The Banking Executive Magazine - October Issue

BRICS 2024 INTRODUCTION A new world order is emerging fol- lowing the Euro-Gulf and BRICS (Brazil, Russia, India, China, and South Africa) summits held in 2024. Below we overview these summits and their final declaration, we assess their impacts, and highlight their major controversies. We conclude with an outlook on the future world order shaped by the Euro-Gulf and BRICS summits and we put forward a roadmap for Arab banks in light of this new evolving world order. EURO GULF SUMMIT 2024 OVERVIEW AND DECLARATIONS The first-ever Euro-Gulf Summit took place on October 16, 2024, in Brus- sels. This summit brought together leaders from the European Union (EU) and the Gulf Cooperation Coun- cil (GCC) countries to discuss a wide range of issues, including trade, en- ergy, climate change, and regional security. The summit aimed to strengthen cooperation and build a strategic partnership for peace and prosperity. The final declaration of the Euro-Gulf Summit 2024 focused on building a Strategic Partnership for Peace and Prosperity. The key points from the declaration are: • Trade and Economic Cooperation: Both parties reaffirmed their com- mitment to enhancing trade and in- vestment partnerships. They discussed the potential for a re- gional EU-GCC free trade agree- ment and explored tailor-made trade and investment agreements. • Energy Cooperation: The EU and GCC committed to in- tensifying their cooperation on en- ergy security, including energy efficiency and renewable energies. • Regional Security: Leaders emphasized the impor- tance of promoting global and re- gional security, preventing conflicts, and resolving crises through enhanced dialogue and coordination. • Humanitarian Efforts: The summit called for an immedi- ate ceasefire in Gaza and Lebanon, and stressed the need for humani- tarian access. • Multilateral Cooperation: The summit highlighted the need to work together to tackle global challenges and support multilater- alism. The summit was co-chaired by Euro- pean Council President Charles Michel and Qatari Emir Sheikh Tamim bin Hamad Al Thani. It was seen as a significant step towards deepening the partnership between the EU and GCC. IMPACT OF EURO GULF SUMMIT 2024 The EU and GCC are currently among the most significant global blocs, given their vast capabilities and resources. Together, they repre- ISSUE 189 OCTOBER 2024 the BANKING EXECUTIVE 9