Xi highlights BRICS’ role in driving multipolarity, globalization

Xi highlights BRICS’ role in driving multipolarity, globalization ahead of the BRICS Summit being held in Russia.

President Xi Jinping emphasized the significance of BRICS as a key mechanism in promoting a multipolar world and fostering inclusive economic globalization, ahead of the formal sessions of the 2024 BRICS Summit in Kazan, Russia.

During a meeting with Russian President Vladimir Putin on the sidelines of the summit, Xi highlighted BRICS as the foremost platform for collaboration between emerging markets and developing nations, underlining its role in global solidarity and cooperation.

The Kazan Summit is notable as the first in-person BRICS gathering since the group’s membership expansion last year in Johannesburg, South Africa. Over 30 countries are attending the summit, which runs until Thursday.

Xi told Putin he looks forward to in-depth discussions with him and other leaders on the future of BRICS cooperation, aiming to create more opportunities for the Global South through the BRICS framework.

Russia’s chairmanship of BRICS has prioritized integrating new members into the group and promoting key areas of practical cooperation such as trade, direct investment, and a balanced transition to a low-carbon economy, as outlined on the official website.

According to Wang Lei, director of the BRICS Cooperation Research Center, the summit is expected to deepen consensus on strategic communication and practical cooperation, which will benefit BRICS’ future development and its broader engagement with the Global South.

The importance of Kazan, Russia

Kazan, Russia’s fifth-largest city and the capital of Tatarstan, holds significant historical and cultural value. Xi reminded Putin that around 400 years ago, the Great Tea Road passed through Kazan, allowing tea from China’s Wuyi Mountains to reach Russian households.

Kazan is also home to Kazan Federal University, where prominent figures like Leo Tolstoy and Vladimir Lenin studied. Xi was greeted at Kazan International Airport by Russian officials, and a ceremonial welcome with traditional Russian attire was held for him.

Timirkhan Alishev, vice rector for International Affairs at Kazan Federal University, praised Xi for introducing initiatives rooted in multilateralism, highlighting China’s efforts in fostering communication and dialogue, particularly within BRICS.

BRIC to BRICS and further

The term BRIC was coined in 2001 by Jim O’Neill of Goldman Sachs to describe the emerging markets of Brazil, Russia, India, and China. With South Africa joining in 2010, BRICS became an official grouping.

Since the expansion, BRICS now represents approximately 30% of global GDP, nearly half the world’s population, and one-fifth of global trade. Dilma Rousseff, president of the New Development Bank, stated that BRICS has overtaken the G7 in importance, especially in terms of GDP.

Analysts see the summit as a crucial platform for Global South nations to express their concerns. Victoria Fedosova from the Institute for Strategic Research highlighted BRICS’ potential to address global imbalances that have developed over the past decades.

In addition to the countries that officially joined BRICS in January 2024, over 30 nations, including Thailand, Malaysia, Türkiye, and Azerbaijan, have applied or shown interest in joining BRICS, while many others seek closer cooperation.

BRICS’ growing appeal, especially among Global South nations, stems from the tangible benefits it offers. Zukiswa Roboji of Walter Sisulu University noted that BRICS provides easier access to financial resources, trade, investment, and development opportunities for emerging economies.