BRICS Summit 2024 Commences In Kazan City
BRICS Summit 2024 alias the 16th BRICS Summit commenced in Kazan City, Russia, on October 22, 2024. The 3-day summit will culminate on October 24, 2024.
Reportedly, BRICS Summit 2024 is been attended by delegates from more that 32 countries that include 20 heads of state.
On the one hand, countries participating in the summit are the 9 member countries of the bloc, namely Brazil, Russia, India, China, South Africa, Ethiopia, Egypt, United Arab Emirates, and Iran; as well as some invited countries that include Türkiye, Malaysia, Thailand, Vietnam, Saudi Arabia, and Azerbaijan, among others. For Ethiopia, Egypt, United Arab Emirates, and Iran, the event is their debut BRICS summit as full members of the bloc, having joined it recently in January 2024.
On the other hand, heads of state attending the summit include those of BRICS member countries except that of Brazil. The 8 attending BRICS heads of state are as thus.
Host President Vladimir Putin of Russia
President Xi Jinping of China
President Cyril Ramaphosa of South Africa
Prime Minister Narendra Modi of India
Prime Minister Abiy Ahmed of Ethiopia
President Abdel Fattah El-Sisi of Egypt
President Mohammed bin Zayed Al Nahyan of United Arab Emirates
President Masoud Pezeshkian of Iran
President Luiz Inacio Lula da Silva of Brazil is absent at the summit due to some health issues.
Also there in Kazan City are President Recep Tayyip Erdogan of Türkiye, who is among some 11 heads of state attending the summit by invitation, and United Nations Secretary General Antonio Guterres..
BRICS Summit 2024's theme is Strengthening Multilateralism for Equitable Global Development and Security. Inherent in the theme is BRICS staunch goal to challenge what it believes to be hegemony of the so called West, and create a multipolar world, hence ultimately deliver a new global order that does not favor only some few greedy countries. It is within this context that one of the main discussion items on the summit's agenda is said to be the proposed BRICS payment system.
The proposed BRICS payment system when fully effected may be a game changer to the global order. It strives to marginalize the use of US dollar in international financial transactions, or what some sources refer to as dedollarization, by offering an alternative. Already, BRICS has introduced the BRICS Pay card that facilitates the interchange of financial data between central banks of member states as well as the bloc's allied countries. Overall, BRICS payment system provides an alternative to the dominant SWIFT system.
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