BRICS Summit: A Turning Point in Geopolitical and Geoeconomic Relations

The BRICS Summit, held under the Russian presidency in Kazan, Tatarstan, is set to be the most significant geopolitical and geoeconomic gathering of the year, and possibly the decade. The summit is a testament to the harmonious coexistence of Sunni Tatars and Orthodox Christians in Kazan.

Preparation for the Summit

The groundwork for the summit has been laid throughout 2024, under the supervision of the Russian diplomat in charge of BRICS, Deputy Foreign Minister Sergey Ryabkov. Three final key meetings in Moscow, involving BRICS finance ministers, central bank governors, working groups, and the Business Council, have set the stage for the summit. The combined GDP of the BRICS nations currently exceeds $60 trillion, surpassing that of the G7. The average growth rate of these nations is expected to reach 4% by the end of the year, higher than the global average of 3.2%. It is predicted that the majority of economic growth in the near future will be driven by BRICS member-nations.

BRICS' Approach to Western Platforms

Russian Finance Minister Anton Siluanov has emphasized the desire of BRICS to circumvent Western platforms that are perceived as being politicized. This is a veiled reference to the sanctions imposed by the West and the weaponization of the US dollar. BRICS is working on creating an international payments system that is more amenable to the Global Majority.

The Context of the Summit

The summit takes place against a backdrop of uncontrolled chaos caused by ongoing wars, which have affected the work of BRICS and the need to construct a new system of geoeconomic relations. Despite this, a credible war escalation scenario has been avoided due to leaked high-level intelligence regarding Israel-US preparations to strike Iran.

BRICS' Joint Statement

The joint statement by the BRICS finance ministers and central bank governors calls for a comprehensive reform of the global financial architecture to enhance the representation of developing countries. However, it is clear that the US has no interest in a deep reform of the IMF, the World Bank, and the Bretton Woods system. Russia and China, in particular, believe that a post-Bretton Woods system is necessary.

BRICS' Economic Drivers and Infrastructure Projects

President Putin has identified Southeast Asia and Africa as the key economic drivers in the near future. He has also highlighted the Northern Sea Route and the International North-South Transportation Corridor as the top infrastructure development projects among BRICS and the Global South.

BRICS' Stance on Ongoing Conflicts

The ongoing conflicts in West Asia have interfered with the work of BRICS. These wars are directed against three BRICS members, Russia, Iran, and China, which are seen as the top three existential threats to the Hegemon. Putin has emphasized that Russia will not allow Ukraine to become a nuclear state, describing it as a dangerous provocation.

Bottom Line

The BRICS Summit in Kazan could potentially mark a turning point in international relations. By the end of the week, the Global Majority will know whether Kazan will be remembered as the landmark of a new, emerging system of international relations, or if the old order will continue to prevail. What are your thoughts on this development? Share this article with your friends and let us know your opinions. Don't forget to sign up for the Daily Briefing, which is available every day at 6pm.