Kazahan Declarations

The 16th BRICS Summit 2024 is taking place from October 22 to 24 in Kazan, bringing together leading emerging economies to address global challenges, foster multilateral cooperation, and discuss development strategies. A key highlight of this summit is the adoption of the Kazan Declaration, which underscores solidarity among member nations and identifies priority areas for collaboration, such as sustainable development, global governance reforms, and strengthened cooperation in trade and health initiatives.

BRICS Summit 2024 Overview

The BRICS Summit 2024 represents a pivotal moment for the group’s expansion, welcoming five new members: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. With the theme “Strengthening Multilateralism for Just Global Development and Security,” the summit centers on critical issues impacting global stability. This theme highlights the importance of united global action to promote equitable and sustainable economic growth alongside peace and security. By emphasizing multilateralism, BRICS aims to strengthen its influence in establishing a more balanced and stable global order.

Kazan Declaration 2024

The 16th BRICS Summit in Kazan, Russia, is marked by the adoption of the 2024 BRICS Declaration, also known as the Kazan Declaration. This joint document underscores the BRICS bloc’s unified stance on key global challenges. Key takeaways include:

• Strengthening Multilateralism: Leaders pledged to deepen cooperation across political, economic, and cultural spheres, advocating for a more equitable global order.
• Geopolitical Focus: The declaration calls for peaceful conflict resolutions, particularly regarding Ukraine and Palestine, and expresses concern over humanitarian crises in the Middle East.
• Economic Collaboration: BRICS nations committed to boosting trade in local currencies and exploring initiatives like a BRICS Grain Exchange and Cross-Border Payment System.
• Financial Architecture Reform: Leaders advocated for a more inclusive global financial system and a robust IMF within a Global Financial Safety Net.
• Innovation in Finance: The summit introduced the BRICS Interbank Cooperation Mechanism, aimed at improving cross-border payment efficiency.
• Health and Environment: Emphasizing joint health efforts, BRICS addressed antimicrobial resistance and wildlife conservation, notably through India’s Big Cats Alliance.
• BRICS plus Partnership: Leaders endorsed a BRICS Partner Country category, welcoming Egypt, Saudi Arabia, and others to enhance collaborative efforts.
• Commitment to Sustainable Development: Highlighting inclusive growth, the declaration commits BRICS to joint initiatives for environmental preservation and pandemic preparedness.

In summary, the Kazan Declaration reaffirms BRICS’s dedication to solidarity and sustainable progress toward a more balanced global future.

About BRICS

BRICS, comprising Brazil, Russia, India, China, and South Africa, is a coalition of emerging economies focused on fostering economic cooperation and multilateralism. Representing approximately 45% of the global population and accounting for nearly one-third of the world’s GDP, BRICS plays a significant role in shaping global governance.

Significance of BRICS for India

• Strengthening South-South Cooperation: India sees BRICS as a valuable platform for promoting collaboration among developing nations, giving them a stronger voice in global bodies like the UN and World Bank.
• Balancing Global Power: For India, BRICS acts as a counterweight to Western-led alliances like the G7, helping to diversify foreign relations and lessen dependence on Western powers.
• Trade Diversification: BRICS encourages economic collaboration, trade, and investment among its member states.
• New Development Bank (NDB): Through the NDB, BRICS members gain access to funding for infrastructure and sustainable development, aligning well with India’s growth goals.

What are the challanges?

• Divergent Agendas: India’s focus on issues like terrorism and border security may not align with the priorities of other members like China and Russia, who might place greater emphasis on their own regional and geopolitical interests.
• Geopolitical Rivalries: China’s expanding influence in BRICS, especially with the addition of countries like Iran and Saudi Arabia (which have close ties to China), raises concerns about BRICS potentially becoming more China-centric.
• Navigating Middle Eastern Alliances: The inclusion of Iran, Saudi Arabia, and the UAE brings new complexities to India’s diplomatic relations within the Middle East.
• Trade Barriers: Challenges such as tariffs, regulatory variations, and currency issues continue to impact intra-BRICS trade, limiting India’s ability to fully leverage trade potential within the bloc.

What India needs to do?

• India’s engagement in BRICS is vital for promoting its national interests and influencing global governance within a shifting geopolitical landscape.
  As a founding member, India has been instrumental in maintaining BRICS as a collaborative platform, empowering emerging economies to assert their voices on the world stage.
• BRICS provides India with a strategic avenue to expand trade networks, attract foreign investment, and participate in collaborative infrastructure and development initiatives.
• In this framework, India can effectively leverage the New Development Bank (NDB) to fund priority projects that support its long-term economic growth and development aspirations.

The End of the Blog: Kazahan declaration