# The 2024 BRICS Summit: A Turning Point for Global Geopolitics
The 2024 BRICS Summit, held in Rio de Janeiro, Brazil, marks a pivotal moment in the evolving landscape of global geopolitics. As the world grapples with increasing instability and a shifting balance of power, the BRICS nations – Brazil, Russia, India, China, and South Africa – are positioning themselves as a powerful alternative to conventional Western-led institutions.This article delves into the key discussions, emerging trends, and potential implications of the summit, examining it’s significance for the Global South and the world at large.
## Understanding the BRICS Alliance: Origins and Evolution
The acronym BRIC was first coined in 2001 by Jim O’Neill, then a Goldman Sachs economist, to describe the growing economic potential of Brazil, Russia, India, and China. These nations, characterized by large populations and rapidly expanding economies, were predicted to become dominant forces in the 21st century. In 2010, South africa was invited to join, transforming BRIC into BRICS.
Initially focused on economic cooperation, the BRICS alliance has gradually expanded its scope to encompass political, cultural, and security dimensions. The founding members shared a common desire to reform global governance structures, which they perceived as biased towards developed nations.This sentiment fueled the creation of institutions like the New Progress Bank (NDB), often referred to as the BRICS bank, and the contingent Reserve Arrangement (CRA), designed to provide financial stability and support to member countries.
## Key Discussions at the 2024 Rio de Janeiro Summit
The 2024 BRICS Summit addressed a wide range of critical issues, reflecting the complex challenges facing the global community. President Cyril ramaphosa emphasized the importance of the summit’s outcomes for global geopolitics, highlighting key areas such as trade, environmental sustainability, climate change, and financial reform. several core themes emerged as central to the discussions:
### De-Dollarization and Alternative Financial systems
A prominent topic was the ongoing discussion surrounding de-dollarization – reducing reliance on the US dollar in international trade and finance. Several BRICS nations have expressed a desire to promote the use of their own currencies in cross-border transactions,aiming to mitigate the risks associated with US dollar dominance and potential sanctions. This ambition is driven by a desire for greater financial independence and a more multipolar global financial system. The potential creation of a new BRICS currency has been debated, though concrete plans remain under development.
### Expansion of BRICS Membership
perhaps the moast notable development of the summit was the announcement of a new wave of countries invited to join the BRICS alliance. Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates were formally invited to become full members, effective January 1, 2024.This expansion dramatically alters the geopolitical weight of the BRICS bloc, increasing its representation of the Global South and enhancing its collective economic and political influence. The inclusion of major oil producers like Saudi Arabia and the UAE also strengthens BRICS’ position in the global energy market.
### Infrastructure Development and Trade Facilitation
President Lula da Silva of Brazil underscored the importance of boosting trade and investment among BRICS members. Discussions focused on identifying opportunities for infrastructure development, particularly in areas like transportation, energy, and digital connectivity. The NDB is expected to play a crucial role in financing these projects, providing an alternative to traditional Western-led development banks. Streamlining trade procedures and reducing tariff barriers were also identified as key priorities.
## Perspectives from BRICS Leaders: A Spectrum of Views
The summit provided a platform for BRICS leaders to articulate their perspectives on global challenges and the role of the alliance.
### Russia’s critique of Globalisation
Russian President Vladimir Putin, participating via video link due to the International Criminal Court arrest warrant, delivered a pointed critique of the liberal model of globalization, arguing that it has become obsolete. He called for increased cooperation among BRICS nations in key sectors like natural resources,logistics,trade,and finance,positioning BRICS as a counterweight to Western influence.
President Cyril Ramaphosa says he believes that the BRICS Summit will be a success.He says many of the issues that are going to be addressed or agreed on are crucial for the geopolitics of the world.
These include issues of trade, surroundings, climate and finance among others. ramaphosa was speaking on the sidelines of the two-day summit in Rio de Janeiro in Brazil.
### China’s Focus on Economic Growth
Represented by Premier li Qiang,China emphasized the importance of sustained economic growth and mutually beneficial cooperation. China, as the world’s second-largest economy, is a key driver
