Dear Focus Reader,
Global leaders convened this week for the 16th BRICS Summit in Kazan, Russia, where representatives from major emerging economies, including Brazil, Russia, India, China, and South Africa, focused on expanding cooperation. During its BRICS presidency this year, Moscow announced it would focus on strengthening partnerships in three key areas: political and security cooperation, economic and financial collaboration, and cultural and humanitarian ties.
In a landmark meeting on the sidelines of the Summit, Chinese President Xi Jinping and Russian President Vladimir Putin held direct talks on several issues, most notably the Ukraine conflict. The two leaders also reiterated their commitment to strengthening strategic ties in areas such as energy, technology, and regional stability, marking a continuation of efforts to decrease dependence on Western economies. Both leaders also expressed the need for an alternative, multilateral order that could accommodate emerging economies' interests, reflecting BRICS' foundational principles. In line with these endeavors, this summit marked the first BRICS gathering since the bloc expanded to include five new members — Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia — doubling its membership to ten countries.
Xi also met with Indian Prime Minister Narendra Modi, marking a significant moment amid recent tensions along their shared border and India's developing strategic ties with the U.S. Xi and Modi discussed enhancing stability in Asia, and both leaders acknowledged the importance of fostering trust within the region
Overall, the summit reinforced BRICS' commitment to an alternative global framework, with member states rallying for broader inclusion of Global South nations in economic and political decision-making.Learn more on international relations by catching up on our latest Focus content, including topics on China's economy, the Middle East, the Russia-Ukraine war.
The number of years for leadership positions within the BRICS New Development Bank, which mandates that each member country takes turns appointing a leader.
Learn more in "Four Hot Topics Regarding BRICS," by Wang Youming, Senior Research Fellow of BRICS Economic Think Tank, Tsinghua University.
In our Focus Insights section, we shared an article by Chaminade University Professor Chris McNally analyzing China's recent monetary stimulus measures and the additional steps Beijing must take to restore consumer and investor confidence.
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