Putin and the head of NDB, Dilma Rousseff discuss Global South development at the BRICS Summit
Brasil de Fato
The 16th BRICS Summit officially began on Tuesday (22), bringing together the largest number of leaders of any previous edition. This marks the first summit in the group’s expanded format, including new members from Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia.
The first day features intense bilateral meetings, with Russian President Vladimir Putin meeting New BRICS Development Bank (NDB) President Dilma Rousseff and Indian Prime Minister Narendra Modi. During the meeting, Rousseff stressed that the expansion of the group and the development of projects between the countries of the Global South are priority themes for the New BRICS Development Bank.
“I hope that we can have a greater expansion of the BRIC countries to the countries of the Global South and that we can define the new paths that we should take in the coming years,” she said.
Vladimir Putin, for his part, said that increasing payments in the national currencies of the BRICS countries will boost the independence of the members and help reduce geopolitical risks.
“Increased payments in local currencies make it possible to reduce debt service payments, increase the independence of the BRICS member countries and minimize geopolitical risks and, as far as possible in today’s world, free economic development from politics,” Putin noted.
The Russian president also stated that the BRICS bank has financed over 100 projects worth US$ 33 billion since 2018.
Putin will also hold bilateral talks with South African President Cyril Ramaphosa, Egyptian President Abdel Fattah al-Sisi, and Chinese leader Xi Jinping. Negotiations to find alternatives to the US dollar’s hegemony in the global financial system and the strengthening of alternative BRICS financial institutions are among the main items on the agenda, as are discussions on the accession of new partner members to the group.
Focus will be on BRICS expansion criteria
At the last minute, President Lula canceled his trip to Russia due to a domestic accident and will take part in the event via videoconference. A telephone call with President Vladimir Putin is also scheduled.
Brazilian Foreign Minister Mauro Vieira will head the delegation in Kazan. Upon his arrival in Russia, the minister spoke briefly to the press and emphasized that the discussion on the expansion of BRICS will be the main item on the summit’s agenda.
“The BRICS expansion is a process in the making, and the heads of state are going to discuss all the issues on the agenda, including new partners, modalities, and timelines,” he said.
More than 30 countries have expressed a desire to join BRICS, and 24 states have even made official requests. However, new members are not expected to be admitted in full format, as happened at last year’s summit in South Africa.
At that summit, Egypt, Ethiopia, Iran, the United Arab Emirates, Argentina, and Saudi Arabia joined the group. Argentina subsequently refused to join, and Saudi Arabia remains undecided about official membership.
The negotiation that will take over the discussions will be the admission of new members under the status of BRICS “partner countries.” The criteria, terms, and which countries will be included are the key points that should command the summit negotiations over the next few days.
