Key Highlights of BRICS Summit 2024 for UPSC Aspirants | BRICS 2024 | PW OnlyIAS

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1. Expansion of BRICS Membership
New Members: In 2024, BRICS expanded to include new members, such as Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. This expansion marks a significant shift in BRICS' global influence, with a larger representation of the Global South.
Impact on Global Governance: The expansion is seen as a step toward creating a multipolar world and reducing the dominance of Western-led institutions like the IMF and World Bank.
2. Focus on Economic Cooperation
BRICS 2024 emphasized increasing intra-BRICS trade and investment. Members discussed reducing reliance on the U.S. dollar for international trade and promoting the use of local currencies.
BRICS Bank (NDB): The New Development Bank (NDB) aims to expand its role in financing infrastructure projects in member countries and contribute to sustainable development initiatives.
3. Geopolitical and Security Cooperation
Ukraine Crisis: The BRICS members continued their discussions on geopolitical tensions, including the ongoing Russia-Ukraine conflict. They maintained a neutral stance, focusing on diplomacy and peace-building.
Global Security Architecture: BRICS countries called for a reformation of global security institutions like the UN Security Council, emphasizing the need for a more inclusive global security structure.
4. Climate Change and Sustainable Development
BRICS 2024 focused heavily on climate action, with member countries pledging increased cooperation on green energy, carbon reduction, and renewable energy projects.
BRICS Green Fund: Discussions were held to expand funding for sustainable development projects in member nations through the BRICS Green Fund, aligning with global climate goals.
5. Technological Cooperation
BRICS Tech Collaboration: Member states highlighted the need for joint ventures in cutting-edge technologies like AI, 5G, and space exploration to reduce dependence on Western technology and foster innovation within the group.
6. Food and Energy Security
Given the impact of global crises, BRICS 2024 put a strong focus on food security and energy security. The member nations stressed the need to strengthen agricultural cooperation and ensure stable energy supplies amid fluctuating global markets.
7. Reform of International Financial Institutions
BRICS reiterated its call for reforming global financial institutions like the IMF and World Bank, pushing for more equitable representation for developing countries in decision-making processes.
8. Cultural and Educational Cooperation
There was renewed emphasis on cultural exchanges and educational cooperation through student exchange programs and the establishment of BRICS universities, with a focus on knowledge-sharing in science, technology, and innovation.
9. BRICS Role in Global Governance
BRICS 2024 continued to position itself as an alternative to Western-dominated global governance, promoting South-South cooperation and advocating for a more inclusive and balanced international order.
10. BRICS Digital Initiative
A significant highlight was the launch of the BRICS Digital Economy Initiative, aimed at promoting digital infrastructure development and digital literacy across member nations, particularly in emerging economies.
These key highlights from BRICS 2024 emphasize the bloc's growing importance on the global stage and are crucial for UPSC aspirants preparing for questions on international relations, global governance, and economic cooperation.

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