The 16th BRICS Summit in Kazan symbolizes a new phase in global politics, as nations of the Global South seek to shift away from long-standing Western dominance, asserting their demographic, economic, and political strength.
The Kazan Summit raises critical questions: Is this the beginning of the end for Western hegemony? Could a unified effort among emerging powers from Africa, Asia, and Latin America foster a new world order? Are we on the verge of seeing a new global currency, releasing the South from U.S. financial dominance? This article explores these possibilities and what the BRICS may represent for the Global South.
Held from October 22 to 24, 2024, the Kazan Summit marked a significant milestone in South-South cooperation. This gathering of emerging powers – Brazil, Russia, India, China, South Africa and their allies – was the scene of a bold collective effort to challenge Western hegemony and reimagine the global order. The discussions resulted in major initiatives, such as the Russian proposal to create a BRICS Parliament to strengthen the political impact of this economic alliance. The creation of a common currency, BRICS+, could also be considered in order to reduce dependence on the US dollar and establish a more equitable global economy. This summit illustrates the emergence of a multipolar world, valuing cooperation and equity, and consolidates a new development paradigm through a South-South economic solidarity network. It thus marks the beginning of an era in which the countries of the South are resolutely taking their destiny into their own hands and redefining their future on the global stage.
Strategic Decisions and Statements from the BRICS Summit
The Final Declaration of the BRICS 2024 Summit highlights the strategic commitment of this group to strengthen their partnership on common interests. In response to the illegitimate sanctions affecting the global economy, the BRICS stress the need to actively include countries from Africa and the Global South in international processes, welcoming their interest in unification. Notable support is shown for the adoption of Palestine in the UN, in accordance with the 1967 borders, and for dialogue efforts aimed at resolving the conflict in Ukraine. The principle of “African solutions to African problems” is reaffirmed, with strong support for the African Union and peace initiatives by African states. The fight against terrorism in Africa is also prioritized, with calls for enhanced international cooperation and increased support for the most affected countries.
Strategic partnerships with organizations such as the Shanghai Cooperation Organization (SCO), the India-Africa Forum, the Russia-Africa Forum, the Russia-Africa Ministerial Conference, and the Forum on China-Africa Cooperation (FOCAC) are encouraged to facilitate trade and promote sustainable development. By integrating 13 new nations as partners – not full members – (Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam), BRICS underscores its dynamism in global trade with strategic corridors such as the International North-South Corridor and the Northern Sea Route, optimizing connectivity and reducing transport costs. These corridors form the backbone of international trade: the International North-South Corridor, the Belt and Road Initiative, the Red Sea and Suez Canal, the Trans-African Highway, and the Northern Sea Route (NSR). What are the geopolitical and geostrategic implications of this full-scale summit?
A Geopolitical Revolution: BRICS Challenges Western Hegemony
A geopolitical earthquake is shaking the world as the BRICS nations—emerging powers—launch an unprecedented challenge to Western hegemony. Brazil, Russia, India, China, and South Africa are joining forces to overturn a global order established for decades. The West’s economic, political, and cultural dominance is faltering, giving rise to a new era of multipolarity and cooperation that redefines the rules of the global game. With its resounding success, the Kazan Summit marks a landmark geopolitical revolution, as BRICS countries and their allies unite to contest the post-World War II Western supremacy. Representing more than 40% of the world’s population, more than 35% of global GDP and 20% of foreign exchange reserves, the BRICS challenge the economic and political supremacy of the West, while offering a new model of multipolar and equitable governance. By promoting a diversified economy and bolstering South-South cooperation, this coalition heralds the emergence of a fairer world order.
The strategic implications are profound: a redefinition of alliances, reassessment of national interests, and transformation of international relations. The Kazan Summit symbolizes the BRICS nations’ determination to shape a future free from Western dictates, laying the groundwork for a plural and equitable world. The geopolitical landscape is evolving: the BRICS have weakened Western hegemony, empowering countries of the Global South. A new geopolitical era, based on balance and cooperation. The future is multipolar, and the BRICS are its architects.
End of dollar dominance: birth of a new world currency?
The reign of the dollar is coming to an end. The BRICS are creating a new global currency, freeing the countries of the South from Western financial tutelage. A new financial system is emerging, based on balance and cooperation. The era of financial monopolarity is over. The Kazan summit (capital of the Tatarstan region) marks a crucial turning point towards the deconstruction of Western financial hegemony, exploring the creation of a new global currency: BRICS+. By offering a strategic alternative to the US dollar, this initiative aims to reduce US domination of international transactions and balance global economic power. The dollar, in place since 1944, has allowed the United States to control financial flows, influence exchange rates and sanction opposing countries, but also creates excessive dependence, exposes to fluctuations and limits the opportunities of emerging countries.
The BRICS+ currency proposes a multipolar model, integrating BRICS currencies for stability and collective management, while promoting increased financial sovereignty and strengthened South-South cooperation. This transformation aims to redefine financial geopolitics, erode American influence and usher in a new era of global cooperation. The BRICS are determined to reconfigure the economic order to emancipate the countries of the South. The dominance of the dollar is well and truly over. The new BRICS global currency is redefining the global financial balance. A multipolar economic world is emerging, freed from Western tutelage. The future is now resolutely pluri-monetary.
South-South Cooperation: A New Paradigm for Development
A wind of change is blowing across the South. South-South cooperation is emerging as a transformative force, challenging traditional development models. Emerging countries are joining forces to create a new paradigm: equitable, sustainable and empowered. The era of dependency is over, the future is now South-South. South-South cooperation represents an innovative paradigm for development, highlighted at the 16th BRICS Summit in Kazan, which underscores the emergence of an era of enhanced collaboration among the countries of the South. This strategic alliance is based on cardinal values such as solidarity, equity and sovereignty, as well as on converging objectives of development, stability and prosperity. Faced with the common challenges of poverty, inequality and climate change, the BRICS are multiplying initiatives in key sectors: trade through trade agreements and free trade areas, energy with enhanced cooperation around renewable energies, technology through knowledge sharing and innovation, and finally infrastructure for better connectivity.
This dynamic ensures that countries of the South have increased economic competitiveness, consolidated resilience to crises, facilitated access to markets and technologies, while promoting regional peace and stability. Strategically, this cooperation redefines international relations, erodes Western influence and promotes the emergence of a more plural and equitable world. The BRICS are thus asserting themselves as catalysts for sustainable, inclusive and sovereign development for nations of the South. South-South cooperation has turned the tables. A new paradigm is emerging, where countries of the South take their destiny into their own hands. Autonomy, equity and solidarity replace dependence.
The Kazan summit could be said to have sounded the death knell for Western supremacy. Ironically, nations that once advocated democracy and economic freedom now find their own influence waning as BRICS nations emerge with a fresh vision. The Kazan Summit has brought this shift into focus: the era of Western hegemony is indeed fading. Through unprecedented solidarity and strategic alignment, the BRICS and their allies are leading the charge toward a multipolar, cooperative global future.
Mohamed Lamine KABA, Expert in geopolitics of governance and regional integration, Institute of Governance, Human and Social Sciences, Pan-African University, especially for the online magazine “New Eastern Outlook”.
