Enhancing economic multilateralism, inclusivity

GUAN XIN

Since its inception, the BRICS cooperation mechanism has committed itself to promoting global economic multipolarity and advancing the process of economic globalisation.

In an era marked by faltering global economic recovery, uneven development, and widening development gaps, BRICS has become an even more crucial platform for fostering cooperation and shared growth among the nations of the Global South. With its principles of openness, inclusivity, and win-win collaboration, the BRICS spirit has become a banner for South-South cooperation.

The expansion of the BRICS mechanism has established it as the most significant platform for cooperation and unity among Global South nations. By fostering multilateral cooperation, BRICS has assumed a pivotal role in the global economy and serves as a model of collaboration and development for other developing nations.

As of January 2024, with the addition of Egypt, Iran, Ethiopia, and other nations, the expanded BRICS bloc now represents nearly half of the world’s population. The group’s contribution to global economic growth is projected to surpass 50%, and its total economic output, calculated by purchasing power parity, has already exceeded that of the G7.

This expanded BRICS, or “Big BRICS,” demonstrates the potential to play a significant role in driving the global economic recovery, providing the momentum needed to overcome today’s development challenges.

BRICS countries have also launched initiatives in supply chain collaboration, trade investment, and sustainable development, further strengthening their economic and technological partnerships.

One of the key successes of the BRICS mechanism has been the establishment of the New Development Bank (NDB), which has become a vital source of funding for both BRICS members and other developing nations. By the end of 2023, the NDB had financed more than 100 projects, providing over $34 billion in loans for infrastructure, clean energy, transportation, and urban development.

This financial support has proven instrumental in addressing infrastructure deficits and development funding shortages, particularly in the realm of green energy and sustainable development. Through the NDB’s significant investments, BRICS countries are making notable contributions to global climate goals, reaffirming their commitment to a sustainable future.

China, as a key player within BRICS, has been consistently expanding trade relations with other BRICS members. Between 2009 and 2023, the value of China’s imports and exports with Russia, India, Brazil, and South Africa grew from RMB 960.21 billion to RMB 4.32 trillion, marking an annual growth rate of 11.3%. In the first three quarters of 2024, China’s trade with other BRICS nations reached RMB 4.62 trillion, a 5.1% year-on-year increase. This close trade relationship deepens economic cooperation among BRICS members.

To further upgrade the quality and scope of BRICS cooperation, China recently established the China-BRICS Artificial Intelligence Development and Cooperation Center, signaling its willingness to deepen innovation-driven cooperation with other BRICS nations and unleash the transformative power of emerging technologies.

In addition, China has committed to establishing several key institutions to enhance BRICS cooperation: the BRICS International Research Center for Deep-Sea Resources, the BRICS Special Economic Zones China Cooperation Center, the BRICS Industrial Capacity China Center, and the BRICS Digital Industry Ecosystem Cooperation Network.

Looking ahead, BRICS is poised to play an even more vital role in promoting global multipolarity and advancing inclusive economic globalisation. China’s call for the creation of an open global economy and the promotion of trade and investment liberalisation will continue to drive a fairer, more inclusive, and prosperous global economy.

Guan Xin is an anchor and chief business news editor of China Global Television Network (CGTN). She hosts GlobalBusiness and BizTalk, the two flagship financial and business programs on CGTN.

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