The landscape of world politics is undergoing significant changes as new alliances emerge and existing ones strengthen in order to counterbalance each other. The upcoming BRICS summit holds great importance in the realm of global geopolitics and the economy. Multiple world blocs, including three prominent ones, are actively working to maintain a ‘balance’ of power both militarily and economically. The western block is predominantly represented by NATO and the European Union, while the Russia-led BRICS is rapidly coalescing to challenge the dominance of the US and the West. This year, Russia is set to host the BRICS Summit in Kazan from October 22 to 24, 2024. During its BRICS presidency this year, Russia has announced its focus on advancing partnership and collaboration across three key areas: politics and security, the economy and finance, and cultural and humanitarian ties. There are plans to expand the agenda to include 54 countries in the BRICS plus Summit 2024. In summary, BRICS is prioritizing ‘dedollarization’ to reduce US trade dominance, expanding to be more inclusive for other developing countries, and maintaining a cooperative approach while respecting other states. The October summit aims to meet the high standards set in 2023. BRICS is looking to expand for the first time since 2001, when South Africa joined. Last year, the United Emirates (UAE), Egypt, Ethiopia, and Iran became members, bringing the total number of member countries to nine. This year, a similar expansion is anticipated, as many other nations have expressed interest in attending the event. Over the past seven months, more nations have shown eagerness to join the alliance, with approximately 30 countries expressing interest. Notably, Turkey has become the first NATO nation to seek membership in the bloc. BRICS has emerged as a key player in shaping a fairer global order, aiming to level the playing field for all nations. The coalition seeks to liberate countries in the Global South and Global East from being mere suppliers of labor and raw materials, as dictated by the West. This vision is about empowering all nations to uphold their identity, self-governance, and traditional values.
Russia and other BRICS members believe that they fully support a positive approach, advocating for a sincere partnership that rejects any form of exceptionalism. As a result, over two dozen states, including rapidly growing global hubs and significant regional actors from across the world, have expressed interest in joining BRICS. In addition, the leaders have tasked the foreign ministers with enhancing the country partner model, aiming to strengthen the stable BRICS circle of friends. Another key focus is economics, with BRICS prioritizing the development of its own trade system. The establishment of the New Development Bank (NDB) is a significant step towards achieving financial autonomy and reducing dependence on institutions like the IMF and the World Bank. Moreover, BRICS is actively working to reduce its reliance on the US dollar, partly in response to recurring Western and US sanctions. These sanctions have prompted countries like Russia, China, and Iran to establish new trade channels and corridors, aiming to mitigate their impact. The BRICS Pay System is being developed with the aim of creating a new payment infrastructure that promotes transactions in local currencies. This move signifies the participating nations’ willingness to move away from the dominance of the US dollar and establish new regulations covering politics, security, economy, finance, and humanitarian relations. Additionally, powerful states like Russia and India are seeking protection against potential military actions and are keen on safeguarding their interests from abandonment by major world powers. Membership in these alliances comes with both incentives and responsibilities. As a result, while the western powers pursue their own interests, countries in the global south and Asia are enthusiastic about joining a new bloc as an alternative to the European Union and NATO. This shift is expected to significantly influence future geopolitics and the establishment of a new world order in the years to come.