Editor's note: Azhar Azam, a special commentator for CGTN, works in a private organization as a market and business analyst and writes on geopolitical issues and regional conflicts. The article reflects the author's opinions and not necessarily the views of CGTN.

Chinese President Xi Jinping, while addressing the 15th BRICS Summit on August 23, urged BRICS countries to uphold fairness and justice, and improve global governance.

Following the sequence of its acronym, BRICS – a group of five leading emerging markets and developing countries: Brazil, Russia, India, China and South Africa – is convening its 15th summit themed "BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism" in Johannesburg.

BRICS neither sets itself up as an alternative to current international political and financial forums nor seeks to substitute the Western economic model. The group is an endeavor to support international development and help build a more equitable global architecture by promoting South-South cooperation and advancing the Global South's interests in partnership with the Global North.

Several grievances such as abusive trade practices, a global desire to seek a level-playing field, political and economic ostracization of certain nations, endless undermining of other integrated frameworks in the hands of the U.S.'s "hegemonic vision" and ceaseless neglect of the development needs of poor countries have generated calls for "reconfiguration" of the international financial system. A rising discontent in the developing world is fueling the trend.

Anil Sakoolal, South African ambassador to BRICS, has singled out U.S. sanctions on Chinese entities that are aimed at marginalizing developing states and smaller countries' willingness to assert their independence.

According to South African officials, more than 40 countries have expressed interest in joining BRICS. China, for its part, has supported the progress of the group's expansion and welcomed like-minded countries to the BRICS family.

The group has developed an institutional character with the creation of economic institutions such as the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA). The two institutional frameworks were established in 2015 and sought to mobilize resources for the financing of infrastructure and sustainable development projects in developing countries and providing a safety net for member states in possible scenarios of balance of payment crisis.

The NDB is moving in that direction. It has begun lending in local currencies and aims to reach 30 percent of lending in local currencies over the next five years. More than 20 countries have formally applied to become members of the bank with Egypt, the United Arab Emirates and Bangladesh having joined in 2021. Uruguay has also been admitted and is part way through the process of joining. South Africa's Finance Minister Enoch Godongwana said earlier this month that boosting the use of local currencies would also be on the agenda to help de-risk the impact of foreign exchange fluctuations.

Citing the World Bank, the United Nations Conference on Trade and Development's BRICS Investment Report in April stated that the share of BRICS in global GDP had grown from 18 percent in 2010 to 26 percent in 2021, thanks to growth in China. It also said the annual foreign direct investment inflows quadrupled between 2011 and 2021, with the growth rate of intra-BRICS exports exceeding the global average. As such, BRICS has played an important role in the growth of partner economies and contributed significantly to "gross fixed capital formation."

In 2021, Chinese President Xi Jinping brought the idea of common development to the fore by his proposed Global Development Initiative. Under China's chairmanship last year, the BRICS countries pursued this as well as other joint development initiatives including the BRICS Initiative on Trade and Investment for Sustainable Development, the Digital Economy Partnership Framework, the space cooperation mechanism and the BRICS Vaccine Research and Development Center.

2023 is likely to be the group's "most impactful year." As South Africa takes over the BRICS presidency from China, it appears to build on China's focus and success in promoting global development. Another important aspect of BRICS is that four of its members are also part of the Group of 20 (G20). This distinctively remarkable feature has captured the attention of several G20 members, for it allows the grouping to collectively raise a voice on behalf of the developing world in addition to strengthening economic cooperation and expanding multilateral trade and development between the blocs.

Over the last 15 years, BRICS has emerged as a key player in the global economy. This collaboration between the developing and emerging countries blazes a trail for international fairness and justice as well as global peacemaking and urges other powers, trying to shove the world into instability, to mend their counterproductive approach of sanctioning and containing other economies.

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