Overview
The upcoming BRICS+ Summit, scheduled to take place in Kazan, Russia, from October 22 to 24, 2024, will be a pivotal event for the BRICS group as it formally expands its membership and seeks to establish a more significant role on the global stage. Originally comprised of Brazil, Russia, India, China, and South Africa, BRICS will welcome five new members: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). The summit's agenda reflects ambitions to enhance financial cooperation, promote economic independence, and address global power imbalances through innovative mechanisms such as a new payment system—BRICS Pay. This report analyzes the potential impact of these developments on international finance and geopolitics.
Expansion of BRICS and Strategic Focus
The addition of new members to BRICS represents a notable shift in the group's strategic direction, highlighting its intention to become a voice for the Global Majority—countries that have traditionally been marginalized in global decision-making processes (Carnegie Endowment for International Peace, 2024). As of now, 32 countries have confirmed their participation, with 24 leaders expected to attend the summit (Interfax, 2024). The expansion has the potential to reshape global economic dynamics by strengthening BRICS's position as a counterbalance to Western-dominated institutions such as the G7 and the G20.