Dozens of world leaders are attending a three-day Brics summit starting today in the southwestern Russian city of Kazan. The meeting is the group's first since it expanded earlier this year and showcases an alliance that the Kremlin hopes will challenge the US-led "hegemony".
Named after the five founding countries – Brazil, Russia, India, China and South Africa – the Brics+ group now includes Iran, Egypt, Ethiopia and the United Arab Emirates. Saudi Arabia is in the process of formalising its membership and, according to Vladimir Putin, another 34 countries have expressed interest in joining "in one form or another".
What did the commentators say? The gathering is "meant to send an unmistakable signal", said Stewart Patrick from the Carnegie Endowment for International Peace. "Despite the West's best efforts to isolate it, Russia has many friends around the world."
Together, the 10 Brics+ countries account for 36% of global GDP, compared with the G7's 30%. They also represent 45% of the world's population, compared with the G7's less than 10%.
The growing allure of Brics is more about "the power of China's economy", and growing disillusionment with Western failures and hypocrisy (intensified by US support for Israel), than it is "an endorsement of Putin or his anti-Western fervour", said The Washington Post.
Brics is also rife with internal divisions. China and Russia increasingly position the alliance as an anti-US bloc, which sits poorly with some other member nations and could put off prospective applicants. Efforts to reduce reliance on the US dollar as a global reserve currency are controversial too. Putin sees Brics as "a key tool" in his plan to "destroy the power of the American dollar". That's a goal "largely shared by China", which is attempting to promote the yuan as an alternative reserve currency, but not by others, chiefly India.
What next? Tensions aside, Russian officials already view the summit as a "massive success", said The Associated Press (AP). The Kremlin will relish the "optics of standing shoulder-to-shoulder" with world leaders, and the opportunities to negotiate deals to "shore up Russia's economy and its war effort". |