BRICS 2024: Paving the Path for Economic Growth and Trade Cooperation

As the world navigates post-pandemic recovery, grapples with geopolitical challenges, and observes the ascent of emerging markets, the outcomes of the 16th BRICS Summit in 2024 offer valuable perspectives on how these nations intend to shape global trade and the economy. This summit, held in Kazan under the theme, “Strengthening Multilateralism for Fair Global Development and Security,” was considered a diplomatic triumph for Russia, as it allowed President Putin to showcase Russia’s global engagement despite perceptions of isolation.¹ It was the first summit-level gathering of the expanded BRICS+, featuring the participation of leaders from the newly included member countries: Egypt, Ethiopia, the UAE, Iran, and Saudi Arabia. Key leaders at the summit included Xi Jinping of China, Abdel Fattah el-Sisi of Egypt, Abiy Ahmed of Ethiopia, Narendra Modi of India, Masoud Pezeshkian of Iran, and Cyril Ramaphosa of South Africa. Brazilian President Lula da Silva participated virtually due to travel constraints. Guests such as Turkish President Recep Tayyip Erdoğan and UN Secretary-General António Guterres attended the meeting. A significant outcome of Russia’s BRICS presidency was the organisation’s outreach to the Global South, with the summit declaration emphasising cooperation with emerging markets and developing nations from Asia, Europe, Africa, Latin America, and the Middle East. Antonio Gramsci has well said about this rise of BRICS+, “The old world is dying, and the new world struggles to be born.”²

For the U.S. and other Western nations, BRICS+ serves as a wake-up call, highlighting the risks of neglecting the legitimate aspirations of countries and communities worldwide for more significant influence, power, and agency in the structures of global governance that shape their destinies. To some in the West, BRICS+ signals a more troubling trend—a world splintering into rival blocs, driven by intensifying geopolitical tensions between East and West and deepening divides between the Global North and South. At the same time, it offers a coalition of emerging and middle powers a means to advance their sometimes-convergent interests and a platform to experiment or ‘bricoleur’ with the rules and frameworks of the multilateral system. These countries highlight a growing emphasis on multilateralism, trade diversification, and achieving greater financial autonomy from traditional Western-dominated systems.

The BRICS nations, with a population of around 3.3 billion, represent more than 40% of the global population. Economically, according to the International Monetary Fund, these countries account for about 37.3% of the global GDP in purchasing power parity, with China contributing 19.05% and India contributing 8.23%. The United States and the European Union each makeup approximately 14.5% of the global GDP. The BRICS bloc is also gaining strength in the international commodities market, particularly in oil. With the inclusion of Iran and the UAE, as well as the potential inclusion of Saudi Arabia, BRICS could control almost half of the world’s oil production and makeup around 35% of global oil consumption, as per an analysis by S&P Global.

The addition of Saudi Arabia would make BRICS a significant commodity powerhouse. Furthermore, the BRICS nations benefit from a large consumer base and labour force due to their substantial populations. In 2024, the labour force participation rate in BRICS countries is 60.6%, totalling 1.5 billion people, according to the International Labour Organization. However, there is a noticeable gender gap, with male participation at 73.9% and female participation at 47.4%. Additionally, informal work is typical in these countries, with approximately 934.4 million people in the informal economy, most of whom are in India. A 2023 report from the International Labour Organization highlighted that improving formal employment and working conditions could boost productivity in BRICS nations. As of this year, the unemployment rate within the bloc stands at 5.3%, affecting around 84.7 million people.³

The BRICS countries, reaffirming the 2023 Johannesburg II Declaration, emphasise the importance of multilateral cooperation to address geopolitical and geo-economic fragmentation risks. They are committed to intensifying efforts in key areas such as trade, poverty reduction, sustainable development (including access to energy, water, and food), climate change adaptation, education, and health, focusing on pandemic prevention and response. BRICS stresses the full implementation of the Addis Ababa Action Agenda and advocates for the active participation of developing countries in the upcoming 2025 Financing for Development conference in Spain.⁴ The bloc calls on developed nations to honour their commitments to financing development and enhance cooperation in areas such as taxation, debt management, trade, official development assistance, technology transfer, and the reform of international financial institutions. They recognise the significant contribution of multilateral development banks and national development institutions in scaling up blended finance to support the Sustainable Development Goals. In this context, BRICS appreciates the efforts of the BRICS Public-Private Partnership and Infrastructure Task Force and endorses its Technical Report on Blended Finance for Infrastructure Projects.

