The recent 2024 BRICS summit in Kazan, Russia — the first full gathering after a historic expansion — attracted considerable international attention.
In 2006, the foreign ministers of China, Russia, Brazil and India held their first meeting on the sidelines of the UN General Assembly, lifting the curtain on the cooperation mechanism. Three years later, BRICS leaders met for the first time in Russia, and the intra-BRICS cooperation mechanism was born.
The grouping saw its membership grow to five in 2010, when South Africa joined. In 2017, China proposed the “BRICS+” mechanism, opening the door for other emerging economies and developing nations to participate. In 2022, leaders carried out BRICS+ cooperation at more levels, across broader realms and on a larger scale, proactively promoting membership expansion. The group formally admitted five new members this year: Saudi Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia.
BRICS nations now account for 34 percent of the world’s land area and 45 percent of the global population. Their aggregate purchasing power has surpassed that of the G7.
Reshaping the international order
The 18 years in which the BRICS mechanism has been at work was a period of profound changes in the international order. The trend of multipolarization has become more evident since the beginning of the 21st century. The dominance of the United States and its allies has weakened significantly. As a representative of emerging economies, BRICS has played an important role in building strategic partnerships, promoting global multipolarization and advancing the reform of global governance.
BRICS cooperation is not limited to relations between its members but has brought closer ties with Global South countries. For them, the best way to build a more inclusive global governance regime that allows for broader participation isn’t building a new mechanism but taking advantage of BRICS. Countries such as Venezuela, Turkiye, Malaysia, Thailand and Ecuador have all applied for membership. This indicates that Global South countries hope to increase their say and influence in international affairs via the BRICS mechanism and to promote the creation of a fair global governance system.
The potential of their cooperation in the political, economic and cultural fields both supplement and challenge the existing world order. The Kazan summit demonstrated BRICS nations’ active efforts and common vision for shaping the international order, and their desire to push the international order in a more just, rational and sustainable direction.
From a geopolitical perspective, BRICS has always presented itself as an open, multilateral and inclusive international mechanism. Although such security issues as the conflicts in Ukraine, the Middle East and along the China-India border — as well as geopolitical strategic competition in recent years — have brought challenges, BRICS maintains a spirit of openness, inclusiveness and win-win cooperation. Signs of reconciliation between such member countries as Russia, China, India and Iran send a message to the rest of the world that BRICS countries have decided to shelve differences and seek common ground and prioritize development. They don’t want regional troubles to get in the way of broader cooperation.
From the perspective of global governance and financial cooperation, for the past 18 years BRICS nations have stuck to a decision-making mechanism based on consultation to ensure equal rights for members. After expansion, the diverse and different characteristics of member countries brought problems to some extent, such as reduced operational flexibility, greater uncertainty in interest gains and more difficulties in consensus-building. Yet on the basis of collaboration in various fields, BRICS members remain dedicated to coping with U.S. hegemony and sanctions, reducing trade and investment barriers and accomplishing common development.
Meanwhile, expansion has increased the policy coordination of member countries, which is conducive to building new financial mechanisms, weakening the dominance of the U.S. dollar, developing a more independent international economic system and governance structure and upgrading BRICS nations’ participation in global governance. It thus provides support for the democratization and inclusiveness of the global governance regime.
The Kazan Declaration put forward a series of trade and financial cooperation projects, and BRICS leaders have supported building a cross-border payment system that will help member nations navigate the dollar-dominated global financial system. They will thus play bigger roles in global economic affairs.
China’s role in BRICS
China’s increasing importance in BRICS is mainly reflected in such aspects as spearheading economic cooperation, promoting policy coordination and pushing global governance reform. Since the inauguration of the BRICS mechanism, China has not only participated in cooperation as a founding member but has actively promoted the BRICS+ mechanism to attract emerging economies and developing nations. It has boosted the group’s international influence.
Both the BRICS cooperation mechanism and cooperation under the Belt and Road Initiative are advocated by China as a new-type of global regional cooperation approach. We should effectively integrate their resources and accomplish a scale effect of “1+1>2.” China should continue implementing its “go out” strategy and deepen constructive interaction between BRICS and BRI participants in infrastructure construction, investment and trade facilitation. I should raise the efficiency and outcomes of overall cooperation and share the dividends.
China also needs to continue to take advantage of the New Development Bank, build a financial security network and fend off risks from the U.S. dollar and euro. It should also proactively promote internationalization of the yuan; strengthen digital technology cooperation; promote standardization of bloc chain and digital currency technologies; ensure system security and interconnectivity; lead and push for the making of related technological standards, laws and regulations; and facilitate information-sharing and cooperation between member countries. In this way it can improve the reliability and stability of the BRICS Pay system.
In addition, for BRICS members, China should propose more equal and efficient communication mechanisms and seek common interests with an eye on differences between member countries. It should take into consideration the specific demands of new members, push for the implementation of cooperation projects that serve multiple parties and constantly increase the BRICS mechanism’s appeal. It should build multilayered cooperation mechanisms; encourage collaboration in such areas as education, science and technology and culture to increase connections and understanding between member countries; and promote common development.
