The 2015 Ufa Summit marked a significant chapter in the evolution of the BRICS (Brazil, Russia, India, China, and South Africa) association. Held on July 8-9 in Ufa, the capital of Russia’s Republic of Bashkortostan, it was the group’s seventh annual summit. This high-profile gathering convened world leaders at a critical juncture. The global landscape was fraught with economic instability, with tremors felt across the international financial system. Geopolitical tides were also shifting, with the rise of new power dynamics and realignments. Against this backdrop, the Ufa Summit offered a platform for the BRICS nations to:

• Consolidate their strategic partnership: The summit served to solidify the ties between these major emerging economies. By presenting a united front, the BRICS nations could potentially exert greater influence on the global stage.
• Forge a common economic agenda: Discussions likely centered on navigating the choppy economic waters and fostering cooperation in areas like trade, investment, and financial reforms. The aim might have been to establish a more robust economic framework for the BRICS bloc.
• Address pressing global challenges: With the world order in flux, the leaders might have explored collaborative approaches to pressing international issues like climate change, global security, and sustainable development.

Themed “BRICS Partnership – a Powerful Factor of Global Development,” the 2015 Ufa Summit focused on a multitude of strategic areas, reinforcing the contribution the BRICS countries make towards global economic growth and development. Hosted under the presidency of Russia’s President Vladimir Putin, the event was attended by the other heads of the BRICS countries: President Dilma Rousseff of Brazil, Prime Minister Narendra Modi of India, President Xi Jinping of China, and President Jacob Zuma of South Africa.

The discussions during the summit centered on a diverse range of issues, but with a strong emphasis on economic cooperation and the institutionalization of BRICS collaboration mechanisms. One of the landmark achievements of the Ufa Summit was the formal inauguration of two major BRICS institutions—the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). The NDB, with its headquarters in Shanghai, was established to fund infrastructure projects and sustainable development efforts in BRICS and other emerging economies. The CRA, on the other hand, aimed to provide a safety net against global liquidity pressures.

In addition to these financial institutions, the summit saw deliberations on enhancing economic cooperation, advocating for reform in the international financial and economic architecture, notably calling for reforms in the International Monetary Fund (IMF) to increase the representation of BRICS and other developing countries.

The BRICS leaders also addressed complex global political challenges, such as international peace and security, the fight against terrorism, and the situation in the Middle East and North Africa. They underlined the importance of a collaborative approach to resolving crises through political and diplomatic means.

The sessions incorporated discussions on improving collaboration in education, science, technology, health, and the fight against infectious diseases—a topic that would later prove to be of grave significance with the advent of the COVID-19 pandemic.

The “Ufa Declaration,” signed by the BRICS leaders at the conclusion of the summit, summarized their shared positions on a wide array of global and regional issues, reflecting a common resolve to foster a multipolar world order based on mutual respect, fairness, and collective decision-making.

The Ufa Summit was not only significant for shaping the trajectory of BRICS cooperation but also for setting the group’s agenda towards being vanguards for a more inclusive and equitable global governance system, demonstrating the commitment of these burgeoning economies to play a larger role in international affairs.