Strengthening Trade Relations Within BRICS

Despite accounting for over 40% of the world’s population and a significant share of global GDP, intra-BRICS trade remains underutilised. The summit outlined efforts to eliminate tariffs, streamline customs procedures, and address non-tariff barriers, making cross-border business operations more efficient and cost-effective. A key focus was the diversification of trade routes, with a push to reduce reliance on Western-centric markets. BRICS nations are exploring regional trade agreements and new logistics networks to enhance trade efficiency. Additionally, the summit emphasised promoting digital trade, including e-commerce advancements, reducing barriers to digital trade, and improving e-payment systems to strengthen competitiveness in a digital global economy.

Security and economic cooperation were also central topics, addressing counterterrorism, cybersecurity, and regional stability. The BRICS bloc’s increasing diversity, with new members from various regions, may complicate unified policy positions in forums like the G20. The summit discussed the bloc’s growing influence in energy, OPEC+ will continue to oversee the global oil market, and the expanded energy profile of BRICS could have a long-term impact on the sector. The inclusion of the UAE and Iran strengthens BRICS’ energy influence, and if Saudi Arabia joins the bloc, BRICS will control 42% of the global oil supply.⁵ The presence of major oil exporters, alongside key importers like China and India—both of which opposed Western sanctions on Russia—underscores BRICS’ potential to create alternative trade mechanisms that reduce reliance on the U.S. dollar and challenge the financial power of the Group of Seven (G7). Discussions also covered global challenges, such as supply chain issues, conflicts in the Middle East and Africa, and the need to reform international financial institutions. The focus was on pragmatic, structural changes rather than contentious geopolitical issues like Ukraine.

This summit emphasised the importance of enhancing the New Development Bank (NDB), focusing on increasing loans in local currencies. The bank aims to allocate 30% of its financing in the local currencies of its borrowing members, offering flexibility beyond the restrictive terms often associated with traditional financial institutions.⁶ This initiative is set to provide critical funding for projects across various sectors, meeting the growing demand for investment in infrastructure and development amidst global challenges. The NDB prioritises financing large-scale infrastructure projects, particularly in energy, transportation, and technology. Reflecting global sustainability goals, this summit emphasised the importance of green infrastructure, including renewable energy projects, sustainable urban planning, and climate-resilient investments. These initiatives aim to address the impacts of climate change while fostering environmentally sustainable development across BRICS nations and beyond. Beyond infrastructure, the NDB has strengthened financial partnerships with local institutions in BRICS countries.⁷ By aligning projects more closely with local priorities and needs, this approach seeks to ensure that NDB-funded initiatives contribute meaningfully to long-term economic growth and directly benefit local populations.

Another key initiative at this summit was the BRICS Cross-Border Payment System, designed to facilitate trade in local currencies. This development stems partly from concerns over the risks associated with the U.S. dollar. However, the shift toward local currencies is more than just about de-dollarisation; it is also about enabling cheaper and more efficient transactions. This system represents a financial lifeline for Russia, which has been excluded from the SWIFT system.⁸ Egypt views it as a way to alleviate pressure on its foreign reserves, while South Africa, Brazil, and India prefer a measured approach, cautiously diversifying without moving away from the dollar. The BRICS summit marked a pivotal moment in the global financial landscape, with de-dollarisation emerging as a prominent theme. The bloc outlined strategies to reduce dependence on the dollar in international trade and finance, which were motivated by a desire for greater financial autonomy and dissatisfaction with overreliance on the US dollar. These efforts are driven by economic sanctions, inflationary pressures, and a growing desire among BRICS nations for greater control over their financial systems.

