Panel experts look at how developing nations look to BRICS for new opportunities as the bloc expands, boosting international cooperation and global influence. Picture: Supplied
The 2024 BRICS Summit is set to take place in Kazan, Russia, from October 22 to 24, marking a historic moment as the first gathering of BRICS in its newly expanded form.
Earlier this year, the group expanded its membership, adding Iran, Saudi Arabia, the UAE, Ethiopia, and Egypt to its original five members: Brazil, Russia, India, China, and South Africa.
This summit is expected to focus on strengthening multilateralism, equitable global development, and enhancing security, while also exploring deeper cooperation with countries from the Global South.
With many developing nations expressing interest in joining BRICS, questions arise about why these countries seek membership and how this expanded platform will influence the future of international cooperation and global governance.
Panel experts Eugene Pavlov from Sputnik, Lance Witten from IOL, Yasmin Skelley from Sputnik Brazil, and Bahrukh Ygnakuchu from Fana Broadcasting Corporate expanded more on this during a China Africa Talk episode.
Pavlov, a journalist with Sputnik, emphasised the significance of this year’s summit, particularly given the growing influence of BRICS on the world stage.
"This summit is promising to be one of the most important foreign affairs events hosted by Russia in recent years. Over 30 countries and several international organisations have confirmed their participation," he noted.
Pavlov also highlighted the numerous bilateral meetings expected to take place between President Putin and other BRICS leaders, underlining the importance of these discussions for shaping global governance.
Pavlov explained that a major issue on the agenda will be how BRICS manages its growth, especially given the increasing number of countries seeking to join.
"There’s debate within BRICS on how to balance expansion with maintaining efficiency," he said, adding that Russia has proposed a compromise solution by introducing a "partner state" status for new members.
"This idea is likely to be formalised in the final declaration of the summit," Pavlov suggested, hinting at the bloc’s future structure.
For Ethiopia, this summit represents its first participation as a full BRICS member.
Ygnakuchu, director of television and current affairs at Fana Broadcasting, shared his insights on the expectations for Ethiopia.
"We see BRICS as a significant platform for advancing our economic goals," Ygnakuchu explained.
He noted that Ethiopia, as one of Africa’s emerging economies, is eager to leverage BRICS membership for infrastructure development and boosting trade.
"We need to explore how the New Development Bank (NDB) can support our infrastructural projects and how BRICS can help us navigate the challenges and opportunities ahead."
Ygnakuchu added that Ethiopia’s inclusion in BRICS is expected to strengthen the country’s diplomatic profile and open doors for further international cooperation.
"This is not just about taking from BRICS; we believe Ethiopia has much to offer the bloc as well," he said, pointing to Ethiopia's vast market and its growing economic potential.
Witten, Editor-in-Chief of IOL in South Africa, welcomed the addition of two more African nations, Egypt and Ethiopia, into BRICS.
"The inclusion of these countries adds diversity to the bloc, and I think it will significantly enhance cooperation mechanisms within BRICS," Witten said.
He pointed out that BRICS could strengthen its influence globally, particularly in areas like energy, trade, and political alliances. However, he noted the challenges that come with such diversity.
"BRICS will need to adjust and harmonise these varying political and economic systems to maintain cohesion."
Witten also reflected on the growing attraction of BRICS for other developing nations. "It feels like countries that have been sidelined or marginalised by traditional Western powers are now seeing BRICS as an alternative platform for cooperation, one that doesn’t impose political conditions."
"It feels like countries that have been sidelined or marginalised by traditional Western powers are now seeing BRICS as an alternative platform for cooperation, one that doesn’t impose political conditions."
Skelley from Sputnik Brazil agreed, stating that the large number of countries applying to join BRICS is not surprising.
"BRICS is seen as a counterbalance to Western-centric groups. It provides countries with an opportunity to have their voices heard and to be part of a more multipolar world," she said.
"The expansion of BRICS only strengthens this notion that the world has space for everyone."
Skelley also emphasised BRICS' commitment to equitable development. "This is a group that focuses on shared prosperity, and that’s a key reason why so many developing nations are attracted to it."
One of the key drivers of BRICS' global influence is the New Development Bank (NDB), established in 2015 to finance infrastructure projects in member states and other developing economies.
Witten highlighted the significance of the NDB in offering financing without the stringent political conditions often imposed by institutions like the International Monetary Fund (IMF) or World Bank.
"The NDB is a game-changer for many developing countries that want to avoid the political strings attached to Western loans," he said.
Ethiopia, while not yet a member of the NDB, has expressed interest in joining.
Ygnakuchu explained that Ethiopia is seeking concessional loans and support for infrastructure projects without the political demands associated with other global financial institutions.
"The NDB would provide us with an alternative to the IMF and World Bank, enabling us to finance projects in line with our national policies and needs."
The expanded BRICS bloc now represents around 45% of the world’s population and 35% of global GDP, positioning itself as a major player in international affairs.
Pavlov summed up the potential of BRICS, saying, "This bloc gives voice to countries in the Global South that have long been under-represented in global governance structures. Its expansion is a clear sign that the world is moving towards a more inclusive, multipolar order."
As the 2024 summit unfolds, the global community will be closely watching how BRICS navigates its newfound size and influence, and how it continues to shape the future of international cooperation and governance.
* The panel discussion was hosted by China Africa Talk, a podcast of CGTN Radio.
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