Prime Minister (PM) Narendra Modi visited Russia from 22nd to 23rd October 2024 to attend the 16th BRICS(Brazil, Russia, India, China and South Africa) Summit in Kazan, Russia following an invitation from Russian President Vladimir Putin.
About 16th BRICS Summit:
The BRICS Summit 2024 was held under the chairmanship of the Russian Federation in Kazan, Russia from October 22 to 24, 2024. The summit was chaired by Vladimir Putin, President of the Russian Federation. The theme of the Summit was ‘Strengthening Multilateralism for Just Global Development and Security, which aimed to provide an important platform for leaders to discuss key global issues.
- The BRICS leaders discussed areas like strengthening multilateralism, countering terrorism, fostering economic growth, pursuing sustainable development and bringing spotlight on the concerns of the Global South. They also welcomed the 13 new BRICS partner countries.
- It was the first BRICS summit to include Egypt, Ethiopia, Iran, and the United Arab Emirates(UAE) as members. The group of countries invited to join the BRICS as partner states includes Turkey, Indonesia, Algeria, Belarus, Cuba, Bolivia, Malaysia, Uzbekistan, Kazakhstan, Thailand, Vietnam, Nigeria, and Uganda.
- The BRICS Summit 2024 concluded with the adoption of the ‘Kazan Declaration’.
Participants:
India– PM Narendra Modi
Russia–President Vladimir Putin(Host)
Brazil- President Luiz Inácio Lula da Silva(Participated Virtually)
China– President Xi Jinping
Egypt – President Abdel Fattah El-Sisi
Ethiopia – PM Abiy Ahmed
Iran – President Masoud Pezeshkian,
South Africa– President- Cyril Ramaphosa
UAE – President Mohammed bin Zayed Al Nahyan
Points to Note:
i.The 17th BRICS Summit is scheduled to be held in Brazil in 2025.
ii.The 15th BRICS Summit was held in Johannesburg, South Africa from August 22–24, 2023.
iii.BRICS accounts for 40% of the world’s humanity and about 30% of the global economy.
About BRICS:
i.The grouping was formed in September 2006 and it originally comprised Brazil, Russia, India and China (BRIC). It was renamed as BRICS after South Africa was accepted as a full member in September 2010.
- The idea of the BRICS was formulated by Chief Economist at Goldman Sachs, Jim O’Neill, in a 2001 study entitled “Building Better Global Economic BRICs”.
ii.Ethiopia, Egypt, Iran and the UAE are added as a member country of BRICs in 2023 at the 15th BRICS Summit.
PM Narendra Modi participated in the 16th BRICS Summit:
i. PM Narendra Modi addressed two sessions of the BRICS Summit. In his address, he emphasized upon taking a people-centric approach to tackle challenges like conflicts, adverse climatic impacts, and cyber threats.
ii.He also suggested the need for early adoption of a Comprehensive Convention on International Terrorism at the United Nations to combat the menace of terrorism.
iii.PM highlighted the importance of the regional presence of the New Development Bank including in GIFT city, India, that has created new values and impacts.
iv.He also expressed that the BRICS Startup Forum initiated by India which is to be launched in 2024 would add significant value to the BRICS economic objectives.
v.Moreover, he mentioned the recent green initiatives undertaken by India including the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Mission LIFE and Green Credit initiative announced during COP28.
PM Modi gifts Maharashtra’s handicrafts to Iran, Uzbekistan presidents, Jharkhand’s art to Putin
i.PM Modi showcased Maharashtra’s handcrafted works to the leaders of Iran and Uzbekistan and Jharkhand’s art to Russian President Vladimir Putin during the BRICS Summit 2024.
ii.Modi gifted a Mother of Pearl (MOP) sea-shell vase to Iran’s President Masoud Pezeshkian which was derived from the coastal artisans of Maharashtra.
iii. Modi presented a traditional Warli painting to Uzbekistan’s President Shavkat Mirziyoyev which is a valuable art form from Maharashtra’s Warli tribe.
iv.Vladimir Putin was presented with a Sohrai painting from Jharkhand’s Hazaribagh district which is known as an ODOP (One District One Product) item.
Key points:
During his visit, PM Modi also held a bilateral meetings with his counterparts from BRICS member countries and other invited leaders in Kazan.
- PM Modi also invited President Putin to visit India in 2025 for the 23rd Annual Summit.
Note : PM Modi was conferred with Russia’s highest civilian award, the Order of St. Andrew the Apostle at the Kremlin in Moscow, Russia in July 2024.
BRICS Unveils Symbolic Banknote:
i.At the 16th BRICS summit, a symbolic BRICS banknote was launched which raised discussions on reshaping global finance.
ii.The banknote, featured the flags of Brazil, Russia, India, China, and South Africa and symbolizes the collective efforts of these nations to explore alternatives to the US dollar in cross-border transactions.
iii.This development shows the growing effort within BRICS to establish a more independent economic system, one less dependent on Western financial structures.
Kazan Declaration:
The 16th BRICS Summit ended with the adoption of the Kazan Declaration, a comprehensive document outlining key areas of cooperation and the bloc’s unified stance on global issues.
Key Outcomes:
- Geopolitical Concerns – resolving international conflicts by the means of peaceful resolution through diplomacy.
- Ukraine conflict – to conform to the principles of the United Nations Charter and welcomed mediation efforts.
- Middle East Crisis – They expressed concerns over the increasing humanitarian crisis in the Middle East and to put efforts to stop military acts immediately.
- G20 Role– The summit focused upon the importance of the G20 in global decision-making.
- Financial Architecture Reform– Improving global governance by adopting a more agile, responsive, and representative multilateral system by altering international financial architecture and promoting inclusive growth.
- Financial Innovation– The BRICS Interbank Cooperation Mechanism (ICM) will provide ways to expanding innovative financial practices.
- International Monetary Fund(IMF)– The leaders committed to maintain a strong and effective Global Financial Safety Net with a quota-based and adequately resourced IMF at its centre.
- Cross-Border Payments – A key highlight of the summit was the agreement to strengthen trade and financial settlements in local currencies in BRICS financial transactions and to explore an independent cross-border settlement infrastructure.
- BRICS Clear depository– To explore initiatives to integrate the economies, such as establishing a BRICS Grain Exchange and studying the feasibility of a BRICS Cross-Border Payment System and BRICS (Re)Insurance Company.
- BRICS Grain Exchange– The establishment of a BRICS-based grain exchange was agreed upon.
- BRICS Plus Partnership– The leaders agreed to the creation of a BRICS Partner Country category, welcoming new member countries, including Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).
- Health Initiatives– The summit focused on advance the health systems through collaboration and by initiatives like the BRICS Research and Development (R&D) Vaccine Center, BRICS Integrated Early Warning System and the operations of the BRICS TB Research Network. The leaders also recognised the threat of antimicrobial resistance (AMR)
- Big Cats– BRICS countries committed to collaborate on preserving endangered species through India’s initiative of International Big Cats Alliance.
About Russia:
President – Vladimir Putin
Capital – Moscow
Currency – Russian Ruble
