An aerial drone photo taken on June 17, 2022 shows the headquarters building of the New Development Bank (NDB) in east China's Shanghai. (Xinhua/Fang Zhe)
In a declaration issued at the 16th BRICS Summit, they also agreed to jointly build the NDB into a new type of multilateral development bank for the 21st century, support its further expansion of membership, and expedite the review of membership applications from BRICS countries in accordance with its general strategy and related policies.
Leaders also advocated for a fairer global order for the Global South. South African President Cyril Ramaphosa said that BRICS is an inclusive bloc capable of changing the trajectory of the Global South. "To do this we must realize the full potential of our economic partnership, to ensure sustainable development for all and not just for some," he said.
"The period of unilateralism is coming to an end," said Iranian President Masoud Pezeshkian, calling for a more equitable global system.
GROWING APPEAL
The term BRIC was initially coined in 2001 by Jim O'Neill, former chief economist at Goldman Sachs, as an investment concept referring to emerging market economies of Brazil, Russia, India and China. With South Africa's inclusion in 2010, BRICS officially took shape.
In a recent interview with Xinhua, O'Neill acknowledged the need for policymakers to collaborate in creating an optimal system that benefits all. "I think as we pass through time, we will find a new equilibrium where countries will be more at ease with what other countries are doing," he said.
In recent years, BRICS has garnered attention from countries around the world. Over 30 countries, including Thailand, Malaysia, Türkiye, and Azerbaijan, have either formally applied for or expressed interest in joining the group. Many other developing countries are also seeking stronger cooperation with BRICS.
The growing interest from countries seeking to join BRICS cooperation each year demonstrates that in today's troubled world, BRICS is not only important but essential, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific.
"China, led by President Xi, has contributed significantly to BRICS' success with a progressive and enlightened approach," said Nagara.
BRICS is seen as a vital platform for developing countries to pursue growth and address global imbalances.
The enlargement of BRICS is "important in tipping the financial and technological balance in favor of the majority Global South rather than the minority Global North," Webby Kalikiti, a lecturer and researcher at the Department of History, University of Zambia noted. He believed that the future of the world depends on the cooperative energies of all countries and the transition to a multipolar world.
Ahmed Al-Ali, a political and strategic researcher at the Gulf Research Center in Dubai, believed that BRICS aims to foster a more equitable, effective, and rational international system.
It will play a crucial role in promoting development and growth opportunities for Global South countries, while also ensuring the sustainability of economic and social progress, said Al-Ali.
Similarly, Sithembiso Bhengu, a senior research fellow with the Sociology Department, University of Johannesburg said that "the BRICS mechanism presents real possibilities for making the globe a fairer community of nations, with possibilities for mutual support and cooperation towards our respective goals in modernization and development."
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