BRICS Summit 2024: Putin’s Plenary Session Highlights

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Brics Summit 2025: Reshaping Global Governance and Economic Power

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Rio De Janeiro – The Brics Summit 2025 concluded with a strong emphasis on enhanced cooperation and the group’s expanding role in global governance. Discussions centered on deepening partnerships across political, economic, cultural, and humanitarian sectors among Brics nations.

Deepening Cooperation Among Brics Nations

The summit underscored the increasing importance of Brics countries in international affairs. these nations, encompassing leading states from Eurasia, Africa, the Middle East, and Latin America, collectively possess significant political, economic, scientific, and technological resources.

Brics countries represent a substantial portion of the world’s population and economy. They account for approximately a third of the Earth’s landmass and almost half the planet’s population. Further, they represent 40% of the global economy, with a combined GDP of $77 trillion based on 2025 data from the International Monetary Fund (IMF). This surpasses the G7, which holds a $57 trillion GDP.

Brics’ Growing Global Influence

The Brics group’s global authority continues to grow. It has become a key center of global governance. Its collective voice increasingly supports the vital interests of the global majority on the international stage.

The Brics nations also appeal to many countries in the Global South and East because of their culture of open partnership, cooperation, mutual respect, and consideration for each other’s interests. Ten partner states currently engage with Brics, fostering practical cooperation.

Pro Tip: Stay informed about Brics initiatives by following updates from organizations like the New Advancement Bank.This can definitely help you understand the evolving economic landscape.

Commitment to Equality and Traditional Values

The Brics countries represent diverse development models, religions, and cultures. yet,they unanimously uphold equality and neighborliness.

These nations prioritize traditional values, the ideals of friendship, and contribute to global stability, security, prosperity, and success for all nations. This unifying agenda is particularly relevant amidst today’s geopolitical challenges.

Shifting Global Economic Patterns

The Summit highlighted the tectonic shifts occurring in the world. The unipolar system that once favored the interests of a select few is giving way to a more just, multipolar world.

Global economic patterns are rapidly changing, and the liberal globalization model appears to be becoming obsolete. Business activity is gravitating towards developing markets, spurring significant growth, particularly in Brics countries. To capitalize on these emerging opportunities, intensified cooperation within the group is crucial, especially in technology, resource development, logistics, insurance, trade, and finance.

Promoting National Currencies in Mutual Payments

Expanding the use of national currencies in mutual payments remains a priority. The creation of an independent payment and monetary system within Brics is expected to expedite currency transactions, enhance their effectiveness, and ensure security.

The use of national currencies in trade within Brics is already increasing.In 2024, Russia’s national currency, the ruble, along with the currencies of friendly states, accounted for 90% of transactions with Russia and other Brics countries.

Boosting Investment and Financial Cooperation

increasing mutual capital investment among Brics countries, particularly through mechanisms like the New Development Bank, is a key objective. Russia has proposed establishing a new Brics investment platform to develop coordinated instruments that support and attract funds from Brics economies, as well as countries in the Global South and East.

Advancing Key Initiatives

Brazilian colleagues have embraced initiatives launched during Russia’s chairmanship. These include a special mechanism for consultations on World Trade Organization (WTO) matters.

Progress is also being made in creating a grain exchange, a climate research center, a permanent logistics platform, and a sports cooperation program within Brics.

Did You Know? The New Development Bank,

What initiatives are BRICS undertaking to address factors limiting thier impact?

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De-Dollarization & New Trade Systems

A central theme of Vladimir Putin’s address at the 2024 BRICS Summit revolved around accelerating the move away from reliance on the US dollar in international trade. putin emphasized the need for self-reliant financial payment systems, advocating for increased use of national currencies in settlements between BRICS member states. this push for BRICS development bank initiatives and choice financial architectures is a direct response to perceived geopolitical risks and the weaponization of the dollar through sanctions.

Specifically, Putin highlighted progress in establishing a BRICS payment system, aiming to reduce vulnerability to external financial pressures.He noted that several pilot projects utilizing national currencies – including the Russian Ruble, Chinese Yuan, and Brazilian Real – are already underway. The goal is to create a more resilient and diversified global financial landscape,fostering economic sovereignty for BRICS nations.

Key Proposals for Trade in National Currencies

• Expansion of bilateral currency swap agreements between BRICS members.
• Development of a unified BRICS digital currency (long-term goal, still under discussion).
• Creation of a BRICS trade finance platform to facilitate transactions in national currencies.

BRICS Expansion & Geopolitical Alignment

Putin strongly advocated for further expansion of the BRICS economic bloc, welcoming new member states and emphasizing the growing interest from countries in the Global South. He positioned BRICS as a counterweight to Western dominance in global affairs, promoting a multipolar world order. The inclusion of new members is seen as bolstering BRICS’ economic and political influence on the international stage.The New Development Bank (NDB) is expected to play a crucial role in financing infrastructure projects in thes newly integrated nations.

He underscored the importance of strengthening cooperation with countries sharing similar views on international relations, particularly those advocating for a more equitable and inclusive global system. This includes fostering partnerships with nations in Africa, Latin America, and Asia.

New BRICS Members (as of 2024)

Country	Date of Admission	Potential Contribution
Egypt	January 1, 2024	Strategic location, growing economy
Ethiopia	January 1, 2024	Large population, agricultural potential
Iran	January 1, 2024	Energy resources, regional influence
Saudi Arabia	January 1, 2024	Oil production, financial power
United Arab Emirates	January 1, 2024	Financial hub, logistics infrastructure

The New Development bank (NDB) & Infrastructure Investment

Putin reiterated the importance of the New development Bank as a key instrument for financing lasting development projects in BRICS and partner countries. He called for increased capitalization of the NDB to expand its lending capacity and broaden its scope of operations. The NDB’s focus remains on infrastructure development, including energy, transportation, and water management. He specifically mentioned the need for increased investment in renewable energy