The Highlights:
Prime Minister Narendra Modi is slated to travel to Russia next week for participation in the 16th BRICS Summit which will be organized in Kazan on 22-23 October 2024. The crucial meeting, that would fortify multilateralism and make BRICS member states deepen co-operation would discuss a number of fundamental global and regional issues.
Strengthening Multilateralism for Global Development
The BRICS bloc of the five nations- Brazil, Russia, India, China, and South Africa-has become a recognized important platform for emerging economies. Of especial interest is the 2024 Kazan summit, casting an interesting theme around “strengthening multilateralism for global development and security.” Trade disputes, economic sanctions, and equitable growth in the Global South are very likely to feature among the topical global challenges on its agenda.
India under the leadership of PM Modi has always been arguing for reforms in the global governance institutions to better serve the developing countries’ interest. By the mere appearance at the summit, Modi reflects India’s commitment towards serving its spearheading role in promoting international cooperation .
Meeting with Vladimir Putin
On his part, Modi is to hold bilateral talks with Russian President Vladimir Putin on the sidelines of the summit. The two are likely to discuss the entire gamut of India-Russia relations- defense cooperation, energy security and more. While India-Russia has been designated as a “special and privileged strategic partnership”, it has gained greater momentum, especially in energy and technology, over the last decade.
Economic Cooperation: Trade and Energy Security
Energy security has been one of the most important areas of cooperation between India and Russia. Russia has vast reserves of natural gas and crude oil, which have made it a very reliable partner for India so far. During Modi’s visit, both sides will discuss ongoing projects on energy and explore new vistas of cooperation in that sector. The trade relations also have further scope for improvement, and both are going to deepen their cooperation in critical technologies like space research and artificial intelligence.
New Entrants in BRICS: Elongation of the Bloc
Besides this, this year’s BRICS summit is a new milestone in that the bloc admits new member states. Newly inducted members are Egypt, Iran, the UAE, and Saudi Arabia, which the BRICS grouping will influence. Expansion means the bloc’s intent to build a broader coalition of emerging economies against its developed counterparts, and there is every hope that the G7 and the International Monetary Fund (IMF) may actually lose prominence with such grand expansion.
The entry of these countries is seen as part of the efforts BRICS is making to build even more inclusive dialogue and cooperation platform in an ever-evolving group of emerging and developing economics. This step is consistent with India’s long-standing call for reforms of global institutions so that they conform to the economic realities of the 21st century.
India in Global Governance
India, as it remains actively engaged at the BRICS summit further solidifies its position as the leading voice of the Global South. Modi has been pushing change from the moment he took office from the institutions of United Nations and World Bank, suggesting a more representative nature of countries towards developing arenas. India will, therefore, propose at the summit an agenda that propounds sustainable development and fairer distribution of resources besides reforms in international financial institutions.
BRICS and Worldwide Geopolitical Tensions
The BRICS summit coincides with a near-record fever pitch of global geopolitical tensions. An ongoing war between Russia and Ukraine, coupled with economic sanctions from the West, imposes strictures on international diplomacy. Nations in BRICS, specifically India, sought to present a non-alignment posture vis-à-vis this conflict and urged dialogue for peaceful resolution.
In all probability, mediation by India will be one of the items on Modi’s agenda – going by its congenial relations with both Russia and the Western nations. The country has balanced its foreign policy to such great effect that it assumes the role of a vital facilitator between conflicting parties, especially in the context of the Ukraine crisis.
Conclusion: A Critical Moment for BRICS
A good part of BRICS’ future direction as it hosts the visit of the Prime Minister to attend the 16th BRICS Summit in Russia. Against a backdrop of increased global challenges such as climate change, economic inequality, and contentious geopolitical conflicts, BRICS nations are expected to outline a collective vision for a better, more stable world order. Participation by Modi further underlines the stature of the person and also underscores India’s growing leadership and influences on the world stage, reiterating its commitment to multilateralism and international cooperation.
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