“A summit in the name of strengthening partnership and development”, “BRICS on the road to a multipolar world” – these and other similar headlines may be seen in Middle Eastern media commenting on the 16th BRICS summit in Kazan.

Transformation of the system of economic relations

First of all, analysts note the ‘impressive, representative nature’ of this meeting, which was held for the first time in a new, expanded format. Another popular topic is the dynamism of the economies of the bloc’s countries, which are the fastest growing in the world and outperform the G20 and G7 members in terms of growth rates.

A number of observers, who think broadly and long-term, point to signs of a transformation of the system of economic relations. It was created long ago by a handful of the largest and richest countries that monopolised global development. However, with the advent of BRICS, according to an Arab newspaper, there is movement towards the creation of new economic entities that act in the interests of developing countries.

This serves as the basis for the motivation of the countries of the Global South to join this group. They hope for the opportunity to restore some of their sovereignty on the world stage and in international trade, if this trade is free from the dominance of the dollar, one of the symbols of hegemony in the existing international system, experts point out.

The road to an independent financial and budgetary system

BRICS is focusing on a financial and payment system alternative to the single currency that will be more feasible and faster to implement than the creation of a common currency, which will require complex economic and political integration, according to media of the region.

Thus, BRICS will increase its economic stability and reduce its exposure to sanctions. In the near future, this approach will allow for faster measures while expanding trade and cooperation, which will eventually pave the way for a more independent financial and budgetary system, concludes the Saudi newspaper Okaz.

Accordingly, the group’s countries have focused on the mechanisms necessary to facilitate trade and investment in local currencies, as well as on diversifying their foreign exchange reserves, Arab observers conclude.

Another aspect that attracted the attention of authors is the creation of a digital ecosystem based on technological achievements and innovations in cooperation with BRICS. According to Dr. Ahmed Mustafa, head of the Asian Research Centre, “there is a great opportunity to advance in the field of digitalisation, cyber sovereignty and major media alliances while relying on member states, namely China, Russia, Iran and Egypt”.

The region’s media also paid attention to the first summit of BRICS analytical centres, which took place in Moscow following the meeting in Kazan. In these events they saw the prospect of uniting the efforts of the BRICS intellectual communities to develop economic, political and social policies in the future.

Russia is not isolated

The Kazan summit, as evidenced by the responses of authors, sent a direct signal to the West that Russia, despite attempts to isolate it, is able to build strategic partnerships in favour of strengthening the influence of the Global South in the world.

According to an Iraqi newspaper, the message of the Kazan summit is that, despite Western pressure, Russia is not isolated. BRICS countries and the Global South are cooperating with Moscow, which is subject to sanctions and restrictions, purchasing energy resources and supplying it with a number of goods and products, access to which the Anglo-Saxons are trying to block.

Analysts in the region are also monitoring the reaction in the West vis-à-vis BRICS, which is very contradictory. On the one hand, attempts by Euro-American authors to downplay the real role of this entity and predict its collapse are noted.

On the other hand, there are various responses indicating Western concerns about the prospects for the development of this bloc. As noted by the ‘Future’ Research Centre in Abu Dhabi, many US analyses reflect a clear concern about the attractiveness of this platform.

A number of analysts assess the last session of this bloc to be a platform for bilateral communication between leaders of different countries in order to solve problems between them and achieve greater mutual understanding.

The Emirati media is paying special attention to the contacts between Russian President Vladimir Putin and the head of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan, at the summit in Kazan. According to one source, “the special friendship between the two leaders amplifies the trust and sympathy”, which are characteristic of relations and cooperation between the two states and their peoples in a wide range of areas.

In the energy sector, the UAE is considered a major partner of Russia within the framework of OPEC+. This Arab country has also become an international destination for Russia, with more than 4,000 Russian companies present in its markets and about 650 Russian trademarks registered.

Russian investments in the Emirates are safe and stable. The Emirati market is attractive to Russians, be it real estate, advanced technologies or education, as well as activity in the spheres of finance, science etc.

The symbolic power of the bloc, based on hopes to resist US hegemony, will grow in the coming years, suggests the Turkish Asbab in an article published on its Arabic site. The group will continue to benefit from the growing distrust of African and South American countries towards international institutions focused on the centrality of the West.

Yury Zinin, senior researcher at the Centre for Middle Eastern and African Studies of the Moscow State Institute of International Relations (MGIMO) of the Ministry of Foreign Affairs, exclusively for the online magazine “New Eastern Outlook.” Courtesy

https://journal-neo.su/2024/11/15/brics-summit-in-kazan-reaction-from-the-middle-east/