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BRICS Summit 2024: A new chapter in international import nance – Russia restores economies of the world.
Date: October 23, 2024
Location: Moscow, Russia
Today, on July 19, the leaders of Brazil, Russia, India, China and South Africa convened in Moscow for the 2024 BRICS Summit to discuss major issues in furthering the future of international cooperation and the course of development for world economy. Sub-themes of the summit included “Strengthening Partnership for Sustainable Development” with an overarching goal of entrenching the Block as key support for Emerging Market Nations on the global platform.
Opening Ceremony
At the opening of the summit, the Russian President Vladimir Putin urged BRICS countries to step up their cooperation. “Today the world has faced unprecedented challenges, is in urgent need for concerted actions,” Putin said. He pointed to cooperation as central to the facilitation of the stability and development of the member countries.
It was accompanied by leaders of all the five initial members demonstrating the political will to enhance collaboration across sectors.
Expansion of BRICS
Another major event of the summit was the addition of six new countries into the BRICS fold. Official membership of the group of five nations was thus increased to eleven through the inclusion of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and United Arab Emirates. This very seismic judgement remains in line with the bloc’s desire not only to increase its power and also the number of the Global South actors it speaks for.
Brazil’s President Luiz Inácio Lula da Silva described the extension as historical. He said: “This is not just about quantity; it’s about creating a bloc that can facilitate the emerging economies’ case at the international level.”
Trade and Economic Cooperation Proposals
Considerable and thought-provoking discussion was held on the issue of how to strengthen the economic integration of member states. There was a particular focus on amplifying the intra-BRICS trade that has grown significantly during the last several years. Ministers also announced the newly formed BRICS Trade and Investment Council which was established to coordinate the simplification of trade related measures and investment across member countries.
Indian Prime Minister Narendra Modi stressed the matter of how economy should be made strong and sustainable. ”If we join our efforts, we can minimize our reliance upon these existing markets and enhance the condition for the economic well-being of every single citizen in the societies of our countries,” he said.
Addressing Global Challenges
Climate change, world food security, and health: these were among the concerns on the spotlight when the summit was being held. All the leaders re endorsed the Paris Agreement and clamored for cooperation as the only way to address environmental issues.
In his recent virtual meeting with African leaders, South African President Cyril Ramaphosa stressed on the necessity of having food security map and deals with the problem of high prices for foods and food shortages around the world. We have to get to work together and come up with unique solutions towards fixing agriculture ‘from soil to plate’, so that every citizen has a healthy chance at a wholesome plate of food , Ramaphosa said.
The themes of the ENA issue are Technological Innovation and Digital Cooperation.
Moreover, appreciable of technology for deciding the future the summit also have some session on digital disruption. For instance, leaders discussed opportunities on how to cooperate in cybersecurity; promotion of artificial intelligence; and in the development of digital finance. Putin stated that a BRICS initiative to create a digital innovation hub to promote technology transfer in members’ countries and attractiveness to startups was launched.
Chinese President Xi discussed how technology may help emerging markets to evolve and become dominant in the world. “In the information age, integration in technology is not a choice but a must,” said Xi while focusing on shared advancements.
Political Affiliation and International Management
It also discussed the issue of representing the emerging economies more effectively in the current global political economy. People thought it was high time to change the international organizations like the United Nations and the World Bank to accommodate the dynamics of the poly-polar world.
BRICS foreign ministers met with the aim to improve diplomatic work to set common position regarding significant global challenges. Modi also stressed the importance of having one point agenda when it comes to security and tension in geo-political realm. I think comments where he pointed to the need of complementing our relationship with more political support.
Culture and People to People Exchange
Besides economic and political themes of the summit it was also discussed some cultural relations between BRICS countries. Heads of states suggested that symbolic and economic cooperation should be aimed at the development of educational relations, tourism, and mutual cultural exchange.
To support his argument, Ramaphosa said, : ‘I have always believed that effective cooperation depends on the appreciation of cultures and values of a partner’. Proposals for holding a BRICS Cultural Festival to introduce multicultural members were unveiled.
Conclusion
The BRICS Summit scheduled in 2024 in Moscow holds a broad working plan in order to advance cooperation between the member countries and to solve key issues in the framework of world development. More specifically, the summit that took place has revitalised the idea of integrated economy, technology and politics making BRICS an invincible force capable of defending the interests of the emergent economies.
As the world looks ahead, what happens after this summit will define what extents BRICS is willing to go to ensure that its promises will be realized through practical initiatives. The current summit is meaningful as it is setting the tone for the new globalization process when speakers with the growing economy power voice their opinions and act in the interest of the whole world.
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