The Banking Executive Magazine - October Issue

BRICS 2024 sent a huge economic power, ac- counting for over 20% of the world’s gross domestic product (GDP). From a geostrategic perspective, the EU is an important and influential interna- tional power globally, considering its significant military capabilities and the technological and economic de- velopment level of its 27 member states, as well as its large population of over 450 million, making it the third-largest bloc worldwide. These capabilities enable the EU to play a leading role in addressing security, military, political, economic, and cli- mate challenges facing Europe and the world. Likewise, GCC countries are gaining increasing international importance, not only due to their significant eco- nomic potential and their position as a main source of fossil fuel globally but also due to their growing politi- cal role on regional and international levels. They have become active players and reliable partners for all international powers in facing major global challenges and crises. The Euro-Gulf Summit 2024 was seen as a significant step towards deepening the partnership between the EU and GCC, with a focus on peace, prosperity, and addressing global challenges. EURO GULF SUMMIT 2024 CONTROVERSIES The Euro-Gulf Summit 2024 did face some controversies and criticisms: Double Standards : Critics from the Global South pointed out that while EU nations re- peatedly called out Russia over vio- lations of international law in the Ukraine conflict, they failed to apply the same standards in war in Gaza. This led to accusations of double standards in the EU's approach to in- ternational conflicts. Middle East Crisis: The summit took place amid an ex- tremely dangerous escalation in the Middle East, with conflicts in Gaza and Lebanon dominating the agenda. While the EU and GCC leaders called for an immediate ceasefire and humanitarian access, some critics felt that the summit did not go far enough in addressing the root causes of these conflicts. Humanitarian Concerns: There were concerns about the effec- tiveness of humanitarian measures and whether they would be imple- mented in practice. Geopolitical Tensions: The summit highlighted the geopolit- ical tensions between the EU and GCC countries, particularly in rela- tion to Russia's war against Ukraine and the broader regional security is- sues. These controversies underscore the complexities and challenges of fos- tering a strategic partnership be- tween the EU and GCC countries. BRICS 2024 OVERVIEW AND DECLARATIONS The 16th BRICS Summit took place in Kazan, Russia, from 22 to 24 Oc- tober 2024, under the theme "Strengthening Multilateralism for Just Global Development and Secu- rity". The summit brought together leaders from Brazil, Russia, India, China, and South Africa (BRICS) to discuss key global issues and strengthen their strategic partner- ships. KEY POINTS FROM THE KAZAN FINAL DECLARATION ARE: Multilateralism and International Law: BRICS leaders reaffirmed their com- mitment to multilateralism and up- holding international law, including the principles enshrined in the United Nation (UN) Charter. Global Security: The declaration emphasized the im- portance of promoting global and re- gional security, preventing conflicts, and resolving crises through dialogue and diplomacy. Economic Cooperation: The summit highlighted the need to reform the international financial ar- chitecture to make it more inclusive and just. This includes initiatives like the BRICS Grain Exchange and the BRICS Cross-Border Payment Sys- tem. Humanitarian Efforts: Leaders expressed grave concern over the humanitarian crises in the Occupied Palestinian Territory and Southern Lebanon, calling for imme- diate ceasefires and humanitarian ac- cess. BRICS Plus: The summit included an "outreach" dialogue with emerging markets and developing countries (EMDCs) from Africa, Asia, Europe, Latin America, and the Middle East, under the theme of "BRICS and Global South: Build- ing a Better World Together". The summit was seen as a significant step towards deepening the partner- ship between BRICS countries and promoting a more representative and fairer international order. BRICS 2024 IMPACT The BRICS 2024 Summit had several significant impacts on both the mem- ber countries and the global stage: • Economic Influence: With the addition of new members like Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emi- rates UAE, BRICS now represents nearly half of the world's popula- tion and a significant portion of global GDP. This expansion strengthens BRICS' position as a counterbalance to Western eco- nomic dominance. • Energy Security: The summit emphasized the im- portance of energy security and co- operation among member countries. This includes initiatives to develop alternative energy the BANKING EXECUTIVE 10 ISSUE 189 OCTOBER 2024