The 16th BRICS Summit is set to take place in Kazan, Russia, from October 22 to 24, marking a significant milestone for the coalition of emerging economies. BRICS has evolved into a crucial platform for member countries to collaborate with a wide array of emerging markets and developing nations.
Originating from a collective rise among emerging markets and developing countries, BRICS has developed a robust multi-level and multi-sector cooperation framework over nearly two decades. This framework has become a vital component of global economic development.
In 2024, BRICS welcomed five new members: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. As of October, reports indicate that over 30 states, primarily from the Global South, are interested in joining the group. Nations such as Gabon, Malaysia, Thailand, Indonesia, and Cuba are in BRICS' \"waiting room,\" aspiring to become part of the family in upcoming summits.
Currently, BRICS members are leveraging the cooperation platform to support each other on key issues and enhance coordination on major international and regional matters. They are actively contributing to maintaining world peace and stability while promoting the evolution of the international system towards greater fairness and justice.
Chinese President Xi Jinping emphasized the importance of BRICS at the 15th Summit in Johannesburg, South Africa, stating, \"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.\"
BRICS cooperation spans various fields, particularly in finance. The bloc operates two financial entities—the Contingent Reserve Arrangement and the New Development Bank. These institutions facilitate the mobilization of 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.
Reference(s):
cgtn.com
