By Somar Wijayadasa*
NEW YORK | 27 October 2024 (IDN) —The Sixteenth BRICS Summit on the theme “Strengthening Multilateralism for Just Global Development and Security” was held in Kazan, the capital of Tatarstan in Russia, from 22 to 24 October 2024, under the Chairmanship of Russia’s President Vladimir Putin.
The Summit was attended by around 20,000 delegates including heads of state or senior officials from 35 countries as well as by officials of several international organizations including the UN Secretary-General, António Guterres. Such a notable gathering is a moment of triumph for Russia, as it demonstrates that Russia remains a global player with strong international ties, despite Western sanctions and other impediments.
Founded in 2006, BRICS increased its membership in January 2024, and now comprises Russia, Brazil, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The ten countries collectively represent around 46% of the world’s population and over 36% of global GDP, and account for around 44% of global oil production.
According to a recent report by Henley & Partners, the total investible wealth currently held by BRICS member states amounts to $45 trillion, and have 1.6 million individuals with investible assets over $1 million, including over 4,700 with over $100 million, and over 500 billionaires. The number of millionaires is projected to grow by 85% over the next ten years. This is clear evidence that BRICS nations have experienced explosive growth in trade, energy and economic presence on the global stage.
Since the beginning of the year, BRICS held hundreds of events and forums in 11 Russian regions, and 13 cities, both in Russia and internationally. The most important being the BRICS’ Parliamentary Forum and several ministerial forums.
Addressing the Parliamentary Forum, Putin said “I am convinced that by working together, we will be able to maximize the economic, investment, technological and human potential of our countries, strengthen the constructive influence of BRICS on global processes, make the world in which we live safer and much more harmonious”. He further remarked that increasing transactions in local currencies would lower debt servicing costs, enhance the financial independence of BRICS nations and reduce geopolitical risks.
The summit saw productive discussions on strengthening multilateralism, countering terrorism, promoting economic growth, and addressing the concerns of the Global South.
This year, there was a surge of applications from 36 countries to join BRICS. BRICS admitted 13 countries – Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey (a NATO member), Uganda, Uzbekistan and Vietnam — as partner countries. Though not full members, partner states can engage in finance, trade and infrastructure initiatives of BRICS — a pathway to full membership.
Putin said “BRICS countries are in fact the drivers of the global economic growth … and the bloc’s members dominate many key markets, including energy, metals and food”. He further noted that various “development platforms” are currently being created within the bloc, including “communications channels, technological and educational standards, financial systems, payment instruments and, of course, mechanisms for sustainable long-term investment”.
Putin reiterated “the work of BRICS is not directed against anyone”, and said, “it is solely aimed at one common task, which is the sustainable development and prosperity of our countries and people”.
However, as BRICS find lasting solutions to many global issues that impede the Global South and gain momentum with a multitude of geopolitical, economic and security issues – the move from a western dominated unipolar system to a multipolar word is imminent and unstoppable.
Kazan Declaration
The 2024 BRICS summit concluded by adopting the “Kazan Declaration” with 134 points covering 43 pages. The key topics include BRICS’ position on various global issues, sanctions, settlement of regional crises, including in Ukraine and the Middle East, in addition to a comprehensive reform of the United Nations.
It addressed multiple global challenges and outlined the group’s vision for global governance, economic development, and cooperation, and emphasized the importance of BRICS’ solidarity and strategic partnerships, enhancing cooperation for global and regional stability and security, fostering economic and financial cooperation, and creating a more just and democratic world order.
Salient points of the Declaration:
Commitment: We reaffirm our commitment to the BRICS spirit of mutual respect and understanding, sovereign equality, solidarity, democracy, openness, inclusiveness, cooperation and consensus. Building on 16 years of BRICS Summit experience, we are committed to further deepening cooperation within the expanded BRICS in three pillars — politics and security, economics and finance, and cultural and humanitarian ties — and to strengthening our strategic partnership for the benefit of our citizens through the promotion of peace, a more representative and equitable international order, a renewed and reformed multilateral system, sustainable development and inclusive growth.
Western sanctions: We condemn all kinds of sanctions and other unilateral coercive measures as incompatible with international law. We are deeply concerned about the disruptive effect of unlawful unilateral coercive measures, including illegal sanctions — incompatible with international law — on the world economy, international trade, and the achievement of sustainable development goals.
Ukraine: We emphasize that all states should act consistently with the Purposes and Principles of the UN Charter in their entirety and interrelation. We note with appreciation relevant proposals of mediation and good offices, aimed at a peaceful resolution of the conflict through dialogue and diplomacy.
The Middle East: We reiterate our grave concern at the deterioration of the situation and humanitarian crisis in the Occupied Palestinian Territory, in particular the unprecedented escalation of violence in the Gaza Strip and in West Bank as a result of the Israeli military offensive, which led to mass killing and injury of civilians, forced displacement and widespread destruction of civilian infrastructure.
We express alarm over the situation in Southern Lebanon. We condemn the loss of civilian lives and the immense damage to civilian infrastructure resulting from attacks by Israel in residential areas in Lebanon and call for immediate cessation of military acts. We strongly condemn attacks on UN personnel and threats to their safety and call on Israel to immediately cease such actions.
International Financial System’s Reform: We underscore the need to reform the current international financial architecture to meet the global financial challenges including global economic governance to make the international financial architecture more inclusive and just.
BRICS Cross-Border Payment System: We recognize the widespread benefits of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments built upon the principle of minimizing trade barriers and non-discriminatory access. We welcome the use of local currencies in financial transactions between BRICS countries and their trading partners.
BRICS Clear Depositary: We agree to discuss and study the feasibility of establishment of an independent cross-border settlement and depositary infrastructure, BRICS Clear, an initiative to complement the existing financial market infrastructure, as well as BRICS independent reinsurance capacity, including BRICS (Re)Insurance Company, with participation on a voluntary basis.
Financial Innovation: We welcome the BRICS Interbank Cooperation Mechanism (ICM) focus on facilitating and expanding innovative financial practices and approaches for projects and programs, including finding acceptable mechanisms of financing in local currencies.
President Putin said that it contains general assessments of the state of affairs in the world, defines guidelines for long-term cooperation, and that it will be sent to the United Nations as our common joint document.
Saying that BRICS can play a “very important role” in promoting UN values and creating a multipolar world order, UN Secretary-General António Guterres said, “I salute your valuable commitment and support for multilateralism and international problem-solving. No single group and no single country can act alone or in isolation — it takes a community working as one global family to address global challenges”. He said that he sees BRICS as an example of such a community.
*Somar Wijayadasa, an International Lawyer was a Faculty Member of the University of Sri Lanka (1967-1972), worked in UN Organizations IAEA and FAO (1973-1978), Delegate of UNESCO to the UN General Assembly (1978-1995), Director of the UNAIDS Office in New York, and simultaneously, Representative of UNAIDS at the United Nations in New York (1995-2000). [IDN-InDepthNews]
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