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Brics Summit: PM Modi heads to Russia; talks with Putin, Xi likely; updates

The Brics summit, themed 'Strengthening Multilateralism for Just Global Development and Security' this year, aims to foster dialogue on issues ranging from economic cooperation to global security

Modi, Narendra Modi

Brics Summit: The Modi-Putin meeting will likely focus on strengthening bilateral relations between India and Russia. | Photo: PTI

Prateek Shukla New Delhi

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Prime Minister Narendra Modi is in Russia for a two-day visit to participate in the 16th Brics Summit, which is being held in Kazan from 22 October. This gathering of emerging economies will see PM Modi engaging in a series of high-level meetings, including bilateral talks with Russian President Vladimir Putin and other global leaders, including Chinese President Xi Jinping.

The summit, themed ‘Strengthening Multilateralism for Just Global Development and Security’, aims to foster dialogue on critical issues ranging from economic cooperation to global security. According to the Ministry of External Affairs, Brics provides a significant opportunity for member states to discuss and tackle global challenges collaboratively.
 

The Brics Summit in Kazan comes at a critical juncture for the group, as it navigates complex geopolitical challenges while advancing its vision of a more just and equitable global order. With PM Modi set to meet key leaders, including Presidents Putin and Xi, the summit offers a vital platform for fostering cooperation and addressing pressing global issues. 

PM Modi to meet Putin, other leaders
During his visit, Prime Minister Modi will hold talks with Russian President Vladimir Putin. Before leaving for Kazan, PM Modi highlighted the importance of Brics as a vital platform for India, stating, “India values the close cooperation within Brics, which has emerged as an important forum for dialogue on global developmental issues, climate change, economic collaboration, and building resilient supply chains.”

The Modi-Putin meeting will likely focus on strengthening bilateral relations between India and Russia, particularly in the context of the ongoing Russia-Ukraine conflict and India’s position on diplomatic engagement. Given recent discussions between Modi and Ukrainian President Volodymyr Zelenskyy, the talks may also touch on India’s diplomatic role in the region. Additionally, Modi’s discussions with Iranian President Masoud Pezeshkian are anticipated, given the current geopolitical tensions in the Middle East.

Possible breakthrough in India-China relations?
Speculation is rife regarding a potential bilateral meeting between PM Modi and China’s President Xi Jinping. If confirmed, this would be the first formal meeting between the two leaders in five years, marking a potential thaw in relations following the 2020 border clash along the Line of Actual Control (LAC) in eastern Ladakh. Recent agreements between India and China on border patrolling arrangements may lay the groundwork for such a dialogue, with hopes of stabilising relations further.

Russia’s diplomatic opportunity 
For President Vladimir Putin, hosting the Brics Summit is a crucial opportunity to demonstrate that Russia remains engaged on the global stage despite its ongoing conflict with Ukraine and isolation from many Western powers. Described as one of Russia’s “largest-scale foreign policy events ever,” the summit will bring together over 20 heads of state, underscoring the country’s continued relevance within Brics and beyond.

Putin has said that Brics is not in opposition to any particular bloc or nation, highlighting its role as a grouping based on shared values and common developmental goals. Russia aims to enhance the influence of Brics within the international financial system, expand the use of Brics currencies, and promote deeper cooperation in tax and customs policies.

US observes Brics as non-threatening
Amid the summit’s preparations, John Kirby, the White House National Security Communications Advisor, addressed concerns about Brics’ role in global geopolitics. He stated that the US does not view BRICS as a ‘threat’, reaffirming that the organisation is not a new phenomenon, and downplaying any immediate implications for US interests.

What is Brics?
Brics is an acronym for a grouping of five major emerging economies: Brazil, Russia, India, China, and South Africa. Initially coined as ‘BRIC’ in 2001 by economist Jim O’Neill, the group was formed in 2006 with the aim of representing the world’s most influential developing countries and offering a counterbalance to the political and economic power of North America and Western Europe. South Africa joined the group in 2010, turning BRIC into BRICS.

The group has gained significant economic and political influence, representing 45 per cent of the global population and contributing around 28 per cent of the world’s GDP. Based on purchasing power parity, the Brics nations account for 35 per cent of the global economy, with China being the largest contributor to this figure.

Brics expands global influence
Brics seeks to promote a multipolar world, pushing for greater representation of emerging economies in international institutions such as the International Monetary Fund (IMF) and the World Bank. To this end, the group established the New Development Bank in 2014 to fund infrastructure projects in member states and beyond, providing an alternative to Western-dominated financial institutions.

As of 2024, Brics is set to expand, with Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates invited to join. There are also reports of another 30 countries expressing interest in joining or strengthening ties with the organisation, further enhancing its role on the global stage.

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First Published: Oct 22 2024 | 11:06 AM IST

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