The BRICS summit opening in Kazan on Tuesday marks a pivotal moment for the expanded bloc, with experts suggesting the gathering could signal a transition from political rhetoric to practical solutions amid growing global tensions.
The three-day summit represents the first meeting since the group’s expansion to include the United Arab Emirates, Saudi Arabia, Egypt, Ethiopia, and Iran, bringing together nations that now account for approximately 36 per cent of global GDP and 45 per cent of the world’s population, significantly outweighing the G7’s 30 per cent share.
The UAE’s inaugural participation comes at a critical juncture as BRICS faces pressure to evolve beyond its current framework, said Nicolas Michelon, CEO of Asia Intelligence Advisory.
“BRICS has a challenge now to morph from a loose collection of countries which could have very diverse strategic interests… into a platform that starts to propose very concrete, solid responses to the current geopolitical challenges,” Michelon told Arabian Business.
The summit’s host city of Kazan will welcome representatives from both founding and new member states, though Brazilian President Luiz Inácio Lula da Silva will participate virtually due to a recent injury.
Recent data from Henley & Partners indicates BRICS nations collectively hold $45 trillion in investable wealth, with forecasts suggesting their combined millionaire population could surge by 85 per cent over the next decade.
Regional security analyst at Le Beck International, Mahdi Jasim Ghuloom, noted growing warmth in relations between key members, particularly highlighting Russia-UAE ties.
JUST IN: ???? Russian President Putin and UAE President Mohammed bin Zayed Al Nahyan have begun talks in Moscow ahead of BRICS Summit.
— BRICS News (@BRICSinfo) October 21, 2024
Will the UAE officially ditch the US Dollar for oil trade? pic.twitter.com/FdUG5ydGEe
“It’s becoming increasingly clear that Russia-UAE relations are warming, with President Putin describing the relationship as a ‘strategic partnership,'” Ghuloom said.
The summit agenda reflects mounting challenges in global trade routes, particularly in the Middle East, where recent conflicts have disrupted crucial shipping lanes.
Michelon highlighted that the gathering could mark a significant shift in BRICS’s approach.
“I think this summit will probably be a major switch between the previous summits,” he said. “BRICS starts shifting its focus on not so much condemning what the opposite side is doing, but proposing actual alternatives.”
The expanded bloc faces immediate challenges though. These include securing alternative trade routes amid regional tensions. The situation in the Red Sea and potential disruptions in the Strait of Hormuz have heightened concerns among Gulf members about trade security.
“The north-south corridor for example going from the Baltic Sea to the Gulf, the northern sea route through the Arctic Ocean is something that could be of interest,” Michelon explained, discussing potential solutions to be explored during the summit.
Future BRICS expansion prospects
With over 30 additional countries expressing interest in joining BRICS, the summit could also set the stage for future expansion. Industry experts have identified Nigeria, Turkey, Indonesia, and Algeria as potential candidates for the next wave of membership.
The meeting comes as member states actively seek to reduce their dependence on the US dollar and strengthen institutions like the New Development Bank, reflecting broader efforts to reshape the global financial architecture.
As BRICS members convene in Kazan, they bring with them a combined force of 1.6 million individuals holding investable assets over $1 million, including more than 4,700 centi-millionaires and nearly 550 billionaires, highlighting the bloc’s growing economic clout.
The summit’s outcomes could include new trade pacts, unified positions on international matters, and concrete steps toward de-dollarisation initiatives, though specific announcements remain under wraps until the formal proceedings begin on Tuesday.
Follow us on
