The summit is expected to focus on a variety of strategies to increase the intergovernmental organization’s influence and maximize economic efficiency so that it can continue to compete against the economies of Western nations. It comes amid significant geopolitical turmoil, including the host country’s war with Ukraine.

BRICS, which is an acronym for Brazil, Russia, India, China, and South Africa, is an economic and geopolitical bloc that rivals the G7 countries. Initially established in 2001 with Brazil, Russia, India, and China, it expanded to South Africa in 2010. Most recently, the BRICS expanded again to include the United Arab Emirates, Iran, Egypt, and Ethiopia. In addition to its members, this year’s summit is expected to include more than 30 countries. 

Russia assumed the BRICS presidency on Jan. 1, 2024. The slogan for its chairmanship is “Strengthening Multilateralism for Equitable Global Development and Security.” As part of its objectives for the coming year, Russia’s goal was to promote “the entire range of partnership and cooperation within the framework of the association on three key tracks – politics and security, the economy and finance, and cultural and humanitarian ties.”

Beginning on Oct. 22, the summit will last for three days, and it is expected that 20 world leaders and 30 delegations will reportedly discuss policy proposals to address economic, humanitarian, and financial matters. Leaders will also emphasize the importance of achieving greater cooperation among the countries. Additionally, the leaders in attendance will announce a new blueprint for BRICS that will “inject new impetus into a multipolar world, facilitate economic globalization and democratization of international relations, and open up a new chapter for the solidarity and development of the Global South.” 

Of particular note, there will also be discussions on developing a BRICS payment platform and BRICS Bridge, according to multiple reports. These fiscal objectives are expected to align with the vision of Russia’s leadership for this year. Moreover, Russian President Vladimir Putin will initiate discussions to revitalize the organization’s financial arrangements through “enhancing the role of BRICS in the international monetary and financial system, developing interbank cooperation and expanding the use of national currencies in mutual trade.”

“The countries in our association are essentially the drivers of global economic growth. In the foreseeable future, BRICS will generate the main increase in global GDP,” Putin said during a BRICS business forum in Moscow last week.

Furthermore, the BRICS participants are also expected to address multiple global security situations, identifying key areas to pursue multilateralism. Additionally, the summit will devote time to strategize and develop “a new vision for the global governance system.”