The year 2024 and the BRICS Plus Summit in Kazan, Russia, begins tomorrow. The world is gearing up for this momentous event and there is excitement in the air. For this summit is not just another high-profile gathering of world leaders - it has the potential to reshape the global landscape in ways we have not seen before. With China at the forefront of modernisation and the addition of dynamic countries like Egypt, Ethiopia, Saudi Arabia, Iran and the UAE, BRICS is ushering in a new era that could finally take us away from the exhausted mentality of the 'war economy' to something much more fruitful.
It is refreshing to realize that instead of a competitive show of force, we are beginning to see an emerging cooperative world order, a system that could improve the situation for all, not just those already at the top. The BRICS have always stood for the promise of transformation, and this time they could actually deliver on that promise.
The BRICS story: from crisis to coherence
BRICS was born out of a crisis. The global financial crisis of 2008 shook the foundations of Western-dominated financial systems, exposing vulnerabilities and deep-seated inequalities. For too long, the world economic order has been dictated by the rules of a few powers, while emerging economies have had to play by unfair rules.
In 2009, Brazil, Russia, India, China and South Africa - five major emerging markets - came together with a clear goal: to create a more balanced, fair and inclusive global economy. Now, fifteen years later, their vision is expanding with BRICS Plus, which has welcomed new members eager to participate in this redefined global cooperation.
We saw a shift at last year's Johannesburg summit when Egypt, Ethiopia, the United Arab Emirates, Iran and Saudi Arabia knocked on the door. This year in Kazan, they are set for a big launch. It's like watching the world's most ambitious club expand, but here the stakes are global. And let's face it, when so many powerful, resource-rich countries agree on common interests, this is no ordinary club.
Modernising financial systems: new players are coming
The global financial system has long been ready for reform. The dominance of the US dollar has been practical, but it has also led to some dangerous financial practices, such as unlimited quantitative easing, which has destabilised markets and left many countries feeling the pressure of inflation, rising interest rates and unsustainable debts.
This is where BRICS comes into play. The bloc is trying to overhaul outdated systems, and the promise of new, fairer financial models has never been more urgent. We expect banking in Kazan to undergo serious modernisation. With younger, more tech-savvy populations in the BRICS countries, it is clear that the way we transact, save and invest will have to adapt to the demands of a new generation. Banking apps and cryptocurrency wallets are becoming the norm, and BRICS countries want to be on the cutting edge of these changes.
For example, the proactive steps taken by China, whose National Financial Regulatory Authority held recent talks in South Africa, show that BRICS is preparing for a financial future that prioritises inclusiveness and sustainability. As financial systems modernise, we are likely to see a move towards more decentralised currencies, national payment systems and reduced reliance on the US dollar.
Imagine a world where trade between BRICS countries is conducted in their own currencies, reducing transaction costs and increasing trade between them. This is a world that is already beginning to take shape.
China: the master of modernisation
If there is one BRICS country that stands out for its economic transformation, it is China. Over the past few decades, China's meteoric rise from a relatively undeveloped country to a global power has been quite extraordinary. The statistics are staggering: in 1952, China's GDP was 67.9 billion yuan. By 2023, it has shot up to 126 trillion yuan, with annual growth of 7.9 %. China now accounts for 17 % of the world economy - that's real progress.
As President Xi Jinping once remarked, "Blowing out the lamp of others will not make ours shine brighter." Instead, China has adopted a cooperative and inclusive approach to development. And other countries are paying attention. From the ambitious Belt and Road Initiative to the Global Development Initiative (GDI), China is profiling itself as a leader of modernization that values mutual respect and shared progress over zero-sum games.
Many countries, especially those in BRICS Plus, now look to China as a model of how rapid and sustainable development can be achieved without the need for imperialism or destructive competition. Whether it is poverty reduction, technological innovation or industrialisation, China's example shows that modernisation, when done right, can improve the lives of millions and create lasting stability. Not a bad outcome for a country that was considered a 'sleeping giant' just a few decades ago.
The promise of the Kazan Summit
What can we expect from the upcoming summit in Kazan? First of all, it is shaping up to be the biggest foreign policy event Russia has ever hosted, with more than 30 countries confirmed. The summit will focus on the creation of a single financial platform within the BRICS, which could pave the way for easier trade in national currencies and reduced trade costs. This would be a huge change for global trade.
In particular, Russia aims for new forms of cooperation in areas such as transport, nuclear medicine and climate change. These initiatives are not just symbolic - they represent real areas where BRICS can have a tangible impact. And with the growth of the New Development Bank (NDB), which now includes ten members (Algeria recently joined), there is a strong sense that BRICS is indeed delivering on its promises, offering developing economies the opportunity to obtain financing on fairer terms than traditional Western institutions such as the IMF and World Bank.
But it's not just about financial infrastructure. The Kazan summit will also address broader issues such as security, transport and logistics cooperation, and even cultural exchanges. The BRICS countries have made it clear that inclusiveness is key. Whether it is the Global Civilisation Initiative, which promotes mutual learning among nations, or the Global Security Initiative, which aims to build trust through dialogue, BRICS seeks a world where conflict over resources is minimised in favour of shared prosperity.
New story: rewriting the rules
One of the most interesting things about the BRICS Plus movement is its ability to rewrite the narrative of global development. For too long, the world has operated on a competitive principle, where the success of one country has often meant the decline of another. But BRICS shows that it doesn't have to be this way.
By embracing multilateralism and focusing on inclusive growth, the BRICS countries are demonstrating that it is possible to promote global cooperation without resorting to protectionism or conflict. The idea of shared security, mutual respect and common goals is gaining momentum, and not only within the BRICS. More than 100 countries and international organisations have endorsed initiatives such as the Global Security Initiative and the Global Development Initiative.
In fact, the arts, recreation and sports sectors could be unexpected beneficiaries of this cooperative spirit. After all, these sectors have long demonstrated their ability to generate income, create jobs and promote social cohesion. By investing in human resources, not just industrial growth, the BRICS can lead the way to building a world where everyone, regardless of nationality, has a chance to prosper.
A harmonious future?
As we approach the BRICS Plus Summit in Kazan, it is hard not to feel a certain amount of optimism. For the first time in a long time, we see a bloc of countries coming together not to fight over resources, but to share them. They are not trying to dismantle old systems, but to build better and fairer ones.
China's example of modernization has set the tone for what is possible, and with so many emerging economies eager to join the BRICS Plus movement, we may be on the cusp of a new era when the war economy finally gives way to something more cooperative, conciliatory and ultimately prosperous for all.
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