Peace and Prosperity: Key highlights from BRICS 2024 Summit in Kazan

Global leaders are meeting in the Russian city of Kazan for the 16th BRICS Summit. There are a lot of important global issues on the agenda. BRICS 2024 is the first-ever Summit of expanded members, including Egypt, Iran and Ethiopia.

The relevance of the BRICS economic bloc can be gauged from the fact that its share in the global Gross Domestic Product (GDP) has risen considerably over the years. From 2000 to 2023, BRICS share rose from 21% to 35% (measured in terms of PPP).

Key highlights from the BRICS 2024 Summit

1. India-China bilateral discussions

Indian Prime Minister Narendra Modi and Chinese President Xi Jinping are expected to hold their first bilateral meeting in five years. Ever since the Ladakh border clash in 2020, the leaders have met only briefly a couple of times in G20 Bali and BRICS Johannesburg.

2. China calls for “no escalation” in Ukraine

During the BRICS Summit in Russia, President Jinping emphasised the need for “no escalation of fighting” in Ukraine. He highlighted three principles to pay attention to:

– no spillover from the battlefield

– no escalation of fighting

– no adding oil to the fire by relevant parties

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3. Modi pushes for climate action

Prime Minister Narendra Modi underscored during the Summit that climate change should be treated as a “common priority” among partner countries. The climate crisis has turned into one of the biggest threats humans have ever faced.

4. Putin calls for “BRICS grain exchange”

Russian President Vladimir Putin suggested establishing a BRICS grain exchange that could eventually expand to include trade in other commodities. This exchange could safeguard nations in the Global South from extreme price fluctuations.

5. BRICS artificial intelligence alliance

During the 16th BRICS Summit in Kazan, President Putin highlighted the need to establish a BRICS artificial intelligence alliance to regulate the modern technology industry and to set ethical norms, according to a report in Reuters.