Photo: CFP

 
The 16th BRICS Summit is set to take place in Kazan, Russia, from October 22 to 24, marking the first summit following the expansion of BRICS. There is significant interest in how the member countries will work together to foster a more equitable and orderly multipolar world, as well as promote inclusive economic globalization in the face of complex global challenges. In a recent interview with the Global Times, Kirill Babaev, director of the Institute of China and Modern Asia at the Russian Academy of Sciences, remarked that BRICS has transformed from its original concept into a robust cross-continental cooperation network, now embodying a new vision for the global governance system.

"BRICS was born as an instrument of coordination between the five, not much more. Now its significance has grown immensely. BRICS is not only a network of 10 regional leaders from almost all continents, it is symbol of the new vision for the future of humanity," Babaev told the Global Times.

"Its principles are mutual respect for all, inclusive security, fair treatment and non-dominance. These are exactly what the global majority, tired of Western pressure, are now seeking," he added. "BRICS symbolizes a hope for a fair global economy without sanctions and protectionism, because it has been facing challenges nowadays. I really expect BRICS to become a cornerstone in a new international relations system, not only in economic terms, but in terms of global security."

Babaev believes that the mechanism is important because it offers each member a good table of negotiations, and it gives an impetus to cooperate. "If we want to reach a common benefit for all, we need to agree, and this is what happens in BRICS. Russia and China are the most important drivers bringing all BRICS members together, and even if a consensus cannot be reached for some issues, there are flexible mechanisms to reach a common ground."

As Babaev noted, the concept of BRICS cooperation and the significant achievements it has garnered showcase its considerable appeal. Saudi Arabia, Egypt, the United Arab Emirates (UAE), Iran, and Ethiopia joined BRICS on January 1, doubling its membership from 5 to 10.

Data indicates that the expanded BRICS now covers 30 percent of the world's land area, 45 percent of the global population, and 20 percent of international trade. Furthermore, its oil production and reserves account for approximately 40 percent of the global volume, and its GDP, measured by purchasing power parity, has already surpassed that of the G7. 

International analysts believe that this expansion underscores the commitment of BRICS nations to unite and collaborate with a diverse array of developing countries. It aligns with the expectations of the international community, serves the common interests of emerging market economies and developing nations, and injects new vitality into the BRICS cooperation mechanism.

More and more people realize that BRICS could be a new alternative to Western dominance in the global economy; it has proven itself an efficient tool for common projects in technology, trade, transportation, science and education, said the scholar.

Following the first expansion of the BRICS group, a growing number of countries are keen to engage in BRICS cooperation. Recently, nations from the Global South, such as Malaysia, Sri Lanka, and Azerbaijan, have publicly announced their applications to join the BRICS cooperation mechanism.

This year marks the beginning of the cooperation among extended BRICS members, and it is expected that the BRICS countries will further deepen practical cooperation in Kazan. Babaev asserts that trade and finance are not only pressing concerns for the BRICS nations today, but also pivotal elements of the global economy. He emphasizes the necessity for BRICS countries to persist in advocating for free trade. 

Furthermore, as the rotating presidency of BRICS this year, Russia may extend invitations to other nations to engage in discussions and collaborations on issues such as payment systems, globalization, free trade, and international logistics. He noted that cooperation in technological domains, including artificial intelligence, may also be prioritized on the agenda.