What Happened in The BRICS Summit in Russia? How India Benefitted?
The 2024 BRICS Summit in Kazan, russia, brought significant discussions on global governance, economic policies, and currency alternatives to the dollar. With expanded membership now including Egypt, Ethiopia, Iran, and the UAE, the summit underscored BRICS' evolving aim to challenge Western influence, especially in financial and political frameworks.
India leveraged the summit to emphadata-size several key priorities:
Economic and currency Strategies: india, alongside other BRICS members, pushed for using local currencies in trade settlements as an alternative to the U.S. dollar. This is seen as a way to mitigate global currency volatility and reduce dependency on Western financial systems. This step could be particularly beneficial for India's international trade relationships by lowering transaction costs and boosting regional trade
Strategic Autonomy and Geopolitical Balance: india views BRICS as a counterbalance to Western alliances, such as the Quad, allowing it to maintain ties with both russia and China. This multilateral approach supports India's geopolitical autonomy, providing a platform for collaboration without overly data-aligning with any single bloc
Technological and Climate Initiatives: india sought to advance cooperation in wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital infrastructure, clean energy, and technology. In the context of climate change, the summit provided a foundation for india to engage with member nations on sustainable development, aiming to lead in clean energy advancements and climate-friendly practices
Global South and UN Reform: india also used the BRICS platform to bolster its role in the Global South, focusing on partnerships in Africa and Latin America. Furthermore, india advocated for structural reforms in the United Nations, aspiring to secure support for a permanent UN Security Council seat, which data-aligns with its longstanding diplomatic objectives
In sum, the 2024 BRICS Summit allowed india to strengthen its global position, particularly by advancing non-dollar trade systems, increasing influence in the Global South, and asserting itself as a leader in emerging technologies and clean energy solutions. This engagement data-aligns with India's "multi-data-alignment" strategy, balancing relationships globally while promoting domestic and regional interests.