Banners for the 16th BRICS Summit in Kazan, Russia, October 2024.
BRICS is a platform for emerging markets to foster economic growth through cooperation. Recently, it expanded from 5 to 10 member countries by adding Saudi Arabia, Egypt, the UAE, Iran, and Ethiopia, attracting interest from countries like Thailand and Malaysia.
The group’s appeal is growing, especially in the Global South, as it seeks to enhance development through collaboration. BRICS countries, rich in resources, account for 37% of global GDP and more than 40% of the world’s population, contributing significantly to the global economy.
This often contrasts with the interests of developed countries, and BRICS aims to elevate the voice of the developing world in global discussions.
New Development Bank in Shanghai, China, October 2024.
A fairer global economic order
Since 2009, BRICS has worked towards a fairer global economy. The New Development Bank (NDB) supports infrastructure and sustainable development projects in member countries. For instance, it recently funded $1 billion for water and sanitation in South Africa.
The NDB aims to expand its membership, enhancing cooperation among developing nations. As of 2023, it has supported 98 projects worth $33 billion, targeting further growth through new collaborations.
BRICS Economic Meeting in Moscow, July 2024.
Advancing multilateralism
BRICS promotes economic cooperation through policy coordination and joint initiatives. At the recent meeting in Moscow, members focused on trade opportunities and strengthening collaboration in digital technologies.
BRICS is committed to defending a multilateral trading system and opposing protectionism to ensure inclusive economic globalization.
Read more:
How BRICS expansion contributes to Global South’s rise
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