The 16th BRICS Summit is taking place in Kazan, Russia, from October 22 to 24. BRICS has become an important dialogue platform for member countries to interact with a wide range of emerging markets and developing nations.
The BRICS cooperation mechanism emerged from the trend of a collective rise among emerging markets and developing countries. After almost two decades of development, it has established a multi-level, multi-sectoral and comprehensive cooperation framework, becoming an essential component of global economic development.
In 2024, BRICS expanded to include Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. As of October, more than 30 states – most from the Global South – have reportedly expressed interest in joining the group. From Gabon to Malaysia, from Thailand to Egypt, and from Indonesia to Cuba they remain in the BRICS “waiting room”, waiting to join the family at one of its upcoming summits.
Currently, BRICS members are making full use of the cooperation platform to support each other on issues related to their core interests and improve coordination on important international and regional issues. They are actively contributing to the protection of global peace and stability, and promoting the evolution of the international system towards greater equity and justice.
As Chinese President Xi Jinping noted at the 15th BRICS Summit last August in Johannesburg, South Africa, “BRICS is an important force in shaping the international landscape. “We choose our development paths independently, jointly defend our right to development and march together towards modernization.”
Currently, cooperation between the BRICS countries covers various fields. For example, in finance, it has two common financial entities: the Contingent Reserve Arrangement and the New Development Bank, which help mobilize resources for infrastructure and sustainable development projects between the BRICS countries and other emerging economies and developing nations, while actively supporting the multilateral trading system with the World Trade Organization as its cornerstone.
Economist Jim O’Neill, who coined the acronym BRIC in 2001 (which became BRICS only after South Africa joined in 2010), predicted that the group would collectively dominate the global economy by 2050. That’s not an unrealistic prediction. Practical cooperation under the BRICS mechanism extends to trade, finance, technology, agriculture, culture, education, healthcare and exchanges between think tanks. For example, agricultural technology cooperation among BRICS countries has boosted Brazil’s agricultural exports to China, while technological collaboration has fostered Brazil’s innovation in artificial intelligence and green growth.
That is exactly what many nations in the Global South, who feel oppressed in the Western-dominated order, want to see. For some of them, BRICS represents a ray of light and hope for a prosperous and harmonious world. For BRICS members, the group not only serves to expand multilateral cooperation, but also to help them achieve their own development goals and improve their positions in the existing global order.
The 16th BRICS Summit marks the first meeting after the group doubled its membership. Through joint efforts, BRICS is increasingly becoming a vital force in shaping the international landscape and maintaining global stability. Its cooperation mechanism has also become a key platform for emerging markets and developing countries to strengthen solidarity, enhance cooperation and protect their common interests.
The summit will be another opportunity to increase bilateral cooperation, not only within BRICS member states, but also with the group’s “circle of friends.” Almost certainly, other BRICS members will use the event for the same purpose and also to “strengthen multilateralism for equitable global development and security,” which is the theme of this year’s BRICS Summit.
Note: this is an article republished from the media “CGTN” through a cooperation agreement between both parties for the dissemination of journalistic content. original link.
Nkola Mikovic, a special commentator on current affairs for CGTN, is a freelance journalist in Serbia. He mainly covers Russian, Ukrainian and Belarusian foreign policy issues and writes for several online magazines.
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