Trade in local currencies was also advocated at this summit. Countries like China and Russia are already engaging in trade agreements using currencies, such as the yuan and rubble, to bypass the dollar in specific sectors. Another significant development was the continued exploration of a BRICS Reserve Currency.⁹ Though still in the conceptual phase, this initiative seeks to create an international currency based on a basket of BRICS currencies, potentially backed by commodities like gold. Such a currency would provide a more stable and diversified financial tool for nations seeking alternatives to the dollar, offering enhanced stability and credibility in global markets. The summit also highlighted efforts to expand the role of China’s renminbi (yuan) in international trade, which is seen as a viable alternative to the dollar. These efforts reflect the bloc’s aim to challenge the dollar’s dominance and advance a more multipolar global financial system.

The BRICS members pledged to prioritise investments in renewable energy, electric vehicles, and climate adaptation technologies. Efforts will focus on creating sustainable supply chains, reducing carbon emissions, and supporting eco-friendly innovations. Initiatives include building green infrastructure like electric transport systems and smart grids and exploring a joint carbon trading platform to promote cleaner industrial practices and reduce greenhouse gas emissions across the bloc. These commitments reflect BRICS’ collective aim to drive sustainable economic growth while addressing climate challenges. In addressing sustainability, BRICS reiterated its commitment to equitable energy transitions, considering national circumstances and the need for a diverse energy mix, including renewables, biofuels, and nuclear power. The bloc rejected unilateral climate measures such as carbon border adjustment mechanisms (CBAMs) and underscored the importance of international cooperation in biodiversity conservation and climate adaptation. Efforts to strengthen the BRICS Energy Research Cooperation Platform and develop carbon markets reflect a shared commitment to balanced environmental stewardship.¹⁰

BRICS nations view Special Economic Zones (SEZs) as vital tools for economic growth, trade, and industrialisation. These zones offer regulatory benefits, fiscal incentives, and infrastructure to attract investments in high-tech industries like IT and tourism.¹¹ They foster innovation, job creation, and exports by simplifying administrative processes and reducing entry barriers. A BRICS cooperation forum facilitates sharing best practices in policy, infrastructure, and sustainable SEZ management while promoting these zones to global investors. SEZs are central to BRICS’ strategy for economic diversification, international competitiveness, and sustainable industrial development.

BRICS nations are enhancing tax and customs administration cooperation to streamline processes and bolster economic integration. A significant milestone in this effort is the adoption of the BRICS Heads of Tax Authorities Governance Framework.¹² This framework institutionalises collaboration among the tax authorities of member countries, aiming to foster transparency, efficiency, and the harmonisation of tax policies. By creating a structured mechanism for dialogue and shared practices, the framework ensures better alignment on issues such as tax evasion, avoidance, and digital economy taxation, which are increasingly critical in the globalised economic environment. Additionally, BRICS has supported the mutual recognition of Authorized Economic Operators (AEOs).¹³ This initiative simplifies customs procedures and enhances trade facilitation by establishing trust among customs authorities and businesses. Through AEO recognition, compliant companies benefit from reduced inspections, priority clearance, and smoother cross-border trade operations. These measures collectively aim to lower trade costs, boost efficiency, and encourage more significant economic activity within the BRICS bloc, contributing to the group’s broader economic cooperation and resilience agenda.

