BRICS Summit in expanded format takes place in Kazan with focus on stronger economic cooperation

Kazan [Russia], October 23 (ANI): The 16th BRICS Summit continued in Kazan, Russia, on Wednesday, with key meetings taking place in both narrow and expanded formats. 

Representatives from BRICS countries gathered at the Kazan Expo International Exhibition Centre, where they were greeted by Russian President Vladimir Putin. After all the delegates arrived, they posed for the traditional group photograph, TV BRICS stated in a report.

The narrow-format meeting saw the participation of several world leaders, including Egyptian President Abdel Fattah El-Sisi, Indian Prime Minister Narendra Modi, Iranian President Masoud Pezeshkian, Chinese President Xi Jinping, UAE President Mohamed bin Zayed Al Nahyan, Ethiopian Prime Minister Abiy Ahmed, South African President Cyril Ramaphosa, and Brazilian Foreign Minister Mauro Vieira. 

Russian President Vladimir Putin delivered the opening address, after which the leaders discussed further financial cooperation and the potential for the group’s expansion. Following the narrow-format meeting, the expanded-format session commenced.

During the expanded meeting, President Putin highlighted the importance of economic cooperation among BRICS countries. He pointed out that early estimates suggest the average economic growth of BRICS nations will be around 3.8 per cent in 2024-2025. Putin also urged greater collaboration in various sectors such as technology, education, resource management, and trade to harness the full potential of the BRICS economies, as reported by TV BRICS.

"In this regard, we propose creating a new BRICS investment platform, which would become a powerful tool for supporting our national economies as well as providing financial resources to the countries of the Global South and East,” Putin said.

Brazilian President Lula da Silva joined the expanded-format meeting via video link, underscoring the vital role BRICS countries play in the global natural resources market. He emphasised that the group holds 72 per cent of the world’s rare earth metal reserves. He also called for the establishment of a unified BRICS financial system to enhance cooperation.

"It is necessary to establish alternative monetary relations between participants. We are not talking about replacing national currencies. We must create a financial system, and this matter requires serious discussion,” Lula said.

Iranian President Masoud Pezeshkian proposed developing a new energy transit network within BRICS, pointing out Iran’s strategic position as a hub for international transport corridors, such as North-South and East-West.

"We can create a new transit network for trading energy resources and other goods within BRICS by developing fruitful cooperation,” Pezeshkian stated.

BRICS New Development Bank (NDB) President Dilma Rousseff also presented a report during the session, highlighting that the NDB accounts for 28.3 per cent of BRICS financing in national currencies.

Following the meetings, the BRICS delegations adopted the Kazan Declaration, summarising the key outcomes of the summit and Russia's role as the BRICS Chair.

The evening will conclude with a formal reception hosted by President Putin in honour of the delegation heads. 

The XVI BRICS Summit officially began on 22 October with a welcoming ceremony for the delegation heads, followed by a concert and informal dinner. The event will continue on 24 October in the BRICS+ format, involving representatives from 36 countries across Asia, Africa, Europe, and Latin America.

Held under the motto "Strengthening Multilateralism for Equitable Global Development and Security," the summit in Kazan is a key event during Russia’s BRICS Chairmanship, the TV BRICS report added. (ANI)