For the first time, Chinese president Xi Jinping is not attending this year’s annual BRICS gathering. Rio, Brazil, is the venue for this critical summit of world leaders from the largest major emerging economies. Xi has made BRICS a central aspect of his plan to recast the global balance of power. His absence is prompting key questions about the future dynamic of that coalition. In his stead, Chinese Premier Li Qiang will speak for China at this important event.
The BRICS bloc that was originally formed in 2009 by Brazil, Russia, India, and China. By 2024, it has expanded to include Egypt, the United Arab Emirates, Ethiopia, Indonesia and Iran. This expansion reflects the group’s ambition to position itself as the voice of the Global South against established powers like the G7.
The Significance of the BRICS Summit
The BRICS summit is of incredible significance to the member countries, as each one convenes to consider enhanced economic cooperation and reforming global governance. This year’s summit is particularly pivotal given that it is occurring during a time of heightened political and economic tensions between BRICS states and the West. Needless to say, many analysts view this summit as an opportunity for deepening cooperation among alternative powerhouses. Ultimately, they seek to popularize the use of their national currencies and lessen dependence on the US dollar.
Top decision-makers from member states will also be taking on some of the most important topics currently affecting their countries’ economies. They’ll find new ways to deepen commercial ties. Expected to be in attendance is South African President Cyril Ramaphosa. He will meet Indian Prime Minister Narendra Modi, who is presently on a state visit to Brazil.
The summit will witness participation by Russian President Vladimir Putin, who will be joining through video link. His engagement underscores Russia’s continued attempts to deepen relations with fellow BRICS members here. This push is particularly telling in the context of the sanctions that Western countries have imposed.
China’s Strategic Position in BRICS
China has already become the de facto hegemon of the BRICS coalition, bending it to its will and achieving maximum leverage over its aims and direction. One thing is both unprecedented and significant this year—Xi Jinping’s absence. Besides his prodigious self-promotion, his sustained efforts to make China the dominant voice in global economic policy present an impressive case.
Premier Li Qiang’s presence may signal continuity in China’s commitment to BRICS initiatives despite Xi’s absence. Analysts expect Li to drive closer cooperation between member states. They point out to underscore China’s willingness to take a leadership role in discussions surrounding financial integration and development.
BRICS is making a concerted effort to increase its leverage beyond its own backyard. The organization’s incoming presidents, prime ministers and presidents discussed their hopes of bringing greater payment interoperability between their countries. Brazilian President Luiz Inácio Lula da Silva personally highlighted the significance of this goal. He sees it as absolutely critical for increasing economic prosperity and developing cooperation among all BRICS.
Challenges Ahead for BRICS
For all of BRICS’s ambitions, it seems to be trapped by its own contradictions, most notably in its posture towards the United States. Recently, U.S. President Joe Biden threatened to impose “100% tariffs” on BRICS countries that support a new currency initiative proposed by the coalition. Washington is understandably alarmed at the prospect of a potential rival currency. From Beijing’s perspective, this currency would offer a major counterweight to the US dollar’s dominance.
How members react to this set of adversarial geopolitical forces will be key to seeing how BRICS choose to steer through these choppy, new geocoalition waters. The bloc presents itself as an alternative to Western-led power and influence. Yet, it is being bombarded from challenges within the organization by internal divisions and clashing economic priorities among its diverse membership.
