Kazan: Analysts predict emerging markets and Global South nations will be more united at the 16th BRICS Summit in Kazan, Russia, and will embrace multilateralism and global stability more strongly.
President Xi Jinping was set to attend the historic event from Tuesday to Thursday when they made the observation.
This year’s meeting is unique since it’s the first after BRICS’ most recent historic expansion.
Chinese officials have stated that Beijing fully supports Russia’s hosting role and gives importance to the Kazan summit.
In a recent interview with Xinhua News Agency, Chinese Ambassador to Russia Zhang Hanhui stated that the BRICS expansion will contribute more to strengthening the global governance system.
He said, “China will continue to work closely with other BRICS members to forge a more comprehensive, closer, practical and inclusive high-quality partnership, and together embark on a new journey for BRICS.”
With its most recent growth, BRICS now make up about 20% of global trade, 45% of the world’s population, and 30% of the world’s land area. As analysts pointed out, the organization has entered a new phase of increased BRICS collaboration.
“This is due to the growth of emerging markets and developing nations in general, as well as the fact that the Global South makes up over 40 percent of the global economy,” they noted.
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BRICS foreign ministers met in New York on September 26, Foreign Minister Wang Yi made this statement. “We could strive for new milestone outcomes in such areas as finance, AI, and energy and minerals to get the greater BRICS cooperation off to a good start.”
China’s imports and exports to and from the other BRICS nations reached 4.62 trillion yuan ($649.66 billion) in the first three quarters of this year, up 5.1% from the same period last year, according to the General Administration of Customs.
Ren Lin said, “The BRICS cooperation mechanism is one of the key platforms for China’s engagement in global governance.” Ren Lin is head of the Department of Global Governance at the Chinese Academy of Social Sciences’ Institute of World Economics and Politics.
According to her, China has proposed the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative. These initiatives align with the principles of BRICS cooperation and will advance the pragmatic collaboration among the BRICS countries.
Referring to the greater BRICS cooperation, she said it has “enhanced the ability of emerging market countries and developing countries to cope with external risks and has promoted pragmatic cooperation among the Global South countries.”
More nations have announced their intention to join BRICS in recent months, including Malaysia and Thailand.
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Jiang Tianjiao, deputy director of the Center for BRICS Studies at the Fudan Development Institute in Shanghai, said this illustrates how unpopular concepts like protectionism, proxy wars, and “decoupling” are global.
He told Xinhua, “With its spirit of openness, inclusiveness, cooperation and win-win situations, BRICS will be able to gain wider recognition worldwide.”