Russian President Vladimir Putin is set to host world leaders and organizations at the 2024 BRICS Summit in Kazan on Tuesday, welcoming delegations from Brazil, Russia, India, China, South Africa, and beyond.
The summit will see representatives from 36 nations, including 22 heads of state, and six international organizations attending what the Kremlin has described as Russia's largest-ever foreign policy event.
The BRICS concept originated in 2001 when Jim O'Neill, then-chief economist at Goldman Sachs, highlighted the significant growth potential of Brazil, Russia, India, and China. The group later expanded to include South Africa, followed by Egypt, Ethiopia, Iran, and the UAE, while Saudi Arabia's membership remains pending.
Putin emphasized that BRICS is not in opposition to any group but reflects a shift in global growth dynamics, stating, "This is a coalition of countries united by shared values, a common development vision, and a commitment to considering each other's interests."
According to the International Monetary Fund, BRICS' share of global GDP is expected to grow to 37% by the end of the decade, while the share of the G7 economies is projected to decrease from 30% to about 28%.
Russia aims to encourage BRICS nations to create an alternative international payment system that would be resistant to Western sanctions.