Financial System Reforms

BRICS countries reaffirmed their commitment to a rules-based, transparent, and inclusive multilateral trading system, with the World Trade Organization (WTO) at its core. They called for the reform of the WTO to enhance its developmental dimension and to reinstate a fully functional dispute settlement system by 2024. They rejected unilateral trade restrictive measures inconsistent with WTO rules, emphasising fair treatment for developing and least-developed countries. The leaders noted the need for a more equitable global system by calling for reforms to the United Nations Security Council and the Bretton Woods institutions, ensuring that the representation of emerging markets and developing countries (EMDCs) aligns with their growing economic contributions.¹⁴ They advocated for a multipolar world order and reaffirmed their commitment to multilateralism and international law as foundations for addressing global challenges. The BRICS nations also denounced unilateral coercive measures and called for peaceful conflict resolution based on mutual respect and adherence to the UN Charter. Reforming global financial governance also took centre stage as leaders pushed to address international debt challenges, particularly for low- and middle-income countries, through mechanisms like the G20 Common Framework for Debt Treatment. Furthermore, there was strong support for improving the resilience of supply chains, particularly in agriculture and energy, while opposing protectionist trade practices that disrupt global systems. Digital transformation and innovation emerged as focal points, with BRICS nations committing to collaborative efforts in artificial intelligence (AI), cybersecurity, and e-commerce. The bloc highlighted the importance of fair and inclusive data governance to enable equitable participation in the digital economy and foster innovation-driven growth. Initiatives under the BRICS Partnership for the New Industrial Revolution (PartNIR) and proposals such as BRICS Clear—a cross-border financial settlement infrastructure—aim to enhance trade efficiency and technological collaboration.¹⁵

The BRICS Countries reiterated their commitment to strengthen the BRICS Contingent Reserve Arrangement (CRA), which acts as a mechanism for mitigating the effects of a crisis, and to complement the existing international financial and monetary system, strengthening the global financial safety net. The leaders noted that “an unbalanced recovery” from the shock and hardship of the pandemic is aggravating inequality worldwide.¹⁶ They acknowledged high global debt levels exacerbated by economic shocks, advocating for predictable and orderly implementation of the G20 Common Framework for Debt Treatment. They called for fair burden-sharing mechanisms involving official creditors, private creditors, and multilateral development banks.¹⁷ The leaders stressed the need to address debt vulnerabilities in low- and middle-income countries to support economic recovery and sustainable development. The leaders also advocated for encouraging international organisations and multilateral financial institutions to play a constructive role in building global consensus on economic policies and preventing risks of financial fragmentation and economic disruption. They favoured the idea that multilateral development banks should increase lending capacities while safeguarding long-term financial stability, preferred creditor status, and robust creditor rating.

Blended finance combines public funds, private investments, and international support to mobilise resources for large-scale projects, especially in high-risk, long-term sectors like sustainable energy, transportation, and urban development. Multilateral and national development banks play a key role in the BRICS framework by offering expertise, risk mitigation, and financial guarantees, making these initiatives more accessible to the private sector.¹⁸ This approach aligns with BRICS’ commitment to fostering economic resilience, green growth, and sustainable development while addressing economic disparities among member nations.

As digital markets expand, member countries have committed to strengthening consumer protection frameworks, ensuring secure and transparent online transactions. Building trust in digital platforms is essential to fostering a robust e-commerce ecosystem that benefits consumers and businesses. In parallel, BRICS has emphasised the critical role of Micro, Small, and Medium Enterprises (MSMEs) in economic development, focusing on their integration into global value chains.¹⁹ Special attention is given to innovation-driven startups and technology-oriented enterprises, poised to contribute significantly to industrial modernisation and competitiveness. The bloc supports initiatives providing MSMEs access to digital tools, financial resources, and international markets, helping them leverage e-commerce opportunities and scale their operations effectively.

