16th BRICS Summit kicks off in Russia – increasing trade in national currencies

The first day of the BRICS summit will be held in the Russian city of Kazan today and will continue until October 24.

36 countries are participating in the summit, including 22 at the president’s level, and leaders of 6 international organizations.

The 16th BRICS Summit is scheduled to summarize the results of Russia’s group presidency, which includes 10 countries, 3 of which are Arab. This summit is the first after 5 new countries join the BRICS group in 2024.

Russia chairs the BRICS group this year, and during this period Moscow has set three priorities: politics and security, cooperation in the economy and finance, and humanitarian and cultural exchanges. It has also organized more than 200 political, economic, and social events to promote ways to implement further cooperation among the BRICS countries.

Participants are expected to discuss the creation of a BRICS digital payments platform called BRICS Bridge and ways to increase trade in national currencies.