BRICS Set To Play its Role in Global Governance

BRICS Set To Play its Role in Global Governance

The 9th BRICS Summit in Xiamen opens in early September when the organization’s role in global governance, a faltering economic recovery and setbacks in globalization will be the issues of greatest concern.

“BRICS: stronger partnership for a brighter future” will bring together the leaders of Brazil, Russia, India, China and South Africa in Xiamen, a coastal city in southeast China’s Fujian Province from 3-5 September.

The “Gold Bricks Countries” — a Chinese translation of BRICS — represent emerging markets and are the voice of the world’s developing countries.

Strong economic growth means BRICS are now key players in the world economy and in global governance.

Together, the 5 accounted for 23% of the Y 2016 global economy, almost 2X their share in Y 2006. The 5 have been the source of more than 50% of global growth in the past 10 years.

“BRICS cooperation has not only helped the countries themselves, but enhanced the right to speak on global issues for all developing countries,”said executive vice president of the China Institute of International Studies.

As the holder of the BRICS Presidency this year, China is hosting the series of meetings which usually precedes the leaders’ Summit.

Last week, trade ministers met in Shanghai and agreed to unite against protectionism and to do all they can to ensure the survival of the multilateral trade system.

In late July, a BRICS security meeting was held in Beijing, with discussions on global governance, anti-terrorism, the internet, energy, national security and development.

In June, finance ministers and central bank governors agreed to strengthen cooperation in several fiscal and financial areas, including the BRICS New Development Bank and regulatory collaboration.

“I think this year’s summit in Xiamen will produce more practical and concrete cooperation, and improve trust and confidence among BRICS,” said the director of the center for BRICS studies at Fudan University.

China does not want to limit future cooperation to the five nations. In March, Foreign Affairs Minister Wang Yi said that China would explore expansion modalities for “BRICS Plus” and build a wider partnership through dialogue with developing countries and international organizations.

“BRICS plus” will provide opportunities for other economies and inject impetus into economic globalization, said the chief economist of the Eurasian Development Bank Yaroslav Lissovolik.

“The proposals of Minister of Foreign Affairs of China Wang Yi regarding the expansion of the BRICS partnership zone are not only timely in the light of China’s presidency of BRICS, but they are also aimed at giving new impetus to integration processes in the complicated conditions of protectionism’s spread in the world economy,” Lissovolik said.

With the progress of the past 10 years and a more inclusive attitude, BRICS are prepared not only for the Xiamen Summit, but for another Golden Decade to come.

By Lu Hui

Paul Ebeling, Editor

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