Overview: Russia's 2024 BRICS Chairmanship

- Russian President, Vladimir Putin, announced the initiation of Russia's 2024 BRICS Chairmanship on January 1, 2024.

- The chosen theme for the chairmanship is "Strengthening Multilateralism for Equitable Global Development and Security."

- This theme reflects Russia's commitment to fostering robust collaboration among the BRICS nations- Brazil, Russia, India, China, South Africa.

Approach and Strategy of Russia’s Chairmanship

- Russia intends to maintain cordial and constructive cooperation with the concerned countries during its tenure.

- Its strategy will primarily focus on developing and enhancing BRICS partnerships in areas like politics and security, economy and finance, and cultural and humanitarian interactions.

Priorities for the Russian Chairmanship

- There are several key sectors that Russia will prioritise for cooperation, including science, high technology, healthcare, environmental protection, culture, sports, youth exchanges, and civil society.

- Russia also stressed the need   to garner increased support from other countries that align with BRICS principles.

Expansion of BRICS

- The Russian President underscored the requirement for introducing a new category of BRICS partner countries.

- Around 30 nations are being considered for inclusion in the BRICS multidimensional agenda, aiming to integrate new contributors into BRICS activities.

Focus on Foreign Policy Coordination

- Russia assures a commitment to aiding better foreign policy coordination among BRICS nations.

- Its focus lies in developing joint answers to international and regional security challenges and threats.

- The emphasis will be especially on the practical implementation of the Strategy for BRICS Economic Partnership 2025 and Action Plan for BRICS Innovation Cooperation 2021-2024.

Economic Contributions and Proposals

- The Russian chairmanship plans to positively contribute to energy and food security and seeks to cement the BRICS role in the international monetary system.

- It also has plans to foster the growth of interbank cooperation, and further the usage of national currencies in mutual trade.

With Russia's proactive plans and commitments as the BRICS Chair, 2024 is set to witness potential advancements and collaborations among the BRICS nations.