What to expect from the 2024 BRICS Summit

A briefing by the South African Institute of International Affairs outlining the expected agenda for the 2024 BRICS Summit in Kazan, Russia, focusing on post-expansion integration, trade in local currencies, global governance coordination, and climate transition strategies.

• The 2024 Summit is expected to focus on integrating the members who joined in 2023—Egypt, Ethiopia, Iran, and the United Arab Emirates—rather than pursuing further expansion. There is a strategic shift toward clarifying the role of 'partner countries' via the BRICS+ format, which would allow non-member states to participate in trade, infrastructure, and development finance without full membership.
• BRICS intends to increase the use of local currencies for intra-group trade to enhance financial independence and reduce vulnerability to exchange rate volatility and sanctions. This is described as a strategy for flexibility rather than a complete 'de-dollarisation' or replacement of the US dollar. The BRICS Cross-Border Payments Initiative is part of this gradual, non-binding process.
• There is a perceived need for better coordination between BRICS, the G20, and the G7 to manage global economic governance. With Brazil chairing BRICS and South Africa chairing the G20 in 2025, there is an opportunity to align on climate financing, trade reforms, financial inclusion, and digital transformation.
• Regarding climate change, BRICS maintains that the transition to low-carbon economies must follow the principle of 'common but differentiated responsibilities' and that fossil fuels remain important for energy security. The group has reportedly agreed on a new, currently non-public framework for climate and sustainable development, including a memorandum of understanding for joint carbon market projects and collaboration on critical minerals and green technology supply chains.

APA

South African Institute of International Affairs (2024). What to expect from the 2024 BRICS Summit. https://saiia.org.za/research/what-to-expect-from-the-2024-brics-summit/

Chicago

South African Institute of International Affairs. What to expect from the 2024 BRICS Summit. 2024. https://saiia.org.za/research/what-to-expect-from-the-2024-brics-summit/.

Wikipedia

{{cite report |author=South African Institute of International Affairs |title=What to expect from the 2024 BRICS Summit |date=18 October 2024 |url=https://saiia.org.za/research/what-to-expect-from-the-2024-brics-summit/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{southafricaninstituteofinternationalaffairs2024what, author = {{South African Institute of International Affairs}}, title = {{What to expect from the 2024 BRICS Summit}}, institution = {South African Institute of International Affairs}, year = {2024}, month = oct, url = {https://saiia.org.za/research/what-to-expect-from-the-2024-brics-summit/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }