Banners for the BRICS summit hang along the streets of Kazan, Russia on October 20, 2024. Photo: VCG

As a multilateral platform promoting dialogue and cooperation, the BRICS cooperation mechanism is playing an increasingly important role in the world, especially in strategic areas such as infrastructure and renewable energy, said Rafael Gontijo, a senior advisor of the BRICS Parliamentary Front at the National Congress of Brazil, in an interview with the Global Times days before the 16th BRICS Summit, which is being held in Kazan, Russia until October 24. 

"The expansion in the number of members demonstrates that the group's mission is being successfully fulfilled," he said.

The BRICS Summit in Kazan is the first summit after the significant expansion of BRICS, making it a highly anticipated event internationally. According to the host and the rotating presidency of BRICS, Russia, representatives from more than 30 delegations would participate in the event. Media reports also indicated that many countries have been actively seeking to join the platform in the last two years.

In May, the Thai government approved a draft letter of intent for Thailand to join the BRICS cooperation mechanism; in July, Malaysia announced that it had formally applied to join the BRICS cooperation mechanism; while countries such as Cuba, Syria and Belarus have also expressed their desire to join BRICS. Gontijo noted that he is very optimistic about more countries will join the BRICS cooperation mechanism in the future, and the addition of new member states will increase its influence and attractiveness. 

"The voices of emerging countries are indispensable in the creation of a better future. A sense of cohesion among emerging countries could be effective for the implementation of urgent changes in global governance," he said. He expressed hope that the current summit will further clarify the criteria for new members to join BRICS.

Public data showed that the expanded BRICS now accounts for nearly half of the global population, one-fifth of global trade, and its total economic output, when calculated by purchasing power parity, has surpassed that of the G7. After expansion, the share of BRICS countries in global GDP, calculated by purchasing power parity, has increased from 31.6 percent to 35.6 percent. Additionally, the BRICS countries' share of world crude oil exports has risen from 15 percent to 36 percent. Analysts believe that under the leadership of BRICS countries, the Global South will accelerate its rise.

Gontijo believes that BRICS countries and the Global South play a key role in promoting a multipolar world order. For example, the New Development Bank is becoming an important platform aiding developing countries to overcome poverty by providing funding for infrastructure construction, while also aiming for sustainable economic growth. 

"The New Development Bank is, for example, an important platform for overcoming poverty in developing countries," he said.

The senior advisor also noted that, through the BRICS mechanism and cooperation under the Belt and Road Initiative (BRI), China is consolidating its position as a leader in the Global South. Latin American countries can also benefit from a positive relationship with China, strengthening their integration with the Global South, with deeper cooperation which will bring significant commercial benefits to the region as a whole.

Moreover, cooperation among BRICS countries in the financial sector is expected to be one of the key topics of interest at the ongoing summit. 

According to Reuters, Russian Finance Minister Anton Siluanov recently said in a meeting that "The IMF and the World Bank are not performing their roles. They are not working in the interests of BRICS countries." 

"It is necessary to form new conditions or even new institutions, similar to the Bretton Woods institutions, but within the framework of our community, within the framework of BRICS," Siluanov said, according to the report.

Brazilian President Luiz Inácio Lula da Silva also previously stressed that BRICS countries should consider developing a common currency to reduce dependence on the US dollar. He supported the establishment of a currency for trade between BRICS countries, according to public reports. 

In this regard, Gontijo told the Global Times that reducing US dollar dependence would enable the building of a more balanced global financial structure.

"Reducing dependence on the US dollar is a strategic measure for developing countries. In fact, local currencies are already being used in commercial transactions between Global South countries," he said, stressing that if a common currency for BRICS can be established, it would be a remarkable achievement. 

But he also noted that there are challenges that should not be ignored, emphasizing the significant economic differences among BRICS countries, compounded by the lack of a common central bank, which means that the formation of a BRICS common currency still has a long way to go.

According to the South China Morning Post, citing informed sources in September, Brazilian officials are in discussions with China regarding the specifics of joining the BRI. Previously, in July, Brazilian President Lula revealed at an event that the Brazilian government is formulating a proposal to join the BRI, and he is open to joining as long as it can bring tangible benefits to Brazil.

Regarding this vision, Gontijo expressed confidence that Brazil will soon join the BRI, which will be a "great milestone" for China-Brazil economic and trade cooperation and will unleash more investment potential between the two countries. 

"I see a great potential for cooperation between the two countries in several sectors: Agribusiness, renewable energies, infrastructure, oil and gas, mining, telecommunications, and sports, among others," he said.