Under Russia's chairmanship, BRICS members will convene a summit on Oct. 22-24, taking place as the bloc's growing stature, leading to many considering it a serious rival to Western-based blocs
- The 3-day summit will be held with 4 new members, Egypt, Ethiopia, Iran, and the UAE, which were invite to the bloc last December and formally joined earlier this year
- On Tuesday, 32 countries are expected to attend the summit, where major issues on the agenda may include additional members and increasing the use of national currencies in trade
The BRICS economic bloc is set to convene its first summit since expanding its membership earlier this year, gathering in the Russian city of Kazan for a three-day meeting starting Tuesday.
Initially founded in 2009 with Brazil, Russia, India, and China, the group formally welcomed South Africa in 2011, expanding its name to BRICS, reflecting the initials of its five members. Last December, the bloc invited six more nations — Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). However, Argentina has since withdrawn following the election of pro-Western President Javier Milei.
Uncertainty also lingers around Saudi Arabia, which has yet to officially ratify its membership, leaving its status in the bloc unresolved as the summit approaches.
The three-day summit will start Tuesday, hosted by Russia, which assumed the rotating presidency of the group this year. It will be the first time the bloc convenes after Egypt, Ethiopia, Iran, and the UAE's inclusion as members.
The upcoming summit marks a critical moment as it will be the first time Egypt, Ethiopia, Iran, and the UAE participate as full members. It also comes as BRICS gains stature globally, positioning itself as a potential counterbalance to Western-led alliances.
- Pushing for de-dollarization
A central theme of the current Russian-led BRICS presidency has been advancing the use of national currencies in trade between member states. This aligns with Moscow's broader agenda, particularly following Western sanctions imposed over the war it has been waging in Ukraine since 2022. The move toward de-dollarization reflects the bloc's broader strategy to create alternative economic platforms less dependent on Western financial systems.
Russian President Vladimir Putin, in his address marking Moscow's assumption of the BRICS presidency for 2024, emphasized the need to accelerate the BRICS Economic Partnership Strategy 2025, which seeks to increase the use of national currencies in cross-border payments. The strategy also aims to build resilience against external pressures — an issue especially relevant to Russia amid its ongoing confrontation with Western powers.
Russian Foreign Minister Sergey Lavrov reinforced this stance, stating that BRICS offers a platform for countries wishing to avoid reliance on currencies like the US dollar or the euro, which have been wielded as tools of economic coercion.
Russia's leadership has often pointed to BRICS' growing global influence, particularly highlighting that the bloc has now surpassed the G-7 in purchasing power parity—a significant marker of its economic clout.
- Expansion on the horizon
The Kazan summit could also witness a new wave of enlargement, as interest in joining BRICS continues to grow. According to Russian Presidential Aide Yury Ushakov, representatives from 32 countries, including 24 heads of state, have confirmed their participation, reflecting the bloc's increasing appeal.
Ushakov further indicated that BRICS leaders will consider accepting new members during the summit, with 34 nations expressing interest in either full membership or other forms of cooperation.
Belarusian Foreign Minister Maxim Ryzhenkov suggested that around 10 new members could be announced during the meeting, hinting at a rapid expansion of the bloc's influence. Countries such as Azerbaijan, Belarus, Cuba, Malaysia, and Pakistan have formally applied, while Sri Lanka is expected to submit its bid during the summit. Meanwhile, Türkiye has also shown interest, viewing BRICS as a complementary platform to its existing partnerships.
Turkish President Recep Tayyip Erdogan has highlighted the potential of international organizations such as BRICS as to advance economic cooperation and complement Ankara's existing partnerships.
