Russia is the BRICS chair country in 2024

Since 1 January 2024, the Russian Federation presides in BRICS. The key importance of this is the entry of new countries into the association.

Oleg Alekseenko, Associate Professor at the Department of Globalistics, Faculty of Global Processes, Lomonosov Moscow State University, in an exclusive article for TV BRICS spoke about the main tasks of the Russian Federation as the leader of the group for the current year.

In December 2023, during a direct line combined with a year-end press conference, Russian President Vladimir Putin noted that the country would devote its BRICS chairmanship to building a just world order.

The main goals and objectives of the Russian Federation lie in the sphere of foreign policy. Their implementation ensures the resolution of a number of issues related to the defence of sovereignty and national security. BRICS, in turn, serves as a consolidated platform. In the alliance, Russia fulfils the role of an experienced political player.

"Many recipient states have become creditors, while their status in international organisations and UN structures has not changed. Therefore, the issue of a new system of international relations and a just world order will undoubtedly become the leitmotif of Russia's presidency in the alliance," the expert emphasised.

It is logical to assume that 2024 will be focused on overcoming challenges in trade and economic relations between the BRICS countries, as well as opening new opportunities due to the expansion of the alliance.

"It can be predicted that trade will continue to develop both within BRICS and on global markets. Russia will certainly make effort to establish a new payment system, which will make it possible to switch to settlements in national currencies. This step will help to reduce transaction costs and minimise exposure to currency fluctuations, thus ensuring a more stable trading environment," said Oleg Alekseenko.

The specialist also added that one of the important areas of activity is investment in infrastructure and innovation through the BRICS New Development Bank (NDB). Russia can become a catalyst in developing closer cooperation to address health and climate change issues.

According to the expert, the BRICS countries should create more opportunities for contacts in culture, education and sports, youth and regional exchanges, and encourage contacts through non-governmental organisations.

An important area of work during the Russian presidency will be the comprehensive implementation of the BRICS Economic Partnership Strategy until 2025 and the Action Plan on Innovative Cooperation for 2021-2024.

Generally, more than 200 events of various levels and focus are planned to be held in many Russian cities during the Chairmanship.

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