The Author is Former Director General of Information Systems and A Special Forces Veteran, Indian Army

The 16th BRICS Summit held in Kazan, Russia in October 2024 was shadow of the US-led West arbitrarily seizing funds in the Central banks of Afghanistan and Russia; weaponising the SWIFT system; fueling the war in Ukraine despite America's external debt at an all-time high of $34.5 trillion, and; backing Israel's genocide in Gaza and Lebanon, disregarding human values completely.

Attended by 40 nations, the summit officially added 13 new nations as Partner Countries to the alliance: Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan and Vietnam. Full membership would be granted to these nations after discussion, since BRICS members cannot comply with American/EU sanctions against other BRICS members and are required to trade in local currencies - not the dollar or Western financial networks. BRICS partners are only allowed selective engagement and participation in BRICS affairs, as well as remaining participants in other international initiatives without full commitment to BRICS.

Chinese President Xi Jinping announced the introduction of a blockchain-based BRICS payment system, signaling a shift away from traditional Western financial networks and promoting local currency use among member nations

The BRICS bloc has enjoyed unprecedented growth over the last two years. Chinese President Xi Jinping announced the bloc's new payment system at the summit, saying, "There is an urgent need to reform the international financial architecture, and BRICS must play a leading role in promoting a new system that better reflects the profound changes in the international economic balance of power." The blockchain-based BRICS pay system, like the SWIFT payment platform, would facilitate nations within the group to promote the use of their currencies for trade. This financial reform highlights the shift in the global economic landscape, with the new system giving emerging economies more representation. The BRICS Bank, also called New Development Bank (NDB), will also provide loans in local currencies to developing nations for infrastructural developments.

Russia's President Vladimir Putin introduced the creation of a BRICS investment platform to facilitate mutual investment between BRICS countries, saying the BRICS Summit shows a new World Order is emerging. Putin also proposed creation of a BRICS-based grain exchange to facilitate fair and predictable price indicators for products and raw materials, taking into account their special role in ensuring food security. A number of BRICS countries are among the world's largest producers of grain, vegetables, and oilseeds.

Russian President Vladimir Putin proposed a BRICS-based grain exchange to ensure stable pricing and strengthen food security, reflecting the bloc's focus on self-sufficiency and fair trade practices

Prime Minister Narendra Modi said India supports Dialogue and Diplomacy and not war, and just as we were able to overcome a challenge like COVID together, we are certainly able to create new opportunities to ensure a secure, strong and prosperous future for future generations. He flagged concerns over pressing challenges like wars, economic uncertainty, climate change and terrorism and said the BRICS can play a positive role to take the world in the right path. He also said that single-mined firm support is required to counter terror, stop the radicalisation of youth and global regulations for cyber security and secure artificial intelligence (AI).

The last day of the summit was the BRICS Plus/Outreach format, which was also attended by representatives of various international organisations. Proceedings of this BRICS Summit are covered in the comprehensive 'Kazan Declaration' issued on October 23.

The summit marked a thaw in Sino-Indian relations, with Prime Minister Modi and President Xi agreeing on economic cooperation and resuming patrolling in Eastern Ladakh

Gist of the Kazan Declaration, which begins by saying, "We, the Leaders of BRICS countries, met in Kazan, Russian Federation, from October 22 to 24, 2024 for the XVI BRICS Summit held under the theme: "Strengthening Multilateralism for Just Global Development and Security", included the following:

Russian President Vladimir Putin held a meeting with President of the Islamic Republic of Iran Masoud Pezeshkian on the sidelines of the BRICS Summit in Kazan.

• Call to reform global institutions - Bretton Woods international financial system's institutions (WTO included) to better represent developing countries' interests.
• Opposition to "unilateral, prohibitive, discriminatory and protectionist" measures under the pretext of fighting global climate change, including carbon emissions adjustment mechanisms and taxes.
• Support for comprehensive UN and UNSC reforms, making them more representative, given their centrality of relations between nations.
• Recognising potential of information and communication technologies in bridging digital divide between nations to aid socio-economic development.
• Intention to transform the New Development bank to serve the needs of the 21st century.
• Support for creating a New Technology Platform to strengthen development cooperation, including creating high-tech products using domestic technological potential to fuel "sustainable and inclusive" growth.
• To explore creation of an independent cross-border settlement and depository infrastructure called BRICS Clear.
• Strengthen cooperation to develop medicines, including vaccines and nuclear medicine projects.
• Welcomes creation of a united transport and logistics platform.
• Support Russia's proposal to create a Grain Exchange to "promote rules-based trade in agricultural products and fertilizers and minimise disruptions."
• Welcomed the expanded use of national currencies for transactions between BRICS members and their trade partners.
• The declaration highlights the importance of expanding cooperation based on common interests and furthering strategic partnerships among members, and continuing to implement the Economic Partnership Strategy.
• Welcomed interest shown by countries of the Global South toward BRICS, and calls for greater participation of the least developed nations, especially in Africa, in global processes.
• Condemnation of illegal use of discriminatory and politically motivated sanctions and highlights their negative impact on the world economy.
• Opposed to deployment of weapons in outer space, supports strengthening global non-proliferation and disarmament regimes, implement UNSC resolution on measures to prevent WMDs from falling into the terrorists hands, strengthen ties between law enforcement to aid in the fight against narcotics.
• Members outlined their positions on the Ukrainian crisis, and took note of proposals for mediation to bring the conflict to a conclusion through negotiations.
• Support for Palestine's full-fledged membership in the UN.
• Condemnation of Israel's attack on UN employees in Lebanon, and the pager terror attack of September 17.
• Welcomed creation of a Haitian Transitional Presidential Council and electoral council to resolve the crisis plaguing the Caribbean nation.
• Concern over escalating violence and worsening humanitarian situation in Sudan, and called for a ceasefire.
• Criticised politicisation of human rights, and double standards.
• Opposition to all forms of discrimination in sports.

Two significant events took place on the sidelines of the BRICS Summit. First, was the bilateral meeting between Prime Minister Modi and President Xi Jinping after a gap of five years, with both choosing economic cooperation over border tensions and an agreement to resume patrolling in Eastern Ladakh. Second, is the emerging strategic cooperation between Russia and Iran, with Iran having become a full-fledged member of the BRICS and Putin announcing, "We are developing cooperation with Iran in a variety of areas. We intend to do this further."

The Western media largely ignored the BRICS Summit, some voicing that western financial hegemony will remain significantly unaffected. This, despite being fully aware of the growing numbers, economic heft, increasing role in global affairs, de-dollarisation gaining momentum and BRICS holding 20 per cent of the world gold reserves. But the Summit has brought home the following: Western efforts (sanctions included) to isolate Russia and China have not worked; the West is shocked that countries like Turkey (also NATO member) and Serbia are joining BRICS; the World Order is certainly changing, with the Global South playing an important role.