The BRICS summit, held in Kazan from October 22 to 24, drew global attention as the group showcased its recent expansion and bolstered influence. With a membership that has nearly doubled, BRICS now represents close to half of the global population and accounts for over a quarter of the world’s GDP.
Since its 2023 enlargement, this summit has become pivotal, centering on efforts to decrease dependency on the US dollar and the SWIFT payment network. However, internal challenges remain, with tensions still simmering between key members. India and China continue to experience strained relations, while regional rivalries between Iran and Saudi Arabia have surfaced. Newcomers Egypt and Ethiopia are also dealing with ongoing disputes. Among the 36 member states, deep-seated divisions challenge BRICS’s unity and its goals.
A crucial question emerges: Can BRICS navigate these internal differences to advance its de-dollarization goals?
This year’s agenda prominently highlighted the development of an alternative to the SWIFT international payments system. Though BRICS nations may still have a long way to go before challenging the IMF’s influence or fully moving away from the dollar, their growing political, economic, and diplomatic presence is becoming increasingly apparent.
The summit has already achieved notable diplomatic progress. Turkey, a NATO member, has expressed interest in joining, while Pakistan’s Finance Minister Muhammad Aurangzeb voiced the country’s intent to seek membership. Russian President Putin shared that more than 30 countries have applied for membership, with 13 formally seeking partnership.
In addition, the summit provided an opportunity for India and China to pursue a potential thaw in relations, as both countries agreed to a military disengagement along their contested border.
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