BRICS Summit: Can It Fulfill Its Promises?
Putin's Stand at the BRICS Summit
Russian President Vladimir Putin is using the BRICS summit as a platform to demonstrate strength and counteract Western isolation. He is also advocating for initiatives such as an alternative payment system and grain exchange. However, BRICS members have varying approaches towards the West, with some aiming to reform the current international order and others seeking to dismantle it. Despite its increasing economic influence, BRICS faces internal challenges and has a mixed record in achieving its objectives.
Putin is hosting the 16th annual BRICS summit with the intention of demonstrating to the West that he still has significant allies, despite nearly three years of attempts to isolate Russia due to its full-scale invasion of Ukraine.
Understanding BRICS
The question remains: what is BRICS evolving into? The summit in Kazan, which started on October 22 and will continue until October 24, is the first meeting for the group since Egypt, Ethiopia, Iran, and the United Arab Emirates joined previous members Brazil, Russia, India, China, and South Africa.
Putin aims to use BRICS to signal that Russia has many influential allies, despite its pariah status in the West. The summit is designed to display the group's collective economic power and attract new countries into a coalition that Moscow and Beijing hope will contribute to a new world order not dominated by the West.
Putin's Initiatives
In Kazan, Putin is expected to promote negotiations to establish an alternative platform for international payments that would be immune to Western sanctions. Russia, the world's leading wheat exporter, will also suggest the establishment of a BRICS grain-trading exchange as an alternative to Western markets where international prices for agricultural commodities are set. However, not all BRICS members fully agree with the anti-Western stance emanating from Beijing and Moscow, and this divide could become apparent in Kazan.
BRICS: A Balancing Act
While all BRICS members may agree that the current structures governing the international order and the global economy are unfairly weighted towards the Western world, there is a division within the group. China, Iran, and Russia want to overthrow the current order, while others aim to reform it.
Many BRICS members, such as Brazil and India, continue to work closely with the United States and other Western countries, even as they strive for more global influence. For many of the new members, except Iran, and for many recent applicants, BRICS holds primarily economic appeal.
Why BRICS Matters
Beyond the financial appeal of the bloc, many countries also view BRICS as a form of geopolitical insurance. This hedge is even more relevant given the increased unpredictability brought to the United States in recent years. However, the divisions within BRICS and the bloc's so far thin track record in delivering on its initiatives could continue to hinder it.
Internal Challenges
China, Iran, and Russia represent a group within BRICS grappling to varying degrees with U.S. sanctions and fighting different types of proxy battles with the United States around the world. Others, such as Egypt, are leading recipients of U.S. military aid, or like the United Arab Emirates, host U.S. military bases.
Furthermore, defining a shared vision for BRICS is complicated by difficult relations between China and India, as well as the lack of warmth between Arab states and Iran.
Bottom Line
The BRICS summit is a significant event that could potentially reshape the global economic and political landscape. However, the group faces numerous internal challenges, and its track record in delivering on its promises is mixed. It remains to be seen whether BRICS can overcome these hurdles and truly deliver on its promises. What are your thoughts on this? Share this article with your friends and discuss it. Don't forget to sign up for the Daily Briefing, which is available every day at 6pm.
