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BRICS Summit in Kazan for Expanding cooperation in Global south
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Some 32 countries have confirmed their participation in BRICS Summit
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Vladimir Putin will participate in the 16th BRICS Summit in Kazan, Russia.
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The theme BRICS Summit “Strengthening Multilateralism for Just Global Development and Security”.
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Chinese President Xi Jinping will also attend the 16th BRICS Summit in Kazan, Russia
By: Muhammad Arif, Editor NSN.Asia
Kazan, Russia: Leaders of the Global South have gathered in the city of Kazan, Russia, for the 16th Summit of the BRICS, starting from October 22 to 24, 2024, for expanding cooperation and connectivity, in countries of Global South, and for shaping the Multipolar World.
The BRICS is an emerging economic grouping, and was founded by Brazil, Russia, India, China, and South Africa.
Egypt, Ethiopia, Iran and the United Arab Emirates became BRICS members on January 1, 2024.
Some 32 countries have confirmed their participation in the meeting, scheduled to be held from Oct 22 to 24. Of them, 24 states will be represented by their heads and eight by their senior officials, said Russian presidential aide Yury Ushakov.
The latest country to join the bid for membership of BRICS was Sri Lanka as its Foreign Affairs Minister Vijitha Herath announced this month to submit its application at the Kazan summit, according to the Xinhua News Agency on October 14.
The expanding list shows the unique appeal of BRICS for countries across different continents, especially among the Global South countries, and their enthusiasm has been ignited by development opportunities the BRICS can bring as well as the platform’s inclusive and open nature.
Chinese President Xi Jinping will also attend the 16th BRICS Summit in Kazan, Russia from October 22 to 24, Foreign Ministry spokesperson Hua Chunying announced on Friday.
During the BRICS summit in Russia, Xi will attend events including small-group and large-group talks and BRICS Plus Dialogue and deliver important addresses. He will also have in-depth exchanges with other leaders on the international landscape, the BRICS practical cooperation, the development of BRICS mechanism and important issues of mutual interest, according to Mao Ning, another Foreign Ministry spokesperson.
Russian President Vladimir Putin, during a meeting with representatives of mainstream media outlets from BRICS countries, in Moscow, highlighted the influence of the BRICS cooperation mechanism, noting that the group has expanded to 10 member countries, with 30 more nations expressing interest in collaborating with BRICS or seeking various forms of participation.
He underscored that the formation of BRICS has never been aimed at other countries, but rather is based on shared values, development perspectives and the principle of mutual benefit.
Moscow hosted BRICS Business Forum which brought together over 1,000 representatives of the business community, including heads of companies, associations, unions of entrepreneurs, and chambers of commerce and industry from the BRICS countries.
At the forum, participants discussed cooperation in finance and investment, transport and logistics, agriculture, information and food security, and sustainable development.
Mr President, on behalf of all the participants at the forum, welcomed everyone to the BRICS Business Forum.
“I would like to note the wide representation of participants in this hall. We have leading business representatives from every country in the BRICS group. Your companies have been successfully cooperating for a long time, implementing impressive joint projects across a variety of domains: industry and energy, transport and infrastructure, agriculture and the digital economy, Putin said.
Putin welcomes delegates and business leaders from countries that became full participants on January 1, 2024, from Saudi Arabia, Iran, Egypt, Ethiopia and the United Arab Emirates.
He emphasised that as the current chair of BRICS, Russia strives to facilitate integration of new members into all cooperation mechanisms. We saw that representatives from the new BRICS countries were warmly received in the Business Council, and they, too, became actively involved in its work.
The theme of Russia’s BRICS Chairmanship in 2024 is Strengthening Multilateralism for Just Global Development and Security. A meaningful action plan is being implemented to advance the partners on three major tracks – politics and security, economy and finance, and cultural and humanitarian ties.
Highlighting the progress of BRICS, Putin said the progress on the plan exceeds 80 percent. Over 200 events, meetings, conferences, and industry gatherings have been held, as well as most of the expert and ministerial meetings. However, the BRICS summit, which will open next week in the Russian city of Kazan, will be the central event.
He further added “The BRICS partners’ joint efforts aimed at accelerating socioeconomic growth and ensuring sustainable development bring concrete, tangible results and in fact, contribute to improving the well-being and quality of life of our countries’ citizens. The numbers speak for themselves. I am sure you are generally aware of most of the figures, but I will allow myself to cite a few of them”.
The association’s total GDP exceeds US$60 trillion, and its overall share in global GDP easily surpasses that of the so-called G7, and it continues to grow.
I have already stated this publicly when meeting with your Russian colleagues, but I will repeat it once again here, in this hall and in your presence. In 1992, the G7 accounted for 45.5 percent of global GDP and BRICS countries accounted for 16.7 percent. In 2023, our group of countries accounted for 37.4 percent while the G7 for 29.3 percent. The gap is increasing and will continue to grow; this is inevitable. This trend is absolutely logical. In the past decade, BRICS states have accounted for over 40 percent of the global GDP increment.
By the end of 2024, BRICS countries are forecasted to post four percent growth, on the average. This exceeds G7 growth rates, which is only 1.7 percent, and the global average, projected at 3.2 percent.
BRICS accounts for approximately a quarter of global goods exports, with companies from BRICS countries dominating several key markets, including energy resources, metals and food – markets that are essential for sustainable economic development. In short, BRICS already plays a significant role in the global economy, and its influence will undoubtedly increase in the future.
In fact, BRICS countries are a driving force of worldwide economic growth. In the foreseeable future, BRICS alone will contribute the bulk of the global GDP increment.
On the role of New Development Bank, President Putin said “ I should add that the New Development Bank plays a pivotal role in the efforts to boost financial cooperation. With a solid, powerful and efficient structure, it boasts a substantial capital base as well as a team of experienced professionals. As a development institution, the bank operates as an alternative to a vast number of Western financial mechanisms. Obviously, we will further develop it as an independent structure, without opposing it to anyone, and will expand its capabilities”.
Speaking about the transport connectivity in Global South, Putin said “Greater transport connectivity is among the key goals that aim to strengthen business partnerships within BRICS. Efforts should be taken to create new cargo mains and corridors for businesses and to provide advanced intermodal solutions and logistics schemes”.
Russia is making active efforts to redirect transport flows to reliable foreign partners. Our flagship projects include the Northern Sea Route and the North-South Corridor, continental arteries that serve as short and profitable trade routes, linking major industrial, agricultural and energy hubs with consumer markets, he noted.
We are also implementing an extensive project for the development of the Northern Sea Route and the replenishment of the icebreaker fleet, including nuclear-powered vessels. Coastal passages have been launched to test the routes. Work is underway to upgrade the satellite fleet, build new fuel terminals, establish centres for maritime safety and other coastal infrastructure facilities, and expand automobile and rail access routes to seaports.
The North-South transport corridor connects Russia’s ports in the northern seas and the Baltic region with terminals on the coast of the Persian Gulf and the Indian Ocean, serving as a key to increasing cargo transportation between Eurasia and Africa.
We are also working closely with our BRICS partners in the field of innovation and the digital economy. I have just discussed our capabilities in the food markets, energy markets and so on. We are naturally looking to the future and working to achieve greater outcomes. Together, we are developing e-commerce, introducing the Internet of Things and artificial intelligence, and processing Big Data. A BRICS competence centre will open under the United Nations Industrial Development Agency (UNIDO), aimed at deepening cooperation in the digital transformation of industry.
Russia’s BRICS chairmanship has facilitated regular contacts between transport agencies to address these issues. Work is underway to consider certain initiatives such as launching an online coordination platform and forming a BRICS reinsurance pool.
