Kazan city in Russia is hosting the 16th BRICS Summit which kicked off Tuesday bringing together more than 20 world leaders and delegations from more than 30 countries.
The three-day summit is being seen as an attempt by non-Western powers to project their clout.
The BRICS nations now accounting for more than 40% of global oil production and about 40% of global oil consumption, are looking to increase their economic and political weight on the world stage.
According to organisers, the summit has been divided into two parts. The first is being held under the slogan “Strengthening Multilateralism for Equitable Global Development and Security,” while the second will focus on “BRICS and the Global South – Jointly Building a Better World.”
Bloc leaders are discussing the creation of a BRICS digital payment platform, BRICS Bridge, and ways to increase trade in national currencies.
The summit is also expected to focus on establishing clear-cut criteria for admitting new BRICS members, including Egypt, Ethiopia, Iran, and the United Arab Emirates, which joined the group in 2023.
Russian President Vladimir Putin has outlined goals for the group, including “enhancing the role of BRICS in the international monetary and financial system, developing interbank cooperation and expanding the use of national currencies in mutual trade.”