Photo: IC

Shortly before the 11th BRICS summit in Brazilian capital Brasilia on Wednesday and Thursday, Bloomberg published an article - "BRICS Is About Geopolitics, Not Economics," saying "The acronym no longer makes much financial sense. But the idea is more politically relevant than ever."

Such a view does not hold water. Historical opportunities and changes in the global landscape make BRICS countries stand out. The achievements and significance brought about by economic cooperation among member countries of the group cannot be ignored.

The BRICS New Development Bank (NDB), which opened in Shanghai in 2015, should be regarded as the most remarkable success of BRICS' economic cooperation. The NDB agreement says, "The Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments." According to the World Economic Forum, three achievements are worth underscoring: "a loan book of $10.2 billion, one AAA and two AA+ international credit ratings and the successful launch of capital-raising activities in local currencies." 

Amid the global economic slowdown, annual meetings of leaders from the five crucial emerging economies to discuss international issues and contribute their intelligence to the organization's betterment can promote global governance and reinforce cooperation.

However, it cannot be denied that the BRICS cooperation mechanism has been exposed to challenges. The first challenge is determining the priorities of cooperation. Although BRICS works as an international organization, there is no charter. The objectives of BRICS are only reflected in the joint statements after informal meetings of bloc leaders. The statement after the BRICS summit in Yekaterinburg, Russia in 2009 only had 15 commitments, but the number soared to 109 at the Goa meeting in 2016. It means the range of cooperation has expanded rapidly and shows the members' increasing determination to cooperate.

However, BRICS members must make efforts to achieve its desired goals. Only with clear goals and priorities can cooperation within the organization become fruitful. Members should play a more important role in international affairs, such as promoting globalization, contributing to building a harmonious world and improving an international order that is fair to developing countries, promote international financial governance and counter protectionism.

China, as the largest BRICS economy, has played a big role in promoting cooperation within the bloc. As the world's second-largest economy, the largest emerging economy, the largest developing country and a BRICS member, China should play an active role in promoting BRICS cooperation. Without China's initiative, BRICS cannot make such remarkable achievements.

However, some absurd arguments keep doing the rounds of the international community. For example, US scholars such as Leslie Elliott Armijo and Cynthia Roberts contend: "Through the BRICS and other forums, China appears to be building a basis for cooperation and exerting its influence informally. Within the BRICS, China's immense power has created some concerns in Russia and particularly in India." 

This inference is inaccurate. It turns out that China has not leveraged its advantages to outdo other members, nor issued orders to them. China and other BRICS members are treated equally on all cooperation issues. For example, according to the Agreement on the NDB, the initial subscribed capital shall be equally distributed amongst the founding members and the voting power of each member shall be equal to the number of its subscribed shares in the capital stock of the bank. China has never acted arbitrarily in the allocation of shares, distribution of power in the top leadership and other vital issues because of its economic clout, nor has it been arrogant or engaged in power struggle.

BRICS cooperation over a decade shows China's participation in the bloc has achieved a kind of win-win situation. On the one hand, China has boosted its international standing due to BRICS cooperation, which consolidates the position of emerging economies on the international stage. On the other, BRICS has been able to function more smoothly because of China's efforts.

In an attempt to further promote cooperation, BRICS members should strive to tackle divergences, enhance political consensus, reinforce consultation and coordination on major issues and speak with one voice. 

The author is distinguished professor at Shanghai University and vice president at China Society of the Emerging Economies. opinion@globaltimes.com.cn