The summit also endorsed initiatives like the BRICS Grain Exchange, designed to strengthen food security by promoting trade in agricultural commodities to tackle food supply challenges.²⁰ Urgent reforms to improve cross-border financial practices to ensure greater inclusivity and fairness were also emphasised. Recognising that BRICS countries produce one-third of the world’s food, they committed themselves to minimising disruptions in agricultural trade by opposing restrictive measures affecting food and fertiliser supplies and supporting smallholder farmers and low-income food-importing nations through resilient agricultural practices and trade facilitation​.  They called for agricultural reforms in accordance with the mandate in Article 20 of the Agreement on Agriculture while recognising the importance of respecting the mandates regarding a Permanent Solution on Public Stockholding (PSH) for food security and Special Safeguard Mechanism (SSM) for developing countries, including LDCs, in their respective negotiating contexts.²¹

Conclusion

The summit reinforced BRICS’ commitment to amplifying the Global South’s voice in global trade, calling for reforms in international trade and financial institutions, including the WTO, to address power imbalances favouring advanced economies. BRICS+ reflects the bloc’s commitment to diversifying the global order and providing alternatives to Western-dominated institutions. The inclusion of these partner countries aims to enhance political and economic cooperation, offering a platform for nations seeking to engage beyond U.S. and EU frameworks. BRICS’ is committed to developing alternative payment systems for trade among BRICS nations.

The BRICS Summit 2024 provided India with a platform to enhance its diplomatic influence, advocating for greater cooperation in information and communication technologies, border security, and counterterrorism while also managing challenges posed by China. As a bridge between Western powers and emerging economies, India aims to balance its strategic interests within the bloc without allowing Sino-Russian dominance to strain its Western relationships. India reaffirmed its dedication to fostering a balanced multipolar world and promoting a reformed global order, emphasising the importance of resolving conflicts diplomatically. Talks with Russia focused on the Ukraine crisis, with India stressing the need for diplomatic solutions and offering support for the safe evacuation of Indian citizens. Since President Masoud Pezeshkian took office, the first high-level talks with Iran focused on promoting regional stability and boosting trade through the Chabahar Port.²³ At the same time, the India-China meeting signalled warm relations between them, with both countries agreeing to restart border patrols in Ladakh.

The BRICS bloc faces challenges, including internal disagreements and practical obstacles, which may slow down the realisation of a unified currency or cohesive economic strategy. Critics see BRICS lacking substance, describing it as a “paper tiger.”²⁴ They caution that incorporating nations with diverse political, economic, and social systems could exacerbate internal divisions, undermining the group’s ability to agree on critical issues. While the declaration acknowledges the advantages of cross-border payment mechanisms that are faster, cost-effective, transparent, secure, and inclusive, it does so in broad terms. The lack of detailed commitments is notable, particularly given Brazil’s and India’s limited enthusiasm for efforts to “de-dollarize” the global economy.²⁵ In defiance of these challenges, the expansion signifies a growing interest among developing countries in seeking alternatives to the current international order, highlighting a shift towards multipolarity and re-evaluating global governance structures. As it grows and expands its influence, BRICS is poised to play an even more critical role in the evolving global economy. All eyes are on BRICS, on how it would unfold its economic significance and its abilities to position itself as a powerful force in shaping the future global economy and global order.

Author Brief Bio:Dr. Mahendra Kumar Singh is an accomplished academician and media professional with extensive experience in political journalism, teaching & research, and public relations. Currently, he serves as an Assistant Professor in the Department of Political Science at DDU Gorakhpur University (since July 2018). Dr. Singh is also the Director of the Centre for Information, Publication and Public Relations (March 2024-till date) at the same university, having previously held the position of Media & Public Relations Officer (July 2020–March 2024).His research papers are published in Peer Reviewed & UGC Care-listed journals.Dr. Singh’s professional journey includes over a decade-long tenure as Senior Assistant Editor with The Times of India (June 2005–June 2018), where he covered Parliament, national political parties, Niti Aayog, and key legislative developments. His in-depth reporting on proceedings of Lok Sabha and Rajya Sabha reflects his deep understanding of parliamentary processes.Dr. Singh is a prolific columnist, contributing to Deccan Herald, Navbharat Times and other national publications, and appears as a TV panelist on leading news channels like Zee News, News 24 and Republic Bharat.

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