Monday Morning Meeting on “16th BRICS Summit: Paving the Way for a Multipolar World Order?”

Dr. Rajeesh Kumar, Research Fellow, Manohar Parrikar Institute for Defence Studies and Analyses (MP-IDSA), spoke on “16^th BRICS Summit: Paving the Way for a Multipolar World Order?” at the Monday Morning Meeting held on 04 November 2024. The session was chaired by Dr. Prashant K. Singh, Research Fellow, MP-IDSA. The scholars of the Institute attended the meeting.

Executive Summary

The session provided a comprehensive analysis of the role of BRICS, a non-western economic group and of the BRICS Summit held in Kazan on 22-23 October 2024. This BRICS Summit was   the first summit after its expansion which marked its relevance in the current multipolar world. BRICS as an institution is attractive to many nations due to its financial alternative mechanisms that reduce dependency on the dollar. Despite its limited capacity and capabilities, it promotes economic cooperation, trade and investments among its members and provides a platform to interact with countries like Russia and China.

Detailed Report

In his opening remarks, Dr. Prashant K. Singh discussed the 16th BRICS summit, its significance, and the Kazan Declaration. The declaration acknowledged the BRICS members and partners' efforts to create alternative financial mechanisms. It also emphasised the unacceptable use of unilateral Western sanctions for geopolitical objectives. The declaration called for comprehensive reform of the United Nations and its organs, particularly the Security Council. The summit also successfully issued a consensus declaration on the security situation in Gaza, Lebanon, and Ukraine.  Dr. Singh enquired about alternative financial mechanisms and how far BRICS has evolved as a counterbalance to systems that are dominated by the West.

In his opening remarks, Dr. Rajeesh Kumar contrasted the headlines of prominent newspapers over the years with those of today. To understand the relevance of BRICS currently, he noted a change in the discourse around the group and thereby the possibility of it offering an alternative to the current world order. He then analysed the symbolic and the actual significance of the summit. Symbolically it was the first meeting after the expansion and Putin successfully hosted the summit despite sanctions against Russia. However, the actual significance of the summit was more nuanced as it issued thirty-one documents including the Kazan Declaration. Dr. Kumar made a comparison of the themes and subthemes of the 2024 summit and the 2023 summit. Compared to the 2023 summit, according to the Kazan Declaration, international financial architectures, including the International Monetary Fund need to be reformed. By preserving the current structures, they hope to democratise them and make them more inclusive of the demands of the countries of the Global South. Other aspects mentioned in the declaration include the BRICS Grain Exchange, BRICS Interbank Cooperation Mechanism, BRICS (Re)Insurance Company, BRICS Integrated Early Warning System for preventing mass infectious diseases risks, and BRICS Partner Country category.

Dr. Kumar discussed India's participation in the Kazan Summit and Prime Minister Modi’s meeting with Chinese President Xi Jinping on the sidelines of the BRICS Summit. PM Modi emphasised the need for a peaceful resolution of the Ukraine conflict and emphasised the importance of diplomacy in mitigating the crises in West Asia. He advocated for collaborative efforts to tackle climate change and emphasised the need for comprehensive international regulations related to cybersecurity and artificial intelligence. He also welcomed the proposal for a new BRICS investment platform to provide financial resources for countries in the Global South. The Modi-Xi meeting agreed to use dialogues among Foreign Ministers and officials to stabilise and rebuild bilateral relations. Both leaders emphasised enhancing strategic communication and exploring cooperation for shared development goals.

Dr. Kumar discussed the concept of BRICS and the multipolar world order, focusing on the BRICS+ as a political alternative. He argued that BRICS+ aims to reform global systems, advocating for a multipolar world with a stronger Global South perspective. He also highlighted BRICS as an economic alternative, driving global economic growth and demonstrating superiority over G7 economies in certain aspects. Further, he highlighted the importance of economic independence, building a resilient financial ecosystem, and de-dollarization.

Dr. Kumar addressed common questions about BRICS, including its potential solutions to global problems, anti-Western attitudes, potential use by China against India, economic integration, dispute resolution, and its potential to be an analogue to the G7. He also discussed BRICS's potential to promote economic cooperation, trade, and investments among its member states.

Despite concerns, Dr. Kumar concluded that BRICS remains an attractive idea, and India's relevance to BRICS lies in its strategic autonomy, geopolitical balancing, reformed multilateralism, and leadership in terrorism and climate change policies. Despite perceived disparities, BRICS needs to be seen as an avenue for cooperation.

Comments and Questions

Following the presentation, the scholars inquired about the significance of the partner members and what makes BRICS attractive to other countries, such as in Southeast Asia. They also enquired about the alternative financial mechanisms in BRICS and the avenues for the BRICS currency. The discussion also touched upon India’s role and importance in BRICS and the concept of a non-Western approach as opposed to an anti-Western approach when discussing the narratives regarding BRICS.

Dr. Rajeesh Kumar responded to the comments and the questions raised by MP-IDSA scholars.

The report was prepared by Ms. Alvina A. Almeida, Intern, East Asia Centre, MP-IDSA.