Empowering BRICS for a more unified world

Editor's note: Nikola Mikovic, a special commentator on current affairs for CGTN, is a freelance journalist in Serbia, covering mostly Russian, Ukrainian and Belarusian foreign policy issues. The article reflects the author's opinions, and not necessarily those of CGTN.

The 16th BRICS Summit is being held in Kazan, Russia, from October 22 to 24. BRICS has now become an important dialogue platform for member countries to engage with a broad 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 nearly two decades of development, it has established a multi-level, multi-sector, 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, according to reports, over 30 states – most of them coming from the Global South – have expressed interest in joining the group. From Gabon to Malaysia, from Thailand to Egypt, and from Indonesia to Cuba remain in BRICS' "waiting room," hoping to join the family during one of its upcoming summits.

At present, BRICS members are making full use of the cooperation platform to support each other on issues concerning their core interests and to enhance coordination on major international and regional matters. They are actively contributing to safeguarding world peace and stability and promoting the evolution of the international system toward greater fairness and justice.

As Chinese President Xi Jinping pointed out 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 in tandem toward modernization."

Presently, cooperation among BRICS countries covers various fields. For example, in finance, it has two common financial entities – the Contingent Reserve Arrangement and the New Development Bank, helping mobilize resources for infrastructure and sustainable development projects among 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 it in 2010) predicted that the group would collectively "dominate" the global economy by 2050. That's not an unrealistic prediction. The practical cooperation under the BRICS mechanism extends to trade, finance, technology, agriculture, culture, education, healthcare and think tank exchanges. 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, which feel oppressed in the Western-dominated order, want to see. For some of them, BRICS represents a ray of light, and a hope for a prosperous and harmonious world. For BRICS members, the group serves not only 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 gathering 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 safeguard their common interests.

The summit will be yet another opportunity to increase bilateral cooperation, not only within BRICS member states, but also with the group's "circle of friends." Other BRICS members will almost certainly use the event for the same purpose, and also to "strengthen multilateralism for equitable global development and security," which is the motto of this year's BRICS Summit.

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