The 16th Brics summit, held as the world marks 80 years since the Bretton Woods agreement, heralds an important development that is often misunderstood: Brics is not an anti-West bloc but a new platform to enable developing countries to engage in global governance.
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Involving more than 20 heads of state, the summit showed how emerging economies can contribute to global development. While Brics – named after early members Brazil, Russia, India, China and South Africa – represents around 30 per cent of the world economy and nearly half of the population, it has no intention of challenging existing institutions but seeks to enrich them instead through healthy competition and complementary development.
In the evolving multipolar world order, Brics represents the first major platform led by developing countries for promoting development. While this might suggest competition with existing institutions, healthy competition drives innovation and progress.
The bloc’s distinctiveness lies in three key characteristics. First, its economic inclusivity brings together countries at varying stages of development. From major emerging economies to developing nations, all can engage in practical cooperation with no ideological prerequisite.
This diversity, rather than being a weakness, shows the platform’s unique strength in fostering collaboration across the spectrum of development. The recent expansion of Brics’ membership to include Egypt, Ethiopia, Iran and the United Arab Emirates exemplifies this inclusive approach. With 30 other countries reportedly expressing interest in joining, Brics is not a closed club but a supportive platform committed to mutual aid and cooperation.
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Xi and Putin vow stronger China-Russia cooperation to counter Western-led world order
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Second, Brics continues to pioneer innovative solutions in global economic governance. There is Brics Pay, an international payment system under development which could help prevent the weaponisation of such systems.
