BRICS+: A New Chapter Under Russia’s 2024 Chairmanship
BRICS+, encompassing Brazil, Russia, India, China, and South Africa, is accelerating its influence under Russia’s 2024 presidency. Its agenda to expand the bloc is steadily diminishing Western influence in the Global South while enhancing financial prowess through the New Development Bank. Over this year, BRICS has fortified economic ties, especially within Asia and Africa, and has been fervent in advocating the shift from the U.S. dollar in global trade corridors.
China and Russia, dissatisfied with a U.S.-centric world, are guiding BRICS to challenge Western dominance. They aim to push economic governance reforms through South-South cooperation. Given its broadened scope, BRICS has numerous tasks ahead, particularly involving the New Development Bank, which was founded in 2015 with a whopping $100 billion starting capital.
BRICS+ stands a chance to significantly sway economic matters in the Global South. Distinct from other global financial players, the New Development Bank offers a unique pace in supporting its partners. This financial muscle could reshape economic norms and partnerships within the bloc and its allies, fostering equitable investment opportunities and enabling interest-free loans. Its role champions a shift toward a balanced multipolar world order and supports nations challenging the existing status quo.
Russia deserves kudos for facilitating over 300 BRICS-related events, setting the stage for an expanded and influential association. It stands firm on significant concerns such as global and food security, particularly attractive to African nations seeking steadfast allies. Many African countries are viewing BRICS as a stalwart partner, considering membership through its partner channels.
Research indicates that nations within the Shanghai Cooperation Organization (SCO) and the Commonwealth of Independent States (CIS) are keen to collaborate with BRICS+, eyeing the framework as aligned with a nascent world order. As more than sixty countries express interest in joining BRICS+, this marks a departure from the post-Cold War idea of non-alignment. As the BRICS economies gear up for a 4.4% growth during 2024-2025, the potential for dynamic development and expanded influence widens.
Russian President Vladimir Putin, during Russia’s presidency beginning January, has emphasized BRICS’s openness to political dialogues focused on forming a novel world order with amicable nations. Reflecting the Kremlin’s strategy, BRICS+ continues to be a crucial player in maintaining regional stability across Asia, Africa, and Latin America.
Milestones and Progress
On January 1, 2024, BRICS, led by Russia, embraced an expanded membership including countries like Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE—a clear nod to its amplified global role and prestige. Highlighting foundational BRICS doctrines—sovereign equality, developmental rights, mutual respect, and an inclusive international order—it seeks collective approaches to evolving challenges.
Russia is propelling the motto “Strengthening Multilateralism for Just Global Development and Security,” advocating laudable cooperation within BRICS’s multidimensional framework. Constructive collaboration and integrating new participants have been core priorities, with political, economic, and cultural facets taking center stage.
Key objectives and enhanced foreign policy coordination are embodied in the BRICS Economic Partnership Strategy 2025 and the Action Plan for BRICS Innovation Cooperation 2021–2024, ensuring oil, food security, and enhanced interbank cooperation among members.
Kazan: The Upcoming Summit
On October 18, at the BRICS Business Forum, President Putin elaborates on a detailed economic roadmap for BRICS+, aiming to dismantle Western economic stronghold and bolster potential alliances across the Global South. Considerable buzz surrounds the Kazan summit scheduled for October 22-24. As conveyed by the Kremlin, representation will extend from influential African, Latin American, and Southeast Asian entities to the United Nations and the Eurasian Economic Union.
With such participation, Kazan is set to become the epicenter for discussions on the future geopolitical fabric and economic collaboration, underscoring BRICS’s commitment to fairness and its readiness to face forthcoming global challenges.
