BRICS Summit 2024 – Strategic Outcomes from Emerging Economies

04 November 2024

The 16^th BRICS Summit concluded with the adoption of the Kazan Declaration, a comprehensive document outlining key areas of cooperation. The summit held in Kazan, Russia, saw productive discussions on strengthening multilateralism, countering terrorism, promoting economic growth, and addressing the concerns of the Global South. Whether it is Russia-Ukraine war, Middle East crisis, India-China bilateral relations, or any other geo-political tension, this summit was crucial for trade engagements between the countries. Let’s discuss all the key outcomes of BRICS Summit 2024.

Find table of key world economies’ memberships in various multilateral institutions in the last of this blog.

Key Outcomes from BRICS Summit 2024

1. Geopolitical Concerns

The summit addressed pressing international conflicts, with the declaration emphasising the need for peaceful resolution through diplomacy.

Ukraine Conflict: The leaders in BRICS summit expressed concern over the ongoing Russia’s invasion of Ukraine. They reaffirmed the importance of adhering to the principles of the United Nations Charter and welcomed mediation efforts.

Russia-Ukraine war hit global supply chain; cereals export from Ukraine to the world. From the beginning of war, Ukraine is recording a decline in the value of export shipments. Here’s an overview of Ukraine’s imports and exports in the last 3 years.

Year	Import Value (USD Million)	Export Value (USD Million)
2021	72,842	68,072
2022	55,224	44,443
2023	63,561	36,185

Middle East Crisis: The countries also voiced grave concern over the escalating humanitarian crisis in the Middle East. They also expressed alarm over the situation in Southern Lebanon. Look at top 5 countries in the Middle East that recorded a decline in value of export shipments.

Country	Export Value (2022)	Export Value (2023)
Saudi Arabia	411,184	304,500
United Arab Emirates	515,621	279,917
Turkey	254,171	255,412
Iraq	134,103	108,412
Qatar	130,964	100,092

*****Value USD Million

2. Global Governance and Multilateralism

G20 Role: The summit underscored the importance of the G20 in global decision-making. G20 countries include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States, European Union, and African Union.

Financial Architecture Reform: The BRICS nations reiterated their pledge to improve global governance by advocating for a more agile, responsive, and representative multilateral system. This includes reforms to the international financial architecture and promoting inclusive growth.

Financial Innovation: The leaders encouraged new financial practices. The declaration supported a strong International Monetary Fund (IMF).

3. Economic Cooperation and Local Currencies

Cross-Border Payments: A key highlight of the summit was the agreement to strengthen trade and financial settlements in local currencies. The declaration welcomed the use of local currencies in BRICS financial transactions and supported the exploration of an independent cross-border settlement infrastructure.

4. Pandemic Preparedness and Environmental Conservation

Health Initiatives: The summit emphasised the importance of strengthening health systems through collaboration.

Big Cats: India’s initiative to create an International Big Cats Alliance received recognition, as BRICS countries pledged to collaborate on preserving endangered species.

As BRICS continues to expand its partnerships with the Global South, the bloc aims to strengthen its influence in global governance and provide a platform for emrging markets and developing countries to work together.

The BRICS leaders expressed optimism about the future of BRICS cooperation, emphasising that ongoing collaboration will be key to addressing global challenges and fostering a more just and equitable world order.

Get updated global import and export data of every BRICS country and other worldwide nations right at Export Genius. Comprehensive and accurate data with shipment details available here.

Key World Economies’ Memberships in Various Multilateral Institutions

Country	G20 Member*	BRICS Member	G7 Member	G77 Member	OECD Member
Brazil	Yes	Yes	No	Yes	No
Russia	Yes	Yes	No	No	No
India	Yes	Yes	No	Yes	No
China	Yes	Yes	No	Yes	No
South Africa	Yes	Yes	No	Yes	No
United States	Yes	No	Yes	No	Yes
Japan	Yes	No	Yes	No	Yes
Germany	Yes	No	Yes	No	Yes
France	Yes	No	Yes	No	Yes
United Kingdom	Yes	No	Yes	No	Yes
Italy	Yes	No	Yes	No	Yes
Canada	Yes	No	Yes	No	Yes
Australia	Yes	No	No	No	Yes
South Korea	Yes	No	No	No	Yes
Turkey	Yes	No	No	No	Yes
Mexico	Yes	No	No	No	Yes
Saudi Arabia	Yes		No	Yes	No
Argentina	Yes	No	No	Yes	No
Indonesia	Yes	No	No	Yes	No
Egypt	No	Yes	No	Yes	No
Ethiopia	No	Yes	No	Yes	No
Iran	No	Yes	No	Yes	No
UAE	No	Yes	No	Yes	No

**** The G20 also includes the European Union and African Union as members.

**** The G7 also includes the European Union as a nonenumerated member.

**** Argentina slated to join BRICS, pulled the application process after the December 2023 election of President.

**** The G77 considers China to be one of its members, and China provides financial contributions to the G77, but it does not consider itself to be a member.

**** Ethiopia has indirect representation in the G20 via African Union membership.

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