From a five-member group to a big Global South family, BRICS now stands as a towering pillar, welcoming more countries, brainstorming development cooperation, and building consensus for the common good.
by Xin Ping
A 42-year-old woman waist-deep in filthy floodwater, her brows furrowed as she held her dog above the rising waters. In May, torrential floods caused by overflowing rivers left large parts of Brazil's Rio Grande do Sul state submerged. Relief and reconstruction aid poured in from the rest of Brazil and beyond. Among them, the Shanghai-based New Development Bank announced a loan of 1.115 billion U.S. dollars just days after the disaster.
Built by BRICS countries, the New Development Bank is set to become "a new type of multilateral development bank in the 21st century," as stated in the Kazan Declaration of the BRICS summit, the first of its kind following the group's enlargement at the beginning of this year. Leaders from over 30 countries spanning from the Persian Gulf to the Parana River sat at the same table, discussing beefing up development and common security amid a tapestry of global challenges.
MANY HEADS BETTER THAN ONE
Besides the demographic weight of nearly half the world's population, BRICS' economic heft is also considerable, as it accounts for over 30 percent of global GDP with purchasing power parity exceeding that of the Group of Seven.
At the BRICS summit in Kazan, member states saw eye to eye on supporting the BRICS bank in expanding local currency financing. Already put into practice by countries like China, Russia, Brazil and some others, this approach has long been viewed by many as a counterweight to the U.S. dollar, which keeps developing countries, in particular those with weak economies, under sway. An alternative to the greenback is wanted by many countries. After all, it's wiser not to put all your eggs in one basket.
Currently, over 30 countries ranging from OPEC member Algeria to NATO ally Türkiye have shown interest in joining this Global South-led group. The Kazan summit endorsed the Modalities of BRICS Partner Country Category, a fruit of the "BRICS Plus" cooperation model. This partner status offers countries opportunities to do business and build diplomatic ties. With more Global South countries knocking at the door, BRICS is set to become a larger family.
NOTHING IS OFF TABLE
Besides development cooperation, the three-day Kazan summit also focused on global security, a pressing issue amid the Ukraine crisis and the escalating Middle East conflict.
On the sidelines, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met for the first time in five years, days after resolutions were reached on border issues.
Building on the progress so far, both leaders agreed to leverage the Special Representatives mechanism on the boundary question and hold ministerial-level talks to prevent disagreements from straining ties. As dialogue is a better tool to solve disputes and conflicts, BRICS opens the door for discussions between developing countries without unwarranted interference.
Two days before Israel's latest airstrikes on Iran, Xi met with Iranian President Masoud Pezeshkian, reiterating his call for a ceasefire and an end to hostilities in Gaza. Xi's stance aligns with Beijing's Global Security Initiative, presenting a stark contrast to Washington's pro-Israel position, which characterizes the latest attack as "an exercise in self-defense."
As the world is battered this year by intensifying climate disasters, evidenced by floods in Brazil and Hurricane Helene in the United States, climate change is also at the top of the agenda. The adoption of a memorandum of understanding on the BRICS Carbon Markets Partnership aims to enhance knowledge-sharing and explore collaborative opportunities for developing carbon markets and potential climate cooperation. This marks a vital step toward unified climate action in an increasingly divided world.
As challenges such as the Ukraine crisis, the Middle East conflict, and the widespread aftermath of Katrina persist, some countries have responded to the wake-up call and gotten the ball rolling.
From a five-member group to a big Global South family, BRICS now stands as a towering pillar, welcoming more countries, brainstorming development cooperation, and building consensus for the common good. It is now imperative for the broader international community to rise to challenges and contribute to this collective effort.
Editor's note: The author is a commentator on international affairs, writing regularly for Xinhua News, CGTN, Global Times, China Daily, etc. He can be reached at xinping604@gmail.com.
The views expressed in this article are those of the author's and do not necessarily reflect the positions of Xinhua News Agency. ■
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