BRICS 2024: Putin scores a rare victory

KAZAN: Chinese President Xi Jinping and Indian Prime Minister Narendra Modi utilized the BRICS summit in Russia on Wednesday to express aspirations for a more harmonious relationship between the two most populous countries, following years of tension. Their meeting, the first formal talks in five years, was a significant highlight of a summit that President Vladimir Putin aimed to use to demonstrate that the West has failed to isolate Russia amid the ongoing Ukraine conflict.

The summit’s final communique outlined several initiatives designed to enhance trade among BRICS nations, including the establishment of an alternative payment system to the dollar, though specifics and timelines were not provided. Just days after New Delhi announced a deal with Beijing to resolve a four-year military standoff over their disputed Himalayan border, Xi urged Modi to strengthen communication and cooperation while effectively managing their differences.

“It is in the fundamental interests of the two countries and peoples for China and India to correctly grasp the trend of history and the direction of development of their relations,” Xi stated, according to Chinese state broadcaster CCTV. Modi responded by emphasizing the importance of maintaining peace and stability along their frontier, asserting that mutual trust, respect, and sensitivity should form the foundation of their relationship. “We welcome the agreement on the issues that had come up over the last four years,” Modi added in comments broadcast by India’s state broadcaster Doordarshan.

BRICS, a concept initially proposed by Goldman Sachs two decades ago to illustrate the growing economic influence of China and other emerging markets, now represents 45% of the global population and 35% of the world economy. The summit coincides with the annual meetings of the International Monetary Fund and World Bank in Washington.

Former Goldman economist Jim O’Neill, who coined the BRIC acronym in 2001, expressed skepticism about the BRICS bloc as long as China and India remain divided. “It seems to me basically to be a symbolic annual gathering where important emerging countries, particularly noisy ones like Russia, but also China, can basically get together and highlight how good it is to be part of something that doesn’t involve the U.S. and that global governance isn’t good enough,” O’Neill stated.

UKRAINE WAR

Regarding the Ukraine war, Putin, who has dismissed Western claims of war crimes for Russia’s actions, hosted over 20 leaders at the summit, including NATO member Turkey’s President Tayyip Erdogan and Iranian President Masoud Pezeshkian. Modi publicly expressed a desire for peace in Ukraine, while Xi engaged in closed-door discussions about the conflict with Putin, along with United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan, who has sought to mediate.

The 43-page final communique from the summit covered a range of topics, including geopolitics, narcotics, artificial intelligence, and the preservation of big cats, but only briefly mentioned Ukraine. It acknowledged “relevant proposals of mediation and good offices, aimed at a peaceful resolution of the conflict through dialogue and diplomacy.”

The strongest language was reserved for the Middle East, where the leaders called for a ceasefire in Gaza and the West Bank, condemning Israeli “attacks against humanitarian operations, facilities, personnel and distribution points.” While the BRICS leaders expressed interest in developing alternative payment systems, details were scarce, and they tasked central bankers to provide updates under the next presidency.

“The trend for the BRICS’ leading role in the global economy will only strengthen,” Putin asserted, citing factors such as population growth, urbanization, capital accumulation, and productivity growth. China and India account for about 90% of Russia’s oil purchases, which is Moscow’s primary foreign currency source.

The leaders indicated a desire to further enhance BRICS’ institutional development but offered little clarity on the potential expansion of the group. Putin noted that over 30 countries had shown interest in joining but emphasized the importance of maintaining a balance in any expansion.

“I will take the BRICS group seriously when I see signs that the two countries that really matter, China and India, actually really trying to agree on things, rather than effectively trying to confront each other all the time,” O’Neill remarked.

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