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BRICS Summit 2024 - Live Updates

By Team VS
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BRICS Summit 2024 - Live Updates

The BRICS summit is a group of the world's fastest-growing economies. BRICS summit 2024 is being held in Kazan, Russia. Heads of state from 28 countries, including India, Russia, China, Brazil, Egypt, UAE(United Arab Emirates) and South Africa, have arrived for the summit. This year, Russian President Vladimir Putin is presiding over the summit. PM Modi will deliver a speech here today.

BRICS has surpassed the European Union (EU) to become the world's third most powerful economic organization. The total share of EU countries in global GDP is 14%, while BRICS countries contribute 27%.

BRICS also has its own bank known as the New Development Bank, headquartered in Shanghai, China. It provides loans to member countries for government or private projects.BRICS formed on the concept of a "rising economy," the group included five countries—Brazil, Russia, China, India, and South Africa—until last year. This year, UAE, Iran, Egypt, and Ethiopia will formally become members. Last year, 34 countries expressed interest in joining the organization, and this year that number has risen to 40.

BRICS Summit 2024 Countries and Leaders Name

Putin to Lead BRICS Summit 2024 and Prime Minister Narendra Modi will represent India at the BRICS Summit 2024. United Nations(UN) Secretary-General Antonio Guterres is also attending. BRICS agrees to add 10 new "Partner Countries" at their summit in Russia.

List of BRICS summit 2024 countries are:- Brazil, Russia, India, China, South Africa,Iran, Egypt, Ethiopia, UAE, Algeria, Bahrain, Bangladesh, Belarus, Bolivia, Cuba, Kazakhstan, kuwait, Nigeria, Pakistan, Palestine, Senegal, Thailand, Venezuela, Vietnam

BRICS Summit 2024 New Countries

  • Iran
  • Egypt
  • Ethiopia
  • United Arab Emirates
  • Saudi Arabia

BRICS Summit 2024 Announcement LIVE

BRICS Summit 2024 Live Updates.

President Vladimir Putin noted that "All our states #BRICS stand for equality, good neighborliness and mutual respect, for the affirmation of high ideals of friendship and harmony, for universal prosperity and well-being."

The #BRICS PartNIR Innovation Center (BPIC) in Xiamen exemplifies BRICS’s commitment to collaborative development.

India's PM Narendra Modi "Had an excellent meeting with President Putin. The bond between India and Russia is deep-rooted. Our talks focussed on how to add even more vigour to our bilateral partnership across diverse sectors."

The Russian dicator said Russian-Chinese relations “have become a model of how relations between states should be built in the modern world.”

India's PM Narendra Modi and Xi Jinping to hold first meeting in 5 years.

Xi Jinping Recalls Historic China-Russia Trade Route at BRICS Summit

Vladimir Putin says BRICS will adopt "digital currencies" for investments.

BREAKING: "BRICS Pay" has been successfully tested at the BRICS Business Forum. BRICS is real and ready to use blockchain technology. #XRP has already been integrated into the BRICS nations!

BRICS officially unveils a new demo of its payment system, BRICS Pay.

BRICS is not anti-western association, BRICS is simply non-western association” - President Putin.

BRICS Summit 2024 Agenda

The sanctions imposed on Russia after its 2022 full-scale invasion of Ukraine

BRICS partners want to reduce their dependence on the US dollar

Increase BRICS' role in the international financial system.

From the Beginning Until Now

  • 2006: The foreign ministers of Brazil, Russia, India, and China met during a UN meeting.
  • 2009: The first summit of the four countries took place in Russia, and the group was named BRIC.
  • 2010: South Africa formally joined the organization, and it was renamed BRICS.
  • 2023: Six countries—Argentina, Egypt, Ethiopia, Iran, and Saudi Arabia—were invited to join BRICS. (Argentina declined to join BRICS after a change in government).
  • 2024: UAE, Egypt, Ethiopia, and Iran became members, while Saudi Arabia is still considering membership.
BRICS Summit Organisation

How Big of a Challenge is BRICS for Western Countries?

Recently, Russian President Putin shared information about discussions on creating a separate payment system for BRICS countries, similar to the SWIFT payment system.

Last year, Brazilian President Lula da Silva had stated during a summit that BRICS countries need to create a new currency for trade. He questioned, "Why are we trading in dollars?"

However, there hasn't been any significant development on this matter yet. In a previous press conference, President Putin also mentioned that this is a matter for the distant future, and no decision is imminent.

That said, some BRICS countries have already started trading in their national currencies. China and Russia are among these countries. After the Ukraine war, Russia has been emphasizing the use of national currencies.

The reason for this is that the U.S. and Western countries have seized Russia's assets, which has caused significant losses for Russia.

BRICS Summits Hosted by India and Other Countries

India has hosted the BRICS summit three times. Below is a list of BRICS summits by date, host country, and location:

  • 16 June 2009 – Russia, Yekaterinburg
  • 15 April 2010 – Brazil, Brasília
  • 14 April 2011 – China, Sanya
  • 29 March 2012 – India, New Delhi
  • 26-27 March 2013 – South Africa, Durban
  • 14-17 July 2014 – Brazil, Fortaleza
  • 8-9 July 2015 – Russia, Ufa
  • 15-16 October 2016 – India, Goa
  • 3-5 September 2017 – China, Xiamen
  • 25-27 July 2018 – South Africa, Johannesburg
  • 13-14 November 2019 – Brazil, Brasília
  • 17 November 2020 – Russia, (Held via video conference due to COVID-19)
  • 9 September 2021 – India, (Held via video conference)
  • 23 June 2022 – China, (Held via video conference)
  • 22-24 August 2023 – South Africa, Johannesburg
  • 22-24 October 2024 – Russia, Kazan

How Will BRICS Change with the Inclusion of New Countries?

The inclusion of new countries has strengthened BRICS. With the addition of the UAE, Iran, Egypt, and Ethiopia, BRICS now has a larger market. The UAE, a rapidly growing economy with a global export capacity of over 2%, is now part of the group.

The entry of these nations has also increased BRICS' total land area and population. Additionally, the combined military capacity of the organization has grown, although BRICS is not a military alliance.