BRICS Summit will strengthen member countries' economic cooperation

Published at: 19/10/2024 12:41 PM

The 16th BRICS Leaders Summit, scheduled from October 22 to 24, 2024, in the city of Kazan, Russia, and which will bring together the heads of state of at least 24 countries, with a work agenda that includes issues of relevance to Latin America and the world, reported the Telesur portal.

The event will focus on strengthening economic and financial cooperation, with special emphasis on the development of alternative mechanisms to the Western-dominated financial system.

Among the proposals being handled by the BRICS in this edition is to create a new payment system, known as the “BRICS Bridge”, which will be one of the main points of discussion. This system seeks to offer an alternative to the dollar in international transactions, especially in countries under sanctions, such as Venezuela.

Another prominent theme will be strengthening sustainability and climate response. The First BRICS Climate Congress, held in Sirius from October 20 to 21, will serve as a basis for discussing concrete measures that leaders will take to combat climate change and promote a green economy.

The agenda also includes issues related to innovation, where collaboration in emerging technologies will be discussed, particularly within the framework of the BRICS Innovation Forum, which will take place in Moscow during September and October 2024.

Digitalization and Artificial Intelligence will play an important role, considering the increasing relevance of these areas for sustainable economic development. In addition, the BRICS New Development Bank is presented as a viable option compared to the International Monetary Fund formulas, which have been criticized for generating inequality and poverty in the region.

One of the pillars of the summit will be financial cooperation, where leaders are expected to discuss measures to deepen the agreements of the BRICS Interbank Cooperation Mechanism and advance the creation of a payment system independent of the US dollar.

These efforts seek to promote more balanced trade and protect member countries from global financial fluctuations. In addition, digitalization and technological innovation will be critical areas of collaboration.

In this regard, events such as the Conference on Information Technology and Digital Transformation in November 2024 will lay the groundwork for future collaborations in emerging technologies.

Sustainability and climate change

The BRICS also seeks to position itself as a relevant actor in the fight against climate change. Within the framework of this summit, initiatives in renewable energy and emission reduction stand out, in line with the results of the Climate Congress held at Sirius. Leaders could announce joint commitments to accelerate the transition to a greener economy, reflecting one of the bloc's top priorities.

The Kazan Summit promises to be a key space for the articulation of a joint strategy in which BRICS nations reinforce their role as a counterweight to Western powers, while working to face global challenges such as sustainability, technological innovation and financial stability.

The meeting will include the founding nations (Brazil, Russia, India, China and South Africa) to which the group owes its acronym, and the countries that joined at the beginning of 2024, Egypt, the United Arab Emirates, Ethiopia and Iran (Saudi Arabia would confirm its membership during the meeting).

Dozens of invited countries will also participate in the summit, many of which have formally expressed their intentions to join the bloc.

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Mazo News Team