Expanding BRICS paves way for global growth

BEIJING — The 16th BRICS Summit that took place last week in Kazan, Russia, marks a new step in the development of the BRICS cooperation mechanism.

Initially a roadmap 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 have either formally applied for or expressed interest in 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 growth

"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. 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 markets and developing countries. By the end of 2023, the NDB had cumulatively approved loans of $35 billion 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 Center was established in Xiamen, 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.