The 16th BRICS Summit that took place last week in Kazan, Russia, marks a new step in the development of BRICS cooperation mechanism.
Initially a shorthand for major emerging markets with considerable economic potential, BRICS has evolved into an influential international cooperation mechanism with an expanded membership. With its vast markets, abundant resources, and innovative collaborations, BRICS remains attractive to many worldwide, particularly developing countries.
Other than the countries that officially joined the BRICS family on Jan. 1, 2024, over 30 countries either formally applied for or expressed interest in its membership, underscoring the bloc’s growing appeal as a driver of international cooperation.
At the Kazan summit, a consensus was reached to invite a new group of countries to become BRICS partner nations, which will further advance the group’s development.
FORCE FOR INCLUSIVE DEVELOPMENT
“The more tumultuous our times become, the more we must stand firm at the forefront, exhibiting tenacity, demonstrating the audacity to pioneer and displaying the wisdom to adapt,” Chinese President Xi Jinping said while addressing the 16th BRICS Summit.
Since the end of the Cold War, emerging economies have enhanced their global influence by embracing globalization, with the Global South now accounting for over 40 percent of the world economy. However, rising economic uncertainties and geopolitical shifts pose new challenges for developing countries, underscoring the need for cooperation to support development.
BRICS plays a vital role in promoting cooperation among developing nations and emerging markets, said Liang Guoyong, a senior economist with the United Nations Conference on Trade and Development, in a written interview with Xinhua.
Practical cooperation has always been the foundation of the BRICS mechanism. As Xi once put it: “BRICS is not a talking shop, but a task force that gets things done.”
A case in point is the New Development Bank (NDB). Headquartered in Shanghai, the NDB was jointly established by Brazil, Russia, India, China and South Africa in 2014 to mobilize resources for infrastructure and sustainable development projects in BRICS member nations and other emerging market economies and developing countries. By the end of 2023, the NDB has cumulatively approved loans of 35 billion U.S. dollars for around 100 projects.
In a declaration issued at this year’s summit, BRICS leaders agreed to develop the NDB into a new type of multilateral development bank for the 21st century, support its membership expansion, and expedite the review of membership applications from BRICS countries in accordance with its general strategy and related policies.
With complementary industrial structures and abundant resource endowments, BRICS provides an important platform for member countries to pursue innovative economic growth, enhance macroeconomic policy coordination, and align development strategies.
To promote openness and innovation in BRICS cooperation, a BRICS Partnership on New Industrial Revolution innovation centre was established in Xiamen, China’s Fujian Province. Since 2023, it has held over 10 offline training courses, attracting more than 100 participants from over 70 countries.
In a rapidly changing global landscape, BRICS fosters new cooperation mechanisms to help Global South countries accelerate their development, said Yuri Tavrovsky, head of the Expert Council of the Russian-Chinese Committee for Friendship, Peace and Development.
VOICE FOR JUST GLOBAL ORDER
BRICS has become a prominent advocate for developing countries on the global stage. It has provided a platform for the Global South countries to find alternatives to West-led economic structures and promote fairer global governance.
Emmanuel Matambo, research director of the Centre for Africa-China Studies at the University of Johannesburg, said that BRICS has provided more funding options for the development of emerging economies and strengthened the voice of the Global South in international relations.
During Wednesday’s meetings, leaders exchanged views on BRICS cooperation and crucial international issues of shared concern under the theme “Strengthening Multilateralism for Just Global Development and Security,” collaboratively shaping a vision for a unified future.
As Xi said during the summit, “We must work together to build BRICS into a primary channel for strengthening solidarity and cooperation among Global South nations and a vanguard for advancing global governance reform.”
Since its inception, BRICS has set a benchmark for South-South cooperation and collective self-reliance among emerging markets and developing countries, while championing fair global governance. Its expanded membership and growing economic influence have bolstered the bloc’s role in global affairs.
“The BRICS cooperation mechanism plays a prominent role in enhancing the representation and influence of the developing countries in international affairs and enhancing the improvement of global governance, which is also one of the priorities of the UAE,” said Ahmed Al-Ali, a political and strategic researcher at the Gulf Research Centre in Dubai.
Committed to multilateralism, BRICS amplifies developing nations’ voices and advances the drive for a more equitable world order.
“BRICS, being perceived as a leading voice of emerging markets and developing countries, has become an indispensable part of the current geopolitical landscape, providing a powerful tool for building a more fair, just, and multipolar world order,” said Surasit Thanadtang, director of the Thai-Chinese Strategic Research Centre under the National Research Council of Thailand.
Xinhua
