Data from the International Monetary Fund shows that the total volume of trade in goods of BRICS countries was about $9.2 trillion in 2022, an increase of 7.8 percent over the previous year. Among them, the total volume of trade in goods among the five countries was $1.14 trillion, a year-on-year increase of 13.3 percent.

Amid the current global economic recovery facing challenges, BRICS countries have deepened cooperation, played the role of "stabilizers" and "accelerators" of development and injected BRICS power into the stability of the global market.

"Development is an inalienable right of all countries," Chinese President Xi Jinping said when addressing the 15th BRICS Summit on Wednesday in South Africa's Johannesburg, urging all BRICS countries to be each other's fellow companions on the journey of development and revitalization.

Development an inalienable right of all countries

The world economic recovery remains shaky, with less than three percent of growth for this year, as estimated by some international institutions.

However, BRICS countries have established close cooperation with emerging markets and developing countries through outreach activities and "BRICS Plus" cooperation, promoting the impact of BRICS cooperation beyond the scope of the five countries to the world.

Together, the economic output of BRICS countries accounts for 25 percent of the world's total. Meanwhile, their total trade volume accounts for 18 percent of the world's total, making the bloc an important force that cannot be ignored in the world economy, according to Xinhua News Agency.

For China, its economic and trade cooperation with other BRICS countries has achieved outstanding results.

In the first seven months of this year, China's imports and exports to other BRICS countries totaled 2.38 trillion yuan (about $330 billion), a year-on-year increase of 19.1 percent, accounting for 10.1 percent of China's total imports and exports, according to the General Administration of Customs of China.

Cooperation in areas such as auto parts, home appliances, agricultural machinery, energy and agricultural products also saw booming growth between China and other BRICS countries in the first seven months of 2023.

Stressing the importance of practical cooperation, Xi called for bolstering economic, trade and financial exchanges in such fields as the digital economy, green development and supply chain.

According to Xi, China will set up a China-BRICS Science and Innovation Incubation Park for the New Era to support the deployment of innovation results.

Meanwhile, China will also work with all parties to jointly establish a BRICS Framework on Industrial Cooperation for Sustainable Development as a platform for industrial coordination and project cooperation in implementing the UN 2030 Agenda for Sustainable Development.

Pool wisdom, strength for peaceful development

Promoting and leading the reform of the global governance system is an important part of BRICS cooperation.

As Xi said at the summit, "strengthening global governance is the right choice if the international community intends to share development opportunities and tackle global challenges."

The Chinese president has called on BRICS countries to practice true multilateralism to chart the course for jointly addressing global challenges such as the food and energy crisis, climate change, terrorism, geopolitical conflicts, hegemony and protectionism.

As the first multilateral financial institution established under BRICS cooperation, the New Development Bank has approved 99 loan projects totaling more than $33 billion so far, providing a strong guarantee for infrastructure construction and sustainable development in emerging markets and developing countries.

In his speech, Xi called for fully leveraging the role of the bank, pushing forward reform of the international financial and monetary systems, and increasing the representation and voice of developing countries.

BRICS countries share a common vision for the future development of mankind, which attracts an increasing number of countries to join the bloc.

"I am glad to see the growing enthusiasm of developing countries about BRICS cooperation, and quite a number of them have applied to join the BRICS cooperation mechanism," Xi said, urging efforts to bring more countries into the BRICS family so as to pool wisdom and strength to make global governance more just and equitable.