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BRICS Economic Cooperation: Delegations Meet For Day Two

BRICS Summit 2024 Global Leaders Unite for Economic Cooperation

BRICS Economic Cooperation: Delegations Meet For Day Two in Kazan

The XVI BRICS Summit continues, featuring meetings among representatives from the member countries. Delegates convened at the Kazan Expo International Exhibition Centre. Russian President Vladimir Putin welcomed them warmly. The discussions occurred in both narrow and expanded formats, focusing on various collaborative initiatives.

A Traditional Joint Photograph

Following the arrival of all participants, a traditional joint photograph was taken, marking the beginning of a crucial discussion on deepening financial cooperation and the issue of further expansion of the group.

Narrow-Format Meeting: Economic Growth and Financial Cooperation

The BRICS Summit kicked off with a high-level meeting. Egyptian President Abdel Fattah El-Sisi and other world leaders attended. Additionally, the Indian and Chinese heads of state joined the gathering. Moreover, representatives from Iran, the UAE, Ethiopia, South Africa, and Brazil participated. President Putin opened the proceedings with a speech. Subsequently, the delegates delved into discussions on BRICS economic cooperation. They also explored the possibility of expanding the group further. Throughout the meeting, leaders focused on strengthening financial ties among member nations. The conference aimed to foster collaboration and growth within the expanding alliance.

Expanded-Format Meeting: Economic Cooperation and Global Development

During the expanded-format meeting, the President of Russia paid special attention to issues of economic cooperation among the member countries. He emphasized that, according to preliminary estimates, the average economic growth of BRICS member states in 2024-2025 will be 3.8 per cent. Putin also called for increased collaboration in technology, education, resource management, trade, and other areas to fully realize the potential of the growing BRICS economies.

Proposals for Cooperation

The Summit expanded to include Brazilian President Luiz Inacio Lula da Silva via video link. He emphasized the crucial role of BRICS nations in the global natural resources market. Notably, Lula pointed out that the group controls 72 percent of the world’s rare earth metal reserves. Furthermore, he advocated for the establishment of a unified financial system among member countries. This proposal aimed to strengthen BRICS economic cooperation and enhance their collective influence. Additionally, the Brazilian leader stressed the importance of leveraging their resource wealth strategically. He urged the alliance to capitalize on their shared economic potential. Consequently, Lula’s participation added valuable insights to the discussions. His contributions highlighted the group’s significant global economic impact.

Iranian President Masoud Pezeshkian proposed establishing a new energy transit network, noting that Iran is a transit hub for several international transport corridors, including North-South and East-West.

Kazan Declaration and Future Plans

Following the two meetings, the delegations of the group adopted the Kazan Declaration, which outlined the outcomes of the summit and Russia’s BRICS Chairmanship. The event will continue in the BRICS+ format with the participation of representatives from 36 countries across Asia, Africa, Europe, and Latin America.

In conclusion, the XVI BRICS Summit in Kazan provides a platform for world leaders to discuss and address key global issues, promoting economic cooperation, financial systems, and energy transit networks. As the summit continues, it is evident that the BRICS countries are committed to strengthening multilateralism for equitable global development and security.

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