Policy Backgrounders

BRICS and G-20: Seeking Alternatives to the Western-Led Order

November 01, 2024

Key Insights

The BRICS Summit in Kazan, Russia, highlighted both the declining importance of the war in Ukraine on the global stage, eclipsed by continuing conflict in the Middle East, and the desire of many nations in the developing world to promote alternatives to the Western-led international order. However, the summit’s results show that there is a long way to go before these efforts pose a serious alternative to Western financial institutions.

• The summit was the first meeting of an expanded BRICS, now including nine countries. Thirteen additional countries have been invited as partner countries, including Turkey, a NATO Ally, and Thailand, a Major Non-NATO Ally, of the US.
• While the summit sought to promote alternative payment and trading systems outside the Western-led financial institutions, progress is extremely slow, and BRICS itself remains divided.
• The forthcoming G-20 Summit in Rio on November 18-19 will also provide a forum to highlight the themes of a rising Global South, including likely discussion of a Chinese-Brazilian peace plan on the war in Ukraine.