BRICS aims to challenge US hegemony with vision for new global order

Russia is emphasizing the significance of the recent BRICS summit as the largest foreign policy event ever held in the country and a key moment in its presidency of BRICS for 2024, according to an article by Responsible Statecraft.

The 16th BRICS summit, taking place from October 22-24, marks the first gathering under the BRICS+ format, featuring leaders from 24 countries and delegations from a total of 32 nations. This expansion includes Egypt, Ethiopia, Iran, and the United Arab Emirates, now making BRICS+ representative of over 40% of the global population, which could serve as a counterweight to Western dominance.

The summit’s main objectives include bolstering multilateralism, promoting equitable global development, and addressing security concerns. Discussions will also focus on enhancing cooperation among BRICS nations and the Global South, covering issues such as a new payment system for BRICS, efforts for de-dollarization, and establishing a BRICS digital currency. Additionally, attendees will discuss alternatives to the International Monetary Fund (IMF) and propose a new grain trade platform.

This summit highlights the widening divide between the West and the Global South, with Russia and BRICS aiming to present a multipolar economic and geopolitical framework that contrasts sharply with the current US-led “rules-based” order. Russian State Duma Speaker Vyacheslav Volodin remarked on Telegram about BRICS's growing influence, asserting that the era of Washington and Brussels’ hegemony is waning.

Amidst escalating tensions in the Middle East, Iran's President Masoud Pezeshkian expressed that Tehran anticipates finalizing a strategic cooperation agreement with Russia during the summit. However, Russia may hesitate to sign the agreement due to concerns about Iran’s increasing tensions with Israel.

A significant topic at the summit is Russia’s proposal for a BRICS payment system, known as BRICS Pay, aimed at circumventing the global financial system to protect its economy from Western sanctions. The proposal includes creating a network of commercial banks for transactions in local currencies and establishing direct central bank links.

Despite some BRICS+ members expressing reluctance, the trend toward de-dollarization appears to be gaining traction. China is exploring a gold-backed yuan, and Russia is engaging in gold-tied currency trading. While immediate solutions to economic and financial proposals may not emerge from the summit, it effectively fosters interest in alternative strategies to the post-World War II order. As BRICS nations increasingly distrust the US-led global order, it signifies a potential challenge to the prevailing dominance of Western institutions .