BRICS Summit: Putin and Xi Push for New Global Order

During the recent BRICS Summit, President Vladimir Putin welcomed various delegations from over 30 countries, including Chinese President Xi Jinping, reflecting Russia's attempts to strengthen ties with emerging economies. Putin described Xi as a 'dear friend,' indicating the depth of their partnership. Both leaders articulated a desire to establish a 'just world order' as they acknowledged the chaotic current international landscape. The BRICS group, which includes Brazil, Russia, India, China, and South Africa, has expanded its membership to include significant nations like Egypt, Ethiopia, Iran, and the UAE. This bloc accounts for 45% of the global population and controls 28% of the world’s economy, amounting to over $28.5 trillion. Experts suggest that the summit serves as a platform for Russia to showcase its retained relevance in global affairs, counteracting narratives of isolation. Furthermore, the discussion foregrounded the countries' ambitions to explore alternative trade systems, reducing reliance on the US dollar and traditional financial mechanisms. CEO Chris Weer noted that while the idea of a new currency was not on the table, establishing bilateral trade settlements could lead to a more autonomy-driven economic framework. The BRICS alliance seeks to amplify its sway against Western dominance and may challenge the relevance of groups like the G20 if membership expands, positioning itself as a viable alternative for countries wanting to diversify their global partnerships.