Putin Calls for 'Multipolar World Order' at BRICS Summit

All BRICS leaders stressed in their opening remarks on Wednesday for the BRICS 2024 Summit that the group's cooperation in economic expansion, supporting developing countries, and finding effective solutions to geopolitical tensions and climate change are common goals, in order to establish a multipolar multipolar world order.

The leaders' statements came during the 16th BRICS Summit, which will be hosted by Russia in Kazan from October 22 to 24, and is the first summit ever since the group's membership was expanded from five to ten countries.

The BRICS group currently includes nine countries: China, Russia, Brazil, India, South Africa, Egypt, the UAE, Iran, and Ethiopia, while Saudi Arabia's position within the bloc remains uncertain.

During the opening of the main session of the BRICS summit, Russian President Vladimir Putin highlighted the importance of the economic bloc, noting that the expansion of the group contributes to raising the share of BRICS countries to about 36.7% of the global GDP by the end of 2024.

The Indian Prime Minister also mentioned that the BRICS countries include 40% of the world's total population, making them a major power, noting the importance of strengthening supply chains between the group.

On his part, Egyptian President Abdel Fattah El-Sisi affirmed his country's commitment to the principles and axes of work of the BRICS group and its keenness to enhance cooperation between its countries in a way that contributes to maximizing its role in increasing global economic growth.

Sisi also supported the promotion of cooperation frameworks in the field of financial settlements in local currencies and investing in the comparative advantages of the BRICS countries to launch joint investment and development projects.

Sisi said, "Egypt attaches great priority to taking tangible steps that ensure the international community plays its role in providing concessional financing to achieve development in developing countries."

Russian President Putin indicated that the BRICS group is studying the establishment of a new investment platform for BRICS member states, which was supported by the rest of the group's leaders, calling for joint cooperation regarding international payments.

Also, Brazilian President Luiz Inacio Lula da Silva urged the establishment of alternative payment methods between BRICS countries, with the aim of eliminating the dominance of the US dollar over international payments and trade exchange.

Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE said that his country supports multilateral international action that serves development and peace regionally and internationally and enhances the collective confrontation of common global challenges.

Developing countries face increasing challenges due to lack of funding and investments in areas such as poverty, sustainable development and adaptation to climate change, and through the BRICS group, these countries can enhance their capabilities to confront crises and achieve development goals.

However, Putin sees an opportunity for developing countries to advance despite the challenges, saying, "There are major changes taking place in the world, and the center of the economy is shifting towards developing countries."

The Indian and Ethiopian prime ministers pointed to the importance of the International Development Bank and how it will help finance and develop the BRICS countries, and Modi said, "The new development bank affiliated with the BRICS group is an important option for countries in the global south."

Meanwhile, Putin said that more than 30 countries have expressed their desire to join the BRICS group, and that the essence of the BRICS strategy is to achieve stability in the world.