At least 32 countries have confirmed their participation in the next BRICS summit. | Photo: agency brics-russia2024.ru

The 16th Brics Leaders Summit, scheduled for October 22-24, 2024 in Kazan, Russia, will bring together heads of state from at least 24 countries. 

The event will take place in the Russian city of Kazan, informally known as “the third capital of Russia”. This town is the eighth most populous in the country and has a population in its metropolitan area of 1.57 million inhabitants.

The meeting agenda includes issues of relevance to Latin America, like technology transfer, a scheme that could help Latin American countries avoid their dependence on Western powers. 

Further, the New BRICS Development Bank It is presented as a viable option compared to the formulas of the International Monetary Fund, which have been criticized for generating inequality and poverty in the region.

Of the meeting founding nations will participate (Brazil, Russia, India, China and South Africa) to which the group owes its acronym, and the countries that joined Egypt, the United Arab Emirates, Ethiopia and Iran at the beginning of this 2024 (Saudi Arabia would confirm its membership during the meeting). Meanwhile, dozens of invited countries will also participate in the summit, many of which have formally expressed their intentions to join the bloc.

The summit program

The event will begin on October 22 at 7:00 p.m. with a welcoming ceremony for BRICS leaders, followed by an informal lunch with a cultural program.

On October 23, the heads of state will participate in an expanded session at noon, with the participation of senior representatives from each country.

On October 24, the summit will continue with a plenary session at 10:15, focused on cooperation with invited countries. While at 13:30, a second plenary session will be held.

Finally, the summit will officially conclude with a closing ceremony scheduled for the afternoon of October 24, where leaders are expected to present a joint statement and the main agreements reached during the event. This act will formally close the 16th BRICS Summit.

Agenda and key issues

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

BRICS's proposal to create a new payment system, known as the «BRICS Bridge », 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 highlight will be the strengthening of sustainability and the climate response. The BRICS First Climate Congress, held in Sirius from October 20 to 21, will serve as the 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 in the framework of the BRICS Innovation Forum, which will take place in Moscow during September and October 2024.

Digitization and artificial intelligence will play an important role, considering the increasing relevance of these areas for sustainable economic development.

Financial Cooperation and Technological Development 

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 in 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. Further, digitization and technological innovation will be critical areas of collaboration.

In this sense, events like lto Conference on Information Technologies and Digital Transformation in November 2024 will lay the foundations for future collaborations in emerging technologies.

Sustainability and climate change

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 will be highlighted, in line with the results of the Climate Congress held in 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 the BRICS nations reinforce their role as a counterweight to the Western powers, while working to face global challenges such as sustainability, technological innovation and financial stability.

Translated and republished from TeleSUR, with thanks!