Why China-proposed GGI matters for BRICS

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Multilateralism, openness, and solidarity are three keywords of Chinese President Xi Jinping's speech at the Virtual BRICS Summit on Monday.

As the "first echelon" of the Global South, BRICS countries, as President Xi noted, should uphold the BRICS spirit of openness, inclusiveness, and win-win cooperation, jointly safeguard multilateralism, protect multilateral trade mechanism, promote "Greater BRICS" cooperation, and jointly build a community with a shared future for humanity.

Against rising protectionist sentiments, President Xi called on BRICS countries to uphold the multilateral trading system with the WTO at its core, and oppose all forms of protectionism.

The current international system, dominated by a handful of Western nations, often marginalizes the voices of emerging economies. Unilateral trade restrictions have further disproportionately affected developing economies, limiting their access to international markets and undermining their development prospects.

In this context, BRICS leaders voiced strong support for the reform of existing global trade institutions, advocating for enhanced representation and a greater voice for developing countries in decision-making processes.

In his speech, President Xi urged BRICS countries to actively promote greater democracy in international relations, and increase the representation and voice of Global South countries.

This focus aligns closely with the principles embodied by the Global Governance Initiative (GGI) President Xi proposed at the "Shanghai Cooperation Organization Plus" meeting in early September – adhering to sovereign equality, abiding by international rule of law, practicing multilateralism, advocating the people-centered approach and focusing on taking real actions.

As the latest global public good proposed by China, the GGI aims to build a more just and equitable global governance system that could better reflect contemporary realities.

BRICS nations, with their diverse economies, are uniquely positioned to collaborate on strategies that promote common development. Reducing dependency on unilateral systems and fostering South-South cooperation are prominent tasks for these countries. The GGI underscores their collective vision to build robust partnerships that will benefit not only member states but also developing countries worldwide.

Common development is what matters. Under the vision of shared growth, BRICS-included organizations have been actively introducing favorable policies to boost the development of Global South countries, thus giving them more say in the international arena.

For instance, the New Development Bank (NDB) – the first multilateral development bank founded by emerging economies – plays a crucial role in financing infrastructure projects, clean energy initiatives, environmental protection, and cyber infrastructure development across BRICS nations.

In August last year, the NDB signed a loan agreement worth 5 billion rand (approximately $284 million) with Transnet, South Africa's leading freight transport and logistics company, to support the modernization and enhancement of its freight rail sector. By providing financing in South Africa's local currency, the NDB underscores its commitment to promoting local currency funding within its member states – an approach that better addresses the needs of emerging and developing economies while strengthening their financial resilience.

Unlike an "anti-U.S. bloc" as portrayed by some in the West, BRICS speaks with a collective voice for fairness and justice in global governance, promoting common development, mutual respect, and sovereign equality, while strongly rejecting exclusive "small blocs."

As a major member of the Global South, China has been acting as a major contributor to global public intellectual goods over the years. The Global Development Initiative, the Global Security Initiative, the Global Civilization Initiative, and the GGI are for the better development of all. They are not designed for any exclusive group.

The GGI is "anchored in multilateralism" and "underscores the importance of safeguarding the international system with the UN at its core and the international order underpinned by international law," said UN Secretary-General Antonio Guterres earlier.

President Xi's Monday speech has further signaled China's determination in upholding multilateralism, promoting common development and improving global governance. The country is willing and has been taking concrete actions to build a community with a shared future for humanity.

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