Wang Huiyao: Brics is not anti-West, it just wants a fairer world order
October 29 , 2024From SCMP， 2024-10-29
■ In championing economic inclusivity and strategic autonomy, pioneering financial innovation and promoting peace, Brics is a force for good.
By Wang Huiyao | Founder of the Center for China and Globalization(CCG)
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.
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.
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.
And there is Shanghai-headquartered New Development Bank, which has approved over US$35 billion for 105 development projects. In Kazan, Brics members endorsed the bank’s plan to fund more projects in local currencies to avoid exchange-rate fluctuations. The bank has funded projects in crucial areas including sustainable infrastructure, clean energy, digital transformation and social infrastructure, with a particular focus on meeting developing countries’ needs.
It serves as an early-stage investment vehicle for developing countries, offering attractive opportunities for growth and cooperation, while complementing international financial institutions.
Third, Brics upholds the principle of strategic autonomy. Members maintain their independence in choosing developmental paths suited to their national conditions.
Beyond economic cooperation, Brics countries are increasingly playing a role in promoting global peace and stability, amid a turbulent international landscape and regional wars.
This is exemplified by the “Friends of Peace” initiative, launched by China and Brazil, an inclusive framework for dialogue on regional conflicts such as Russia’s war on Ukraine. Seventeen countries, including Nato member Turkey, are part of the group. The signing of a joint communique by 13 of these countries after a meeting in September further reinforced the coalition’s commitment to dialogue and peaceful resolution.
The foundation for this was laid by China and Brazil through their six-point peace plan, which shows Brics members’ growing role in conflict resolution.
Brics leaders have also taken their own diplomatic steps to mitigate conflict. Notably, last year South African President Cyril Ramaphosa and other African heads of state visited both Russia and Ukraine to mediate.
The recent Brics summit held in Kazan, Russia, further highlighted this commitment to peace-building, particularly through the China-India meeting on the summit sidelines, where both leaders showed a willingness to pull back from border tensions, displaying how the two largest nations of the Global South can work together.
This cooperation between two of Asia’s giants adds tremendous stability to the Brics platform and strengthens its role in promoting peace. The evolution aligns with Chinese President Xi Jinping’s advocating of Brics as a force for peace, innovation and equitable global governance.
As Brics emerges as an indispensable force in global economic growth and the voice of the Global South, some Western countries feel apprehensive. Yet Brics only seeks to build a more equitable world order.
And Brics has become a crucial platform enabling Global South nations to engage more effectively with major institutions such as the Group of 7, Group of 20, European Union, Association of Southeast Asian Nations and African Union.
The platform’s appeal extends beyond the Global South. French President Emmanuel Macron was reportedly interested in joining last year’s summit while this year, United Nations Secretary General Antonio Guterres was among the attendees.
This reflects a broader truth about global governance: just as the G7 would benefit from including more emerging economies in its meetings, Brics welcomes developed nations’ engagement – marking a natural evolution towards true multilateralism.
For the Global South, Brics is an important platform for cooperation and development, including establishing free-trade zones and industrial estates, as well as boosting poverty alleviation, the green power transition and infrastructure enhancement. The economic cooperation espoused by Brics members is more needed than the military or security alliances emerging in our more geopolitically challenging world.
As the world moves towards multipolarity, the emergence of Brics as yet another pole can help to diversify and democratise international politics. Its efforts can help strengthen UN institutions and improve global governance by promoting a fairer world order. Economic cooperation among Brics members can also contribute to more balanced and inclusive economic growth globally.
Brics will continue to address the world’s pressing challenges, from wars to climate change. This is, ultimately, a platform that enriches global governance by embracing diversity and fostering dialogue among nations, contributing vitally to a more balanced and sustainable world order.
From SCMP， 2024-10-29
