The Banking Executive Magazine - October Issue

BRICS 2024 sources and reduce dependence on western energy markets. • Financial Independence: BRICS countries discussed reduc- ing reliance on western financial systems, such as the United States US dollar and SWIFT (Society for Worldwide Interbank Financial Telecommunications) payment network. This includes promoting the use of national currencies for trade transactions and developing new financial institutions. • Global Security: The summit highlighted the need for global and regional security, with a focus on preventing con- flicts and resolving crises through dialogue and diplomacy. This in- cludes addressing humanitarian crises in regions like Gaza and Lebanon. • Multilateral Cooperation: BRICS emphasized the importance of multilateralism and cooperation among emerging markets and de- veloping countries. This includes building new institutions and mechanisms to support global de- velopment and security. The BRICS 2024 Summit showcased the bloc's growing influence and its commitment to empower a more multipolar and just global order. BRICS EXPANSION The BRICS 2024 Summit marked a significant expansion of the bloc. The summit welcomed six new members: Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates (UAE), and Argentina. This expan- sion brings BRICS' membership to a total of 13 new countries, including Algeria, Belarus, Bolivia, Cuba, In- donesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, and Vietnam. This expansion is seen as a move to strengthen BRICS' influence and cre- ate a more representative and inclu- sive global order. The new members are expected to contribute to the bloc's economic, political, and strategic goals, further diversifying its capabilities and reach. BRICS 2024 CONTROVERSIES The BRICS 2024 Summit faced sev- eral controversies and criticisms. The inclusion of Iran and the expansion of BRICS were seen by some western observers as a move to counter west- ern influence and strengthen a mul- tipolar world order. This raised concerns about the bloc's alignment and potential geopolitical conflicts. Despite the expansion, there were disparities among the member states' ambitions and priorities. The lack of substantial developments on core topics highlighted these differences, raising questions about the bloc's unity and shared goals. Many west- ern observers viewed BRICS as an in- creasingly anti-western organization, especially given the summit's loca- tion in Russia and the inclusion of Iran as a full member. This led to ac- cusations of double standards in ad- dressing international conflicts. The BRICS bloc faced challenges in reaching a workable economic and monetary consensus. The members did not share the political will to make this consensus a reality, which hindered progress on key economic initiatives. Moreover, the expansion raised questions about BRICS' iden- tity and shared values. The bloc's di- verse membership and varying political systems made it difficult to establish a unified vision and pur- pose. These controversies underscore the complexities and challenges of fos- tering a cohesive and effective part- nership among BRICS countries. THE GEOPLOITICS OF BRICS 2024 The geopolitics of BRICS in 2024 are complex and multifaceted, reflecting the bloc's growing influence and the shifting global power dynamics. BRICS is seen as a driving force be- hind the transition to a multipolar world order by expanding its mem- bership and strengthening its eco- ISSUE 189 OCTOBER 2024 the BANKING EXECUTIVE 11