Russian president Vladimir Putin is hosting the annual BRICS summit in the city of Kazan, amid Russia facing increasing isolation from the West. But Putin aims to show that Russia is far from marginalised, while trying to push for a Global South alliance to defy the US-controlled global financial system that enables the heavy sanctions on Russia\u2019s economy.<\/p>\n
However, this summit extends beyond Russia\u2019s agenda. It marks the growing dissatisfaction of the Global South with the current world order, which is dominated by Western Bretton-Woods institutions, such as the IMF, World Bank and the US dollar in international trade.<\/p>\n
While not a formal institution, the BRICS<\/a> group has grown in influence. Its expanding membership includes ever-more emerging powers from the Global South that seek greater economic parity and political clout. This leaves the EU at a critical juncture. The EU cannot afford to cede influence to China and Russia as they position themselves as key allies for the Global South.<\/p>\n As the EU navigates its relationships with these nations, the Kazan summit is a reminder of the need to forge strategic partnerships with the Global South on equal footing. This is essential if the EU wants to secure access to critical resources, such as energy and raw materials, and strengthen its economic sovereignty while advancing the green transition.<\/p>\n BRICS, originally formed in 2006 as a geo-economic alliance of the emerging economies Brazil, Russia, India and China, with South Africa joining in 2010. Since then, it has evolved into a non-formal political and economic coalition seeking to reshape the global multilateral order.<\/p>\n The bloc’s primary goal has always been to challenge the dominance of Western-led institutions by pushing for reforms in the UN and Bretton-Woods institutions. Here, the BRICS members aim to address the longstanding imbalance in the multilateral framework that often disadvantages the Global South.<\/p>\n Earlier this year, BRICS expanded its membership by adding Iran, the UAE, Egypt and Ethiopia, with many more countries in line to join. Now officially referred to as BRICS+<\/a>, the group accounts for roughly 37 percent of global GDP, making it a significant economic force compared to the EU\u2019s 14.5 percent.<\/p>\n While the new members contribute only four percent the bloc\u2019s total GDP \u2013 making their economic impact negligible \u2013 the addition of these countries mean that BRICS has boosted its energy reach<\/a>. This means that the bloc has nearly doubled its share of global oil and gas production to around 40 percent. Moreover, the continuous expansion shows that BRICS+ stands as a vehicle for political representation and advocacy for the Global South.<\/p>\nBRICS: United in diversity<\/strong><\/h2>\n