BRICS 2024: UN reform, de-dollarization, new members. The leaders will discuss reform of the UN Security Council, reducing the role of the dollar and expanding the bloc with new members.
BRICS Forum 2024: a course for global change
From October 22 to 24, Kazan will become the center of world attention. Representatives from 38 countries, including 24 state leaders, have been invited to the BRICS 2024 forum. Key participants include Chinese President Xi Jinping, Indian Prime Minister Narendra Modi and Brazilian President Lula da Silva. The issues that will be discussed in this forum promise to change many global equations.
International organizations and leaders on the agenda
One of the main guests of the forum will be UN Secretary-General Antonio Guterres, who will take part in an extended session dedicated to issues of sustainable development and the fight against poverty. Representatives of the Eurasian Economic Commission (EAEC), the CIS and the SCO will also contribute to the discussion of regional and international challenges. The New Development Bank (NDB) will unveil its plans to expand financing for infrastructure projects and other initiatives aimed at sustainable development in the BRICS countries.
Energy cooperation: emphasis on independence
Energy cooperation will be one of the central topics of the forum. An important role will be played by the discussion of the results of the St. Petersburg International Gas Forum, which took place earlier in 2024 (we are preparing an article on this topic). At this event, ideas were voiced for the creation of new gas pipelines and alternative routes for energy supplies. These initiatives will be considered in the context of expanding energy cooperation between the BRICS countries.
Of particular interest is the participation of Saudi Arabia, although its final decision on joining BRICS remains unclear. Nevertheless, its possible accession could be a significant step to strengthen the energy component of the bloc.
Discussion of new formats of cooperation in the field of oil and gas, including payments in national currencies, will also be an important step towards the economic independence of the BRICS countries.
Clearing mechanisms and dedollarization
A key item on the agenda will be a discussion of clearing mechanisms that will allow BRICS countries to abandon the use of the US dollar in international settlements. These steps are aimed at strengthening the economic sovereignty of the bloc, minimizing the risks of currency fluctuations and circumventing sanctions restrictions. The development of these mechanisms will be an important step towards the creation of a new global financial architecture.
SDRs and the new financial order
The idea of creating an analogue of special drawing rights (SDR), proposed by Russian Finance Minister Anton Siluanov, will be another key topic of the forum. Special Drawing Rights, developed by the IMF, are used as an international reserve asset based on a basket of currencies. BRICS is discussing the possibility of creating a similar instrument, but based on the national currencies of the bloc countries. This will help reduce dependence on Western financial institutions and create an alternative financial mechanism.
UN Security Council Reform
Reform of the UN Security Council is another important point of the program. BRICS countries such as Brazil, India and South Africa have long promoted the idea of increasing the representation of developing countries in international institutions. Support for this reform could be a key criterion for countries seeking to join BRICS.
BRICS expansion: on the verge of change
2024 was the year of active expansion of BRICS: 23 countries submitted official applications for membership, including Algeria, Venezuela, Bangladesh and Belarus. Also, 24 more states, including Turkey and Azerbaijan, expressed unofficial interest. The expansion of the bloc is being discussed with an emphasis on creating a broader economic and political union capable of influencing the world stage.
Innovation, food security and technology cooperation
In addition to energy and financial independence, the BRICS forum will focus on innovation and technology cooperation. BRICS countries are committed to developing cooperation in the areas of artificial intelligence, digital technology and cybersecurity. These areas are already becoming important aspects on the international agenda.
Food security will also be a topic of discussion, especially in the context of global challenges. Brazil, India and Russia intend to offer new solutions to strengthen agricultural cooperation, as well as the exchange of advanced technologies in the field of agriculture.
Thus, the BRICS 2024 forum promises to be an event that can significantly influence global processes. Issues of energy cooperation, reform of international institutions and the creation of new financial mechanisms – all this will determine the strategy of the BRICS countries for the coming years.
Author's opinion: andSometimes there are phrases that make you laugh. Take “salted caramel” for example. Who in their right mind would combine these words? But you try it, and everything falls into place – sweetness and salt do not argue, but work in unison, and you understand: it couldn’t be otherwise. The same with BRICS. UN reform, de-dollarization, new members – sounds like a bunch of impossible things. India and China, with their scale and ambitions, add even more mystery. But once you look deeper, everything makes sense: from such seemingly ridiculous ideas, the most important changes arise. Sometimes the incredible turns out to be the only right path, and it is precisely such steps that change the world, forming a new global structure. What if it works?!
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