The BRICS group, originally consisting of Brazil, Russia, India, China, and South Africa, has recently expanded to include Egypt, Iran, Ethiopia, Saudi Arabia, and the United Arab Emirates. Now BRICS has emerged as an even more important platform for promoting collaboration and shared growth among the countries of the Global South, as reported by Guan Xin, the author of
CGTN, a partner of TV BRICS.

“The group’s contribution to global economic growth is projected to surpass 50 per cent, and its total economic output, calculated by purchasing power parity. This expanded BRICS demonstrates the potential to play a significant role in driving the global economic recovery, providing the momentum needed to overcome today’s development challenges,” he said.

Experts claim that with this expansion, BRICS embodies a more inclusive framework for Global South countries, enabling them to pool resources and bolster regional cooperation.

Nikolay Yakushev, a researcher at the Vologda Research Centre of the Russian Academy of Sciences, in an exclusive commentary for TV BRICS, claimed that BRICS+ is a key exporter of fertilisers, mineral products, semi-finished and finished ferrous metal products, wood, and wood products. It also has a significant weight in the export market for automobiles, shipbuilding, digital devices, and electronic equipment. All this suggests that the influence of BRICS+ will increase in the global economy, the expert believes.

BRICS joint initiatives and establishment of the New Development Bank

Joint initiatives in supply chains, trade investment, and sustainable development, as well as exchanges in technology partnerships, have been some of the milestones of BRICS economic cooperation. For example, one of the key joint projects of the BRICS countries was the establishment of the New Development Bank (NDB), which has become a major source of financing for both BRICS members and other developing countries.

The NDB, established in 2014 and initially set by the core BRICS members (Brazil, Russia, India, China, and South Africa), has now been expanding its reach by funding projects not only in the founding nations but also in newly affiliated BRICS+ countries. NDB supports various national infrastructure projects, climate resilience programmes, and renewable energy developments, especially in less industrialised member states, fostering sustainable growth and stronger economic resilience across the BRICS+ region.

According to the NDB’s official website, by the end of 2023, the NDB had financed more than 100 projects, providing more than US$34 billion in loans for infrastructure, clean energy, transport, and urban development. This financial support has played an important role in addressing the infrastructure and development financing gap, especially in green energy and sustainable development. The NDB’s significant investments have enabled the BRICS countries to contribute to the global climate goals as part of initiatives towards a sustainable future.

Nikolay Yakushev also spoke about the areas of BRICS countries’ cooperation in the development of the global South.

“The role of the New Development Bank (NDB) in the BRICS+ countries is primarily related to infrastructure projects in the field of sustainable development. The ongoing projects and existing BRICS experience contribute to the development of infrastructure and technology in the Global South, which is primarily related to transport corridors and logistics, energy, as well as healthcare, digital accessibility, and cybersecurity”

Nikolay Yakushev International Trade Expert

The expert highlights that the expanded BRICS group has renewed the NDB’s focus on accommodating additional member nations, allowing countries such as Egypt and the UAE to participate in developmental projects that promote regional stability and economic inclusivity. By creating a bank that reflects the priorities of Global South, BRICS further establishes itself as a cooperative framework for sustainable growth.

Trade and economic integration of BRICS member countries

Intra-BRICS trade has grown significantly, with countries within the group trading increasingly in their local currencies, as reported by CGTN expert. This shift aligns with the group’s aim to reinforce economic interdependence among member states. Between 2017 and 2022, intra-BRICS trade surged by 56 per cent, and the integration of new BRICS members is expected to accelerate this trend across BRICS+ regions.

According to statistics provided by CGTN, a partner of TV BRIC, China, as a BRICS member, has been consistently expanding trade relations with other BRICS members. Between 2009 and 2023, the value of China’s imports and exports with Russia, India, Brazil, and South Africa grew from US$132.84 billion to US$597.46 billion. In the first three quarters of 2024, China’s trade with other BRICS nations reached US$638.85 billion, a 5.1 per cent year-on-year increase.

To further improve the quality and scope of BRICS cooperation, China recently established the China-BRICS Artificial Intelligence Development and Cooperation Centre. The main objective of this initiative is to deepen innovation cooperation with other BRICS countries and unlock the transformative power of new technologies. China has also committed to establishing several key institutions to strengthen BRICS cooperation: the BRICS International Research Center for Deep-Sea Resources, the BRICS Special Economic Zones China Cooperation Center, the BRICS Industrial Capacity China Center, and the BRICS Digital Industry Ecosystem Cooperation Network.

Furthermore, energy security remains a critical focus area for BRICS+. Additionally, the group holds nearly half of the world’s crude oil reserves, providing significant leverage in global energy markets. As BRICS continues to pursue energy independence, members like Russia and Saudi Arabia are working with other nations to build energy infrastructure that bolsters regional stability and reduces external dependencies.

Strengthen multilateralism and multipolarity

According to the 2024 Kazan Declaration, the joint goal of the BRICS members is to strengthen multilateralism for just global development and to enhance the role of the Global South, making it a critical force for economic and political reform in a changing world order.

Ruslan Grebnev, Deputy Dean of the Faculty of Global Processes at Lomonosov Moscow State University’s Department of International Cooperation, in an exclusive commentary for TV BRICS, spoke about how BRICS is strengthening multilateralism and multipolarity.

“The novelty of the BRICS approach lies in the fact that the agenda of the interstate association includes issues on which there can be no fundamental contradictions between the participants. This approach promotes the formation of mutual trust and, as a consequence, opens up prospects for the development of international relations. This is the basis of a just multipolar world order – to bring international relations to a common denominator”

Ruslan Grebnev Expert in international relations

As stated by the expert, the formation of a multipolar world is becoming an irreversible process that attracts more and more participants.

Photo:
iStock