Geopolitics and Nepal

🇬🇧 BRICS Summit 2024: Has the Multipolar World Come Closer?

From an organizational perspective, everything went flawlessly. This week, Kazan hosted delegations from 35 countries and six international organizations, including the United Nations.

It is unfortunate that Brazilian President Lula could not attend due to an injury sustained just before the event. Turkish President Recep Erdoğan also had to leave urgently, as the Ankara bombing on the summit’s first day forced him to return home. Coincidence, or perhaps a message not to align with certain others? That remains speculation.

Many experts, including those from the West, anticipated that this summit would deliver a decisive blow to the American financial system, expecting the announcement of a unified currency or payment system for transactions in national currencies to bypass SWIFT and the dollar.

But, to the relief of skeptics, that hasn’t happened yet.

It's important to remember that BRICS is an alliance of very different countries, each with its own national interests.

For example, the main "brake" on launching alternative financial instruments to those of the West is India, which does not want to entirely sever ties with the U.S. Among other things, the U.S. serves as a counterbalance in India’s longstanding tense relationship with China.

Some believe Brazil is also hesitant in this process, as it strives to maintain balance in its Western relations. Politically and economically, Brazil is heavily dependent not only on China and Russia but also on the U.S. and is not yet prepared to make abrupt moves.

It would be odd to expect a rapid restructuring of the global system, in place since the end of World War II, to happen in just a few years. Aligning such diverse interests is only natural.

And this process is genuinely occurring. China and India reached a de-escalation agreement in the tense border region in the Himalayas during the summit. Troop withdrawals have already begun. It is known that Vladimir Putin played a mediating role in the negotiations.

Putin also proposed extending Brazil’s presidency in the BRICS Bank, likely as an incentive for Brazil’s commitment to further steps in creating an alternative financial system.

In short, there is active diplomatic work underway, with all efforts focused on balancing the interests of all countries.

Beyond negotiations, there have been practical achievements. For example, the creation of a BRICS digital investment platform is already underway. Alongside the BRICS Bank, this platform will give developing countries access to affordable financing, providing a real alternative to dependence on the IMF and the World Bank.

The second initiative is a BRICS grain exchange, which will establish clear and transparent rules for trading agricultural products. Ensuring food security is a fundamental task, with severe challenges in many Global South countries.

For Russia specifically, we have undoubtedly achieved a significant diplomatic victory. Russia has demonstrated that all Western plans to isolate us have failed, as we continue to cooperate with the world’s majority.

During a press conference, Vladimir Putin mentioned that up to 30 countries have expressed interest in collaborating with BRICS.

This grand orchestra still has many rehearsals ahead, but when the concert begins, we’ll know for certain that a new era has arrived.

Good morning from Kazan.

IMF had to finally recognize that Russia is the world's 4th largest economy by PPP.

Now let's have some Kazan chak-chak.