Brazil has a prominent role to play in the global governance architecture. The country has sustained structural economic growth on the back of favorable demographic drivers, growing middle class consumption and broad scale socioeconomic transformation. As a result, the business environment in the country has steadily improved; and the number of people living in extreme poverty has halved over the last decade.

It is time for the country to place commensurate emphasis on consolidating its position as a regional leader; and as a key stakeholder on the global governance high table. BRICS provides the perfect platform to marry the dual imperatives.

Brazil boasts of one of the world's largest domestic markets and a sophisticated business environment. It ranks 53rd on the World Economic Forum's Global Competitiveness Index (2001-12), and is ahead of the rest of the BRICS nations in the availability of financial services among other key indicators of financial market penetration.

Brazil's upwardly mobile middle class and its elite have inexorably embraced the liberal globalisation framework, promoted by the developed world. Consequently, since the 1990s, they have shown a greater willingness to engage with the international system, and accept transnational regulations and norms.

As a willing signatory to international norms, ranging from those around mitigation of climate change to preventing nuclear proliferation, Brazil has often broken its own historical typecast of being defensive. What superficially seems to represent a systemic re-prioritisation requires deeper investigation.

According to the Economist Intelligence Unit, domestic savings rates in the country are below 20 percent. Middle-sized industries still largely rely on external markets for raising money and channelling investments. By default, international perception about the Brazilian economy is an important component of national strategy. Furthermore, the Latin American identity is one that successive governments have strived to shed.

Being part of the BRICS grouping has helped Brazil leverage its "emerging market" identity and dehyphenate from its Latin American identity which had its own convoluted dynamics in any case. This is evident both in the global economic and political spheres.

BRICS has provided Brazil with a platform to engage with the international system more progressively. It can now navigate the international rules based architecture, with greater bargaining power and seek greater representation in institutions of global economic and political governance.

Using the BRICS identity, Brazil no longer has to drive a wedge between its development and growth imperatives. It can shield its poor from international regulations, without fear of it's "investment worthiness" being diluted. It can participate at the global high table, while simultaneously catering to nuanced regional imperatives.

The recent death of Hugo Chavez was termed "an irreparable loss" by Brazilian President Dilma Rousseff.  This serves as an example of the ideological flexibility, which the country employs to engage with a neighborhood that is strictly divided on the Venezuelan president's legacy.

Indeed fine balancing tactics are not new to Brazilian foreign policy, also termed "a study in ambivalence." The pluralistic construct of BRICS fits perfectly with Brazil's strategic outlook on its neighborhood and the world. Brazil has taken on more regional commitments over the same 20-year period during which it has enhanced its engagements with the international system. This is evidenced from increased participation in regional working group meetings, official summits and informal gatherings by the government.

There are numerous accounts of Brazil's deployment of regional priorities as a bargain chip. Through Mercosur, Brazil has been able to successfully negotiate trade agreements in favor of its national interests. It is a pivotal founding member of the five-member trading bloc.

In the on-going negotiations for a Free Trade Agreement with the EU, Brazil has pulled out all the stops, shielding its local industries from cheaper foreign made imports; with support from other members including Argentina.

Similarly, common interests rather than common ideologies dictate the BRICS agenda.  Brazil's membership of the grouping is in complete consonance with its regional and global strategic imperatives.

Aside from the adaptive flexibility that the informal BRICS grouping offers, it allows Brazil great latitude in bringing specific agendas around innovation, intellectual property rights and green growth at its core.

Brazil is home to nearly half of the world's biodiversity; the overarching sustainable development agenda is not surprisingly a national priority. Similarly, Brazil has the opportunity to use mechanisms such as the BRICS Exchange Alliance for attracting investments.

While the current framework enables investors to trade in cross-listed futures indices, if there is political will, the mechanism could eventually encompass various products with different underlying assets including equities. Another relevant sector specific example is commercial aerospace cooperation, where Brazil has unmatched expertise within the grouping.

There are in fact multiple opportunities for Brazil within BRICS, not limited to the economic sphere. In many ways, the grouping brings Brazil from the left corner of the world map to the center, where the geopolitical theatre is most active; in Asia and the Indo-Pacific.

However, there are two oddities in the Brazilian agenda which would require circumnavigation if Brazil is to be brought to the heart of the geopolitical discourse.

The first is to moderate its insistence on pursuing "euro-styled" agendas such as interventionist doctrine "responsibility to protect," with an ambiguously defined alternative "responsibility while protecting." Sovereignty matters to other BRICS, and there is some time before supra-national initiatives would pass muster.

And the second is to shed its reluctance on the agenda for creation of a BRICS-led Development Bank. In this instance Brazil, with its considerable Development Bank experience, can help shape a credible institute that will empower billions south of the equator.

Vivan Sharan is associate fellow and Samir Saran is vice president at Observer Research Foundation, New Delhi. opinion@globaltimes.com.cn