A new round of expansion empowers the greater BRICS to improve global governance

Editor's note: Xu Xiujun is an executive director of the Center for the BRICS Studies, and senior research fellow of the National Academy of Chinese Modernization at the Chinese Academy of Social Sciences. The article reflects the author's opinions and not necessarily the views of CGTN. 

On October 22, 2024, the 16th BRICS Leaders' Meeting will open in Kazan, Russia. This is the first summit following the new round of BRICS expansion, marking the official launch of BRICS, setting a new course for cooperation as the Greater BRICS. As an emerging mechanism with rising influence on the international stage, the Greater BRICS will play an even more significant role in global governance.

The Greater BRICS demonstrates the appeal of new concepts in global governance. In July 2014, the sixth BRICS Leaders' Meeting in Fortaleza, Brazil, advocated for an open, inclusive, cooperative, and win-win BRICS spirit, as well as establishing closer, more comprehensive, and firmer partnerships, providing new conceptual support for new international relations and global governance.

The BRICS spirit offers new inclusive supports for handling international relations, conducting international cooperation, and participating in global governance in today's world. It pursues partnership rather than alliance, advocates mutual respect and common progress, and strives for mutual benefit and win-win cooperation. Guided by such spirit, BRICS countries have actively participated in international cooperation and global governance, continuously expanding their circle of friends of openness, inclusiveness, win-win cooperation, and continuously enhancing their influence in global governance.

The greater BRICS demonstrates the influence of new forces in global governance. The shift in power dynamics among major countries in the world has triggered profound adjustments and changes in the global governance system. In this process, BRICS countries have played an irreplaceable key role. Over the past few decades, overall economic growth rate of BRICS countries has been significantly higher than that of developed economies and also higher than the growth rate of emerging markets and developing countries.

Consequently, the international economic status of BRICS countries has been continuously elevated. In terms of purchasing power parity, the economic output of BRICS countries surpassed that of the Group of Seven (G7) in 2020. Following the expansion, the share of BRICS GDP calculated at market exchange rates in the global total has reached 27 percent. The change in economic strength between BRICS countries and G7 members has made their positions and roles in global governance mechanisms such as the G20 more balanced, gradually pushing global governance towards a more equitable and reasonable direction.

The greater BRICS demonstrates the attractiveness of a new platform for global governance. As representatives of the Global South, BRICS countries represent the interests of emerging markets and developing countries in the process of global governance reform. For this reason, BRICS countries have attracted the participation of an increasing number of Global South countries. Besides the five new members joining this year, more than 30 other countries have also submitted applications for membership.

Following the expansion, BRICS countries have stronger representation and can better safeguard the interests of the Global South. BRICS countries also incorporate more countries into cooperation through the "BRICS plus" model, coordinating their positions and issuing a common voice. The topics of BRICS cooperation are not limited to BRICS countries themselves but encompass all global issues affecting human well-being. BRICS countries practice true multilateralism, promote the joint construction of a human security and global development driven community, and contribute the power of the BRICS to building a truly global, interconnected community, with a shared future for mankind.

(Cover via CFP)