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BRICS Summit 2024 : Over 30 nations set to defy western dominance

Thu 24 Oct 2024 ▪ 4 min read ▪ by Luc Jose A.
Getting informed Regulation

The global geopolitics is undergoing a profound transformation, and the BRICS, this group of emerging powers, are at the heart of this dynamic. As economic and political tensions with the West continue to grow, more than thirty countries have expressed their desire to join this strategic alliance. Meeting in Kazan for their annual summit from October 22 to 24, 2024, the BRICS seek to reshape global balances.

Un globe terrestre à demi ombré, avec d'un côté des symboles de puissances occidentales (comme le dollar, l'ONU, des gratte-ciels modernes), et de l'autre côté, des figures représentant les BRICS (par exemple, des drapeaux des pays membres) avec des silhouettes. Le côté des BRICS montre des pays en pleine émergence avec des routes commerciales et des échanges, symbolisant un monde multipolaire en pleine transformation. L'arrière-plan évoque des tensions géopolitiques, avec la Russie et des frontières qui s’effacent doucement.

A strategic expansion for a multipolar world

The announcement by Vladimir Putin at the last BRICS summit had the effect of a bombshell: more than thirty countries have officially requested to join the alliance. “We are witnessing a historic moment, where many States seek to free themselves from Western hegemony,” said the Russian president in his opening statement. This desire for membership reflects a common willingness to reshape the current structure of global power in favor of a multipolar order. Since its creation in 2009, the BRICS have gradually expanded their influence, with the integration of South Africa in 2010, and countries like Ethiopia, Iran, and Egypt in 2023.

This enthusiasm for the group is primarily motivated by the promise of strengthening the weight of its members within major global economic institutions, such as the IMF and the WTO, institutions still dominated by the West. For these countries, joining the BRICS represents an opportunity to diversify their economic partners, but above all to reduce their dependence on the dollar. “The BRICS have become a symbol of resistance to the current economic order,” declared Putin, who points to the economic sanctions and protectionist policies that undermine the global economy.

The growing geopolitical role of the BRICS

Beyond economic aspects, this expansion also holds major geopolitical significance. Russia and China, two of the pillars of the BRICS, are now using this alliance to assert their position against the United States and their allies. Thus, Chinese President Xi Jinping has emphasized the necessity for the BRICS to remain united in the face of international challenges, particularly the conflict in Ukraine. “We must oppose the escalation of conflicts,” he stated, mentioning mediation proposals that come from certain member countries.

The presence of new countries like Iran or Egypt within the group also strengthens the influence of the BRICS in the Middle East and Africa, two strategic regions for global geopolitical balances. This expansion could also redefine international trade relations, as several members wish to create alternative payment systems to circumvent Western economic sanctions. In the long term, the BRICS could thus become an indispensable platform for countries seeking to free themselves from Western control.

This unprecedented expansion of the BRICS constitutes a decisive step in the transformation of international relations. If this alliance manages to maintain its effectiveness despite the integration of numerous new members, it could well redraw the contours of global governance. However, the challenge will be to harmonize the sometimes divergent interests of its members and face multiple economic and political tensions. The BRICS, with this expansion dynamic, clearly lay the groundwork for a new multipolar world order.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.