[FP & IR] BRICS-Reloaded!!!

The October BRICS summit in Kazan, Russia marked a pivotal moment in the bloc’s evolution, showcasing key innovations, expanded energy trade, and greater global influence.

The summit formally welcomed the new BRICS members: Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE). Notably, Argentina, expected to join, opted out in late 2023 due to a policy shift under President Javier Milei, reflecting a significant geopolitical development in Latin America, while Saudi Arabia is still considering its formal invitation.

A core focus of the 2024 summit was modernising security and economic cooperation, with key discussions ranging from counterterrorism to carbon-unit trading. The summit also addressed critical security challenges including cybersecurity, terrorism, and regional stability.

Historically, the BRICS have been more successful in opposing the Western dominance of global governance structures than articulating a clear, cohesive vision for reform. The increased diversity within the expanded BRICS bloc could complicate efforts to reach unified policy positions, particularly in multilateral forums such as the Group of Twenty (G20).

The BRICS have been more successful in opposing the Western dominance of global governance structures than articulating a clear, cohesive vision for reform.

While the Organization of the Petroleum Exporting Countries Plus (OPEC+) will continue to manage the international oil market, the expanded BRICS energy profile could influence the sector in the long term. The inclusion of the UAE and Iran significantly boosts the BRICS energy profile, and if Saudi Arabia formally accepts BRICS membership, the bloc will represent 42 per cent of the global oil supply.

The presence of major oil exporters alongside key importers China and India—both of whom did not favour Western sanctions on Russia—highlights the bloc’s potential to establish alternative trade mechanisms that bypass the dominance of the U.S. dollar and the financial influence of the Group of Seven (G7).

India reiterated its commitment to a balanced multipolar world and a reformed global order, advocating for resolving conflicts through diplomacy. Discussions with Russia centered on the Ukraine crisis, where Prime Minister Modi emphasized diplomatic solutions and offered assistance for the safe return of Indian nationals.

In the first India-Iran talks since President Masoud Pezeshkian’s election, priorities included regional stability and boosting trade through the Chabahar Port. Modi’s meeting with President Xi Jinping signaled a warming of India-China relations, with both sides agreeing to resume border patrols in Ladakh.

Finally, as a critical player in the BRICS and a leading voice for the Global South, India aims to expand its diplomatic influence, positioning itself as a bridge between Western powers and emerging economies. India advocated for greater cooperation in information and communication technologies and security, emphasising real-time geospatial data sharing for border security and the fight against transnational terrorism.

India reiterated its commitment to a balanced multipolar world and a reformed global order, advocating for resolving conflicts through diplomacy.

Additionally, the summit offered India an opportunity to further its strategic interests while managing the difficulties posed by China. India must carefully navigate this space going forward to avoid the bloc being dominated by Sino-Russian interests, which could strain its relations with the West.

The 2024 BRICS summit represented a significant moment for the bloc, with India playing a pivotal role in shaping its future. By championing innovation in security, economic cooperation, and multilateral diplomacy, India seeks to enhance its standing in an increasingly multipolar world.