It was a buzz of diplomatic energy at the BRICS Foreign Ministers’ Meeting in Rio de Janeiro, where Chinese Foreign Minister Wang Yi stepped up to call for a fresh model of global cooperation.
Wang Yi stressed forging unity and cooperation with the international community to reform global governance, address historical injustices for the Global South, and tackle cascading challenges.
He pitched a four-point alliance to safeguard multilateral trading rules, strengthen the international financial system, accelerate the green transition, and share digital opportunities. He denounced U.S. tariffs as “bargaining chips” demanding exorbitant prices and urged partner states to oppose all forms of protectionism.
As the Western-led system faces credibility woes from predatory policies and rising protectionism, these moves come at a moment of mounting global turbulence and sluggish growth. According to the IMF, tariffs rolled out on April 2 could cut U.S. growth to just 1.8% in 2025—a 0.9% drop from earlier forecasts—underlining the urgent need for a trade policy settlement.
Wang pointed out that when uncertainty spikes off the charts, multilateralism becomes our best tool, highlighting a majority-driven, consensus-based approach that gives emerging and developing nations a louder voice.
BRICS itself is proof of this principle in action. With the recent addition of Indonesia, Egypt, the UAE, Ethiopia, Iran, and possibly Saudi Arabia, the bloc is leveling up its influence in a fragmented world. This expansion promises greater stability and fresh economic opportunities across regions like the Middle East and North Africa, which face security risks, energy market shocks, and recessionary pressures.
Far from challenging existing institutions for the sake of it, the group’s push is about trimming bias against the Global South and building a more inclusive, representative system. The Contingent Reserve Arrangement (CRA) and the New Development Bank showcase practical steps—from bolstering financial resilience to funding clean energy, smart transport, and digital infrastructure that decouple growth from pollution.
These proposals echo the UN’s Pact of the Future, where UN Secretary-General António Guterres highlighted the need to modernize global governance, bridge the digital divide, and reshape Bretton Woods institutions for fairness and climate action.
As young global citizens, entrepreneurs, and changemakers watch these developments unfold, the takeaway is clear: reforming how we govern global systems is not just a diplomatic exercise. It’s a high-stakes investment in sustainable growth, digital inclusion, and shared prosperity for all.
Reference(s):
Multilateralism and governance reform: Key to shared development
cgtn.com
