The leaders have made a call for a ceasefire in Gaza, BRICS countries, including Presidents of China’s Xi Jinping, Russia Vladimir Putin, and Indian Prime Minister Narendra Modi, but, perhaps most importantly, they discussed an alternative, non-Western payment system.

Indicative of what they engaged in is that they mentioned Ukraine only once in the final communiqué of their meeting, which was, more or less, 43 pages long.

The BRICS now represent 45% of the world’s population and 35% of the world’s economy.

The final communiqué goes into everything from geopolitical issues to drugs, dealing with future pandemics and artificial intelligence, and even the protection of the big cats, but there is little detail on some important issues.

Among other things, it is suggested that little progress has been made on the creation of an alternative payment system, which some countries hope would help trade between BRICS members. The dollar is not mentioned at all.

“We agree to discuss and study the possibility of implementing an independent, cross-border structure, BRICS Clear, an initiative to complement the existing financial market structure” and “instruct the finance ministers and central bankers to continue to study the issue of local currencies, payment methods, and platforms and report back” to us at the next meeting.

The communiqué uses strong language on the war in the Middle East, calling for a ceasefire in the Gaza Strip and West Bank and denouncing Israeli “attacks on humanitarian operations, facilities, personnel, and aid distribution points”. The leaders also call on Israel to “immediately cease” attacks on the UN force in Lebanon (UNIFIL) and respect the territorial integrity of that country.

Ukraine is mentioned only once. “We recall our national positions regarding the situation in and around Ukraine, as expressed in the relevant forums. We note with appreciation the relevant proposals for mediation and positive intervention aimed at peaceful resolution of the conflict through dialogue and diplomacy.”

The acronym BRIC was coined in 2001 by then Goldman Sachs bank chief economist Jim O’Neill in a research paper on the huge growth potential of Brazil (B), Russia (R), India (I) and China (C). The leaders said they would seek to develop the group, but were not clear on whether or not it would be further expanded. Putin said more than 30 countries have expressed interest in joining the group but it is important to strike a balance.

The leaders also called for the South to be more involved in future in international decision-making.

Calls for peace

Earlier in the session, calls for peace talks in Ukraine and the Middle East succeeded each other, with Russian President Vladimir Putin saying he viewed “favorably” proposals for mediation by his partners.

On Ukraine, Moscow and Kyiv’s positions currently seem irreconcilable, with fighting raging and peace negotiations only hypothetical 32 months after the Russian invasion. As for the Middle East, the war that began in the Gaza Strip after Hamas attacked Israeli territory on October 7, 2023, has now extended to Lebanon, where the Israeli army is stepping up its operations against Hezbollah.

“We must avoid an escalation” in Ukraine and “work together” to return peace to the Middle East, said Brazilian President Luis Ignacio Lula da Silva, who made a video call intervention at the summit. (He did not attend due to a health problem). “At this moment, when we are facing two wars that have the potential to become global, it is essential to restore our ability to work together for a common purpose,”
he added.

China’s President Xi Jinping referred to three basic principles: not to expand the scope of the war in Ukraine, not to escalate the fighting, and not to provoke provocations from one side or the other.

Yesterday, Tuesday, Indian Prime Minister Narendra Modi assured that he is in touch with both Moscow and Kyiv and expressed support for all efforts being made to restore peace and stability.

“Many countries are expressing a desire to contribute more actively to the settlement process, stating their readiness to assume the role of mediator, which is viewed favorably by Russia’s president,” Vladimir Putin, his spokesman Dmitry Peskov said.

“I call on all members of the important BRICS group to use all their collective and individual capabilities to end the war in Gaza and Lebanon,” Iranian President Massoud Pezheskian said for his part.