At the 2024 BRICS Summit in Kazan, Russia, President Xi Jinping called on its member nations to work for high-quality development of greater BRICS cooperation.
"As the world enters a new period defined by turbulence and transformation, we are confronted with pivotal choices that will shape our future. Should we allow the world to descend into the abyss of disorder and chaos, or should we strive to steer it back on the path of peace and development?" he said.
At the summit held from October 22 to 24 with the theme "Strengthening Multilateralism for Just Global Development and Security," new members were ushered in, marking a milestone in the evolution of BRICS as a major force on the international stage.
Promoting greater BRICS cooperation
President Xi put forward five suggestions:
"We should build a BRICS committed to peace, and we must all act as defenders of common security. We should build a BRICS committed to innovation, and we must all act as pioneers of high-quality development. We must keep pace with the times and foster new quality productive forces."
Xi said China has already established a China-BRICS Artificial Intelligence Development and Cooperation Center, and will set up a BRICS Deep-Sea Resources International Research Center. It will also build a China Center for Cooperation on Development of Special Economic Zones in BRICS Countries, and a China Center for BRICS Industrial Competencies. In addition, a BRICS Digital Ecosystem Cooperation Network will also be created, and he welcomed participation from others.
"We should build a BRICS committed to green development, and we must all act as promoters of sustainable development," Xi said. China's high-quality production capacity, as exemplified by its electric vehicles, lithium batteries and photovoltaic products, provides a significant boost to global green development, he pointed out.
"We should build a BRICS committed to justice, and we must all act as forerunners in reforming global governance," he added. "We should build a BRICS committed to closer people-to-people exchanges, and we must all act as advocates for harmonious coexistence among all civilizations."
China is willing to work with other BRICS countries for greater cooperation, and jointly build a community with a shared future for mankind, he concluded.
These suggestions have resonated with international experts. Andrei Chevelev, a former senior UNESCO official, applauded China's rapid economic, political, and cultural development. "China has become a central player in global institutions, such as BRICS and the Shanghai Cooperation Organization, and its influence is growing," he told Science and Technology Daily.
Strengthening multilateralism for global security
According to IOL News of South Africa, BRICS offers a level playing field to all members. This equality in decision-making enables the BRICS countries to speak with one voice on the world stage, promoting the principles of non-interference and sovereignty.
The unipolar world led by the United States was focused entirely on the needs of western countries, according to Qatar-based TV channel Al Jazeera. For this reason, developing countries see BRICS as a worthy alternative.
"The BRICS group became an alternative after it became clear to many poor and developing countries that the unipolar global system and the international system on which it was built after World War II was centered on the West, led by the US economically and financially," it said in a report.
The 2024 expansion of BRICS carries significant implications in the geopolitical sphere. Mariel Ferragamo, writing for the Council on Foreign Relations, said, "The group's 2024 expansion comes with a range of geopolitical implications. It represents growing economic and demographic heft: the 10 BRICS countries now comprise more than a quarter of the global economy and almost half of the world's population."
Today, it is impossible for one nation to decide any global issue, no matter how powerful it is. In this regard, based on the principles of mutual respect, sovereign choice of development path, and the implementation of the fundamental principle of the UN Charter, BRICS is taking a leading role in global governance and is poised to shape the global order.
Advancing cooperation among BRICS countries
The fixed exchange rate system established at Bretton Woods has failed to meet the needs of developing countries. "This system was created by rich countries to benefit rich countries," UN secretary-general António Guterres once said.
However, BRICS' New Development Bank (NDB) is a platform for international cooperation that transcends territorial boundaries. It not only amplifies the voices of BRICS countries, but also represents the shared aspirations of other nations, according to Dilma Rousseff, president of the NDB and former president of Brazil.
BRICS members, especially Russia, have been seeking to create an alternative platform for international payments to protect countries from unilateral Western sanctions.
The Turkish publication Milliyet said BRICS countries are also exploring the idea of creating a new reserve currency. Besides, they wish to ensure greater representation and a voice for developing nations on the international stage.
Creating prospects for Global South
The new members of BRICS highlight its growing attractiveness. The Japan Times said the expanded BRICS holds significant global influence. In terms of population, it accounts for nearly 46 percent of the global total, and 35 percent of the global GDP, while the G7 represents only 8.8 percent of the former and 30 percent of the latter.
According to CNBC, this evolving mechanism is becoming an attractive prospect for nations seeking to enhance trade, investment, and economic growth.
Andrey Kortunov, an academic expert from the Russian International Affairs Council, remarked that 15 years after the founding of BRICS, the member countries have entered a new historical stage in their development process. The economic strength demonstrated by them positions them as key players in future global governance, fostering a promising future for the Global South.