Preparations for the 16th BRICS Summit are underway. The 16th BRICS Summit will be held in Kazan, Russia from October 22 to 24.

BRICS to draw blueprint for development of its mechanism

(Global Times) -- The 16th BRICS Summit, scheduled to be held in Kazan, Russia, from October 22 to 24, has drawn global attention as it marks the first summit since the group’s expansion.
This year marks the beginning of greater BRICS cooperation. During the upcoming summit, President Xi Jinping and leaders of other BRICS countries are expected to draw a blueprint for the development of its mechanism, inject new impetus into a multipolar world, facilitate economic globalisation and democratisation of international relations, and open up a new chapter for the solidarity and development of the Global South, according to Xinhua News Agency.
With global development and security expected to be focused during this summit, experts believe that strengthening financial cooperation within the group could help diversify the global payment system and promote fairness among Global South countries.
Moreover, the BRICS members will likely express their own positions on pressing global security issues. By facilitating discussion among members and upholding multilateralism, the organisation provides a new vision for the global governance system, said experts.
Russia’s BRICS chairmanship is held under the motto “Strengthening Multilateralism for Equitable Global Development and Security.”
“The countries in our association are essentially the drivers of global economic growth. In the foreseeable future, BRICS will generate the main increase in global GDP,” Russian President Vladimir Putin told officials and businessmen at a BRICS business forum in Moscow on Friday.
Putin also said that BRICS countries are now working on organising the exchange of financial information between central banks.
As the overall strength of Global South countries continues to grow and their share in the global economy keeps increasing, there is an urgent need to promote reforms in the international financial and monetary system. This is aimed at enhancing the representation and voice of developing countries and at facilitating the continued diversification of the international monetary system, reflecting the pressing demands and common expectations of emerging economies and developing countries, Chinese Ambassador to Russia Zhang Hanhui told the Global Times during an exclusive interview.
At this year’s BRICS Summit, economic and financial cooperation are expected to be among key topics, Wang Youming, director of the Institute of Developing Countries at the China Institute of International Studies in Beijing, told the Global Times on Monday.
Wang Youming said that amid escalating global trade tensions, the push for decoupling by some Western nations, and a growing trend of anti-globalisation, the BRICS members are expected to clearly demonstrate their support for an open and inclusive world economy. The alternative payment system possibly to be raised at the summit aims to complement and strengthen the existing international financial framework, promoting fairness, and countering the politicisation and weaponisation of payment mechanisms often used by certain Western countries, the expert told the Global Times.

(Latest Update October 23, 2024)