BRICS to play a greater role in an uncertain world

The days of sidelining the emerging economies in global politics are surely over. The BRICS countries – Brazil, Russia, India, China, and South Africa – are playing an increasingly important role in global economy and international policy making. Together they can explore new models of cooperation in face of the new challenges facing today's world.

[File photo: VCG]

Speaking at the meeting of the BRICS Ministers of Foreign Affairs, China's Foreign Minister Wang Yi said the world is faced with three types of deficits: deficits in governance, trust, and development.

Established in 2008 as a response to the international financial storm, the BRICS has developed in the past 10 years into a cooperation mechanism that reaches across Asia, Africa, Latin America and Europe. In 2017, the BRICS accounted for 23 percent of the world economy, 16 percent of world trade, and contributing more than half of total global economic growth. The BRICS members have a significant role to play in restructuring the global economic and political order to make a more equitable playing field.

Addressing development imbalances

Over the past 10 years, the combined gross domestic product of the BRICS countries has grown by 179 percent, trade expanded by 94 percent, and the urban population increased by 28 percent, which has benefited over three billion people across the member states.

In 2015, BRICS members set up the New Development Bank. Since its inception, the purpose of the bank was "mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries."

McKinley Global Institute estimates that each dollar of infrastructure investment can raise GDP by 20 cents in the long run by boosting productivity. But the World Bank and the International Monetary Fund, particularly the latter, tend to attach harsh conditions to the funding they provide. And they often hesitate to lend money for infrastructure projects that don't have short-term returns.

For example, African countries have been recipients of foreign assistance since their independence. But many experts argue that the provision of foreign assistance by the United States and other Western countries has, at times, led to the development of a culture of dependency in Africa that fostered paternalism instead of partnership.

Last year, the Africa Regional Center of the New Development Bank was established in Johannesburg. Through the provision of funds for infrastructure projects, as well as capacity building and technical assistance, BRICS cooperation will create more opportunities for African countries, and help them realize their self-sustainable development.

BRICS wisdom in global governance

The emergence of the BRICS bloc has changed the map of global power. Dolana Msimang, South Africa's ambassador to China, pointed out recently that BRICS is not only an economic platform. It represents "voice of the voiceless mass," and "the diversity in BRICS in terms of political systems, societies, and cultures makes it well-suited to foster new ways of engaging in international affairs."

In 2017, the first BRICS seminar on governance was held in China. Member states decided that the seminar would be held each year with the aim of promoting the institutionalization of governance among the five member states. The theme of this year's seminar is "contributing BRICS wisdom to global governance in the interests of the people."

BRICS cooperation provides new solutions to global economic governance, and reflects the understanding of emerging and developing economies when it comes to building a more equal-footed order of global governance – one that could share sustainable development with the world. By upholding the principles and authority of the United Nations and international law, it can play a more active role in an uncertain world amid threats of rising protectionism and unilateralism.

Bridging the trust deficit

This year's BRICS summit comes at a time of great turbulence in the global environment. As Foreign Minister Wang Yi pointed out at the BRICS foreign affairs minister's meeting, increasing international competition and friction, intensifying geopolitical gamesmanship, and a reemergence of the Cold War mentality have been eroding the foundation of trust and cooperation in the international community.

BRICS cooperation calls for an equal partnership, mutual benefit, and common development. The BRICS+ initiative proposed during last year's Xiamen Summit opened up the prospect of broadening the BRICS to include new members. Together they can explore new models in global governance, and play a more active role in an increasingly uncertain world.