New Delhi: The summit of BRICS countries to be held in Kazan city of Russia on Wednesday can prove to be the biggest and most important event of this organization started by Brazil, Russia, India and China. For the first time after five new countries joined this organization last year, not only ten countries will participate in this conference as full members, but heads or other senior representatives of about three dozen other countries will also participate in it as specially invited.

The heads of these countries arrived

Global leaders like Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, UAE President Sheikh Mohammed bin Zayed, Iranian President Masoud Pezeshkian have reached Kazan to participate in the meeting. This can be the beginning of a new era for this organization, because Russian President Putin, who has been the target of America and European countries after the Ukraine war, has left no stone unturned to give his message on the global stage through this event. In such a situation, every country will be eyeing the Kazan Declaration to be issued after the BRICS summit late on Wednesday evening.

Offer to become a member received from 40 countries

Regarding the BRICS summit, President Putin said that proposals have been received from about 40 countries to become its members. These include countries from the Global South (developing and poor category) such as Algeria, Bangladesh, Congo, Bahrain, Colombia, Cuba, Indonesia, Kazakhstan, Kuwait, Malaysia, Morocco, Myanmar, Palestine, Syria, Thailand, Vietnam.

Take a decision after careful consideration: India

Experts say that by calling the heads of 36 of these countries to Kazan, President Putin is trying to send a message to the US and Western countries that the strategy of pressurizing them over the Ukraine dispute is not working. A decision on the modalities of making new members of BRICS is also likely to be taken in Kazan. In the initial talks, India has made it clear that a decision should be taken after a lot of thought in this regard.

Trying to find an alternative to Swift

Putin has also proposed to broaden the agenda of BRICS. This includes implementing a system to promote trade in local currency to reduce the share of US dollar in trade between BRICS countries. Along with this, the issue of using new technology for payment process between the banks of member countries is also on the agenda. Currently, all these countries use SWIFT i.e. Society for Worldwide Interbank Financial Telecommunications system. After the US sanctions, Russia cannot use this system. In such a situation, it is facing problems in doing business with other countries.

Strong challenge to western countries

This is one of the reasons why Russia is insisting on adopting its own payment system among the BRICS countries. For this purpose, discussions have already started between the BRICS finance ministers and the central bank, but no clear path is visible yet. The declaration to be made in this regard in the Kazan Declaration will be important. The consensus formed among the BRICS countries in this regard can pose a strong challenge to the western countries in the global economy.

Eyes on declaration related to Palestine

Similarly, what is declared about Palestine in the summit will also be very important. The current situation in the Middle East is quite tense. In such a situation, Russia has invited Palestine for the BRICS summit and has reiterated the demand to give Palestine the status of a separate country.

India also supports the demand for the establishment of a fully autonomous Palestine state along with Israel. Global terrorism is a major issue for India which it has been including in every declaration so far. The Indian delegation is still trying to prominently include the issue of cross-border terrorism in the Kazan Declaration.