The 16th BRICS Summit commenced in Kazan, Russia, from October 22 to 24, bringing together leaders from five major emerging economies to discuss strategies for enhanced cooperation and global influence. As BRICS continues to evolve, it has solidified its position as a vital platform for dialogue among emerging markets and developing nations.
Born out of a collective desire among emerging economies to reshape the global economic landscape, the BRICS cooperation mechanism has, over the past two decades, developed a comprehensive framework covering multiple levels and sectors. This framework has become an integral component of global economic development, promoting inclusive growth and sustainable partnerships.
In 2024, the BRICS family expanded to welcome Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. This significant enlargement reflects the growing appeal of BRICS, with over 30 countries, predominantly from the Global South, expressing keen interest in joining. Nations such as Gabon, Malaysia, Thailand, Indonesia, and Cuba are poised in anticipation, hopeful to be part of future summits and the collaborative opportunities they present.
Currently, BRICS members leverage this cooperation platform to support one another on issues of core interest and enhance coordination on major international and regional matters. Their collective efforts contribute actively to global peace and stability, promoting an international system that moves toward greater fairness and justice.
As Chinese President Xi Jinping emphasized 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.”
The scope of BRICS cooperation extends across various fields. In finance, the group has established the Contingent Reserve Arrangement and the New Development Bank. These institutions play a crucial role in mobilizing resources for infrastructure and sustainable development projects among BRICS countries and other emerging economies, while actively supporting the multilateral trading system with the World Trade Organization as its cornerstone.
As the 16th BRICS Summit progresses, the world watches closely to see how this powerful coalition will continue to influence the global economic order and champion the interests of developing nations. The collective vision of BRICS nations holds the promise of a more unified and equitable world, where emerging economies have a stronger voice in shaping the future.
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