putin noted during his speech that BRICS reflects the aspirations of much of the international community, signifying the rise of a multipolar world. In addition to its current member states, over 30 countries are considering joining BRICS, including Thailand, Turkey, and others. Russia presented two major proposals: establishing a BRICS grain trading platform to extend to energy, natural gas, and other commodities, which gained support and was included in the Kazan Declaration; and creating a BRICS clearing system to facilitate securities trading and settlement, alongside a joint reinsurance company.

Chinese President Xi Jinping arrived in Kazan on October 22, and met immediately with Putin. Xi expressed high regard for Russia’s role as the host and emphasized that BRICS is a vital platform for unity among emerging markets and developing countries, aiming to secure new opportunities for the Global South. Putin stated that to ensure global stability, Russia should strengthen its partnership with China to build a fair world order. Xi reiterated the relationship between China and Russia is “a path of proper coexistence between neighboring major powers, characterized by non-alignment, non-confrontation, and not targeting any third party.” He emphasized that the world is currently undergoing unprecedented changes in a century, with a complex international situation, but the deep friendship between China and Russia, spanning generations, will remain unchanged.

During his meeting with Indian Prime Minister Narendra Modi, Putin stated that Russia-India relationship is a special, privileged strategic partnership and is continuing to develop actively. Modi, in turn, placed the focus of the meeting on promoting peace talks between Russia and Ukraine, expressing India’s readiness to provide all necessary support. Russia-India relations have grown closer post-Cold War, with close cooperation in military and economic trade. In 2010, the two countries established a “special and privileged strategic partnership,” and after the Russia-Ukraine conflict in 2022, India became a major buyer of Russian oil, refining low-cost crude for resale to Europe and the U.S. In the Russia-Ukraine conflict, India has avoided strongly condemning Russia, positioning itself as a neutral mediator. Consequently, unlike his approach with China, Putin did not propose a joint vision for a new world order with Modi. Russia-India cooperation largely emphasizes economic and trade development, while political and military collaboration is primarily seen in arms sales and joint military exercises.

In November 2023, Russia and India held the “INDRA” maritime joint exercise in the Bay of Bengal. This exercise, which began in 2003 and is conducted every two years, aims to enhance cooperation and interoperability between the two countries’ navy. The current development of Russia-India relations shows differing priorities for each side: amid the Russia-Ukraine conflict, Russia seeks to deepen political cooperation, whereas India focuses primarily on economic and trade collaboration, especially benefiting from the supply of low-cost Russian oil.

China’s view on BRICS, as well as on its bilateral relationships with Russia and India, was expressed by Xi Jinping in his speech at the summit. He stated that the expansion of BRICS is a significant milestone on the path of development and a landmark event in the evolution of the international landscape. BRICS will be built on values of peace, innovation, sustainability, justice, and humanity. Of particular note is the concept of a “just” BRICS. Xi believes that, while international power structures are evolving, global governance remains relatively outdated and unreformed. He emphasized that BRICS should align with the rise of the Global South and actively respond to the interest of various countries in joining, thus enhancing the voice of developing countries in global governance. Additionally, he noted that BRICS should take a leading role in the international financial system, ensuring interconnectivity of financial infrastructure, promoting the development and financial security of the New Development Bank, and encouraging the international financial system to better reflect changes in the global economic landscape.

Regarding China-Russia relations, Russia views China and India as its primary partners for developing foreign relations, and the concept of jointly establishing a just world order was mentioned during the meeting between Xi and Putin. However, Xi did not elaborate on this, only emphasizing the unchanging deep friendship between the two countries. It is evident that China is cautious not to be labeled by Western countries or others as a “revisionist” power openly challenging the current world order. This is especially true given the unresolved economic issues within China; any economic sanctions or isolation imposed by Western countries could further exacerbate these internal economic challenges.

On October 23, Xi met with Modi, stating that China and India, both ancient civilizations and major developing nations, should seize the historical moment and shape bilateral relations to serve their peoples’ fundamental interests. Xi stressed that their “development” is a shared goal and emphasized the principles of mutual opportunities, non-threats, and a cooperative rather than competitive partnership.

Aslı Aydıntaşbaş, a visiting scholar at the Brookings Institution, remarked that although BRICS has not altered international trade rules, this summit carries symbolic political significance. Putin’s successful hosting of an international summit two years after Russia’s invasion of Ukraine highlights the fragmentation of the international system and the discontent among middle powers with the US-led global order. Jim O’Neill, the former chief economist at Goldman Sachs who initially proposed the BRIC concept, noted that the main challenge for BRICS remains the China-India relationship. Without improvement in China-India ties, BRICS’ ambition to challenge the dollar remains “for the fairies.” O’Neill further argued that BRICS is essentially an annual gathering for emerging nations to critique the US-led world order, making the idea of a genuine global economic club unrealistic.

Translated to English by Chen Cheng-Yi