Xinhua Headlines: BRICS strengthens momentum, stability in Global South cooperation

India Gazette

a day ago

* In recent years, BRICS has transformed into a major force fostering cooperation among Global South nations. This collaboration not only advances their economic and social progress, but also offers alternative approaches to global governance and new models for modernization.
* The upcoming BRICS Summit is expected to focus on a wide range of major issues facing humanity today, from international governance and economic affairs to climate change and global health, as well as the challenges created by artificial intelligence (AI).
RIO DE JANEIRO, July 5 (Xinhua) -- The 17th BRICS Summit will be held in Rio de Janeiro, Brazil, on July 6-7, marking a new chapter in which BRICS energizes and promotes the sound and steady growth of cooperation among Global South countries.
As the rotating chair of the bloc, Brazil is hosting the summit under the banner of "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance."
In recent years, BRICS has transformed into a major force fostering cooperation among Global South nations. This collaboration not only advances their economic and social progress, but also offers alternative approaches to global governance and new models for modernization.
RESHAPING GLOBAL ECONOMIC ORDER
Five BRICS countries, namely Brazil, Russia, India, China and South Africa, established the New Development Bank (NDB) in 2014. Headquartered in Shanghai, the NDB officially began operations in 2015 to fulfill its mission of mobilizing resources for infrastructure and sustainable development projects in BRICS member nations, as well as other emerging-market economies and developing countries.
With the NDB, BRICS has fostered international development by bringing together dynamic economies committed to the transformation of the Global South.
The bank offers "financing on more favorable terms for infrastructure, energy and transportation projects," said Sebastian Schulz, a sociologist and researcher at the National University of La Plata in Argentina, noting that BRICS also provides a Contingency Reserve Arrangement, which could help with "stabilizing economies in the context of currency crises."
"BRICS acts as one of the main spaces for joint undertakings within the Global South, fostering discussions in pursuit of more equitable global governance, reforms to the international financial architecture, and a more just form of multipolarity," he said.
Patricio Giusto, director of the Sino-Argentine Observatory, noted that BRICS offers the world, particularly the Global South, "financing programs that are being developed through the NDB and other specific programs."
BRICS, with its multilateral forums, offers a favorable framework for economic cooperation among the Global South countries "with increasingly converging interests and concerns," Giusto told Xinhua.
"From an initial agenda focused primarily on financial cooperation in the post-2008 and 2009 crisis, the bloc grew in geopolitical and economic relevance, now with an increasingly diverse agenda and global reach," said Giusto, adding that BRICS "is currently on the rise, with more and more members and opportunities in trade and investment."
Reflecting the bloc's growing influence, Colombia celebrated its entry into the NDB in June, which "goes beyond the financial sphere and broadens our horizons" as described by Colombian Foreign Minister Laura Sarabia.
Over the past decade, the NDB has approved over 120 projects totaling 40 billion U.S. dollars, providing financing support for member countries in a wide range of fields, including infrastructure, clean energy, environmental protection, and digital infrastructure.
STABILIZING FORCE AMID GLOBAL UNCERTAINTY
With more countries joining BRICS, the mechanism's representativeness and influence have steadily grown, forging a stabilizing force in a changing and turbulent world.
BRICS represents a strategic partnership of nations that together constitute a significant part of the world's population and economy. The group's expansion has continuously increased its influence in the international arena, making it more representative with a greater capacity to advance various global agendas.
In an interview with Xinhua, Bolivian President Luis Arce praised BRICS for providing a new platform for Global South countries to participate in global governance, defend their development rights, and amplify their voice in international affairs.
"The BRICS cooperation mechanism offers us a new model of development and a new vision of genuine multilateralism. It offers a completely different vision where all of us can feel part of a collective effort, where we can cooperate for common development," said Arce, stressing the "important milestone" for Bolivia as it became a BRICS partner country in January.
Yu Yunquan, vice president of the China International Communications Group, said that with its expanded cooperation, BRICS should actively promote an equitable and orderly global multipolarization, as well as inclusive and mutually beneficial economic globalization.
"Cooperation among the BRICS countries is not only a response to the current economic and political landscape, but also an opportunity to forge a more equitable and sustainable future," said Ivone Silva, president of the Lula Institute of Brazil.
Boris Guseletov, senior researcher at the Institute of European Studies of the Russian Academy of Sciences, said that the integrated development of global governance is crucial to addressing the new challenges of international cooperation.
"The world has entered a new phase of major turbulent changes, and the international order is undergoing a significant reorganization. Following its expansion, the BRICS mechanism will unite efforts to promote common development, defend multilateralism, and contribute more to building a more equitable global governance system," he said.
DRIVING KEY TECH INNOVATION
The upcoming BRICS Summit is expected to focus on a wide range of major issues facing humanity today, from international governance and economic affairs to climate change and global health, as well as the challenges created by artificial intelligence (AI).
The bloc is striving to transform technological innovation into a driving force for the development of Global South countries and their presence on the global stage.
A ministerial declaration was issued last week on BRICS cooperation in science, technology, and innovation in Brasilia, Brazil, emphasizing the importance of expanding access to and the mastery of technologies and innovations for countries in the Global South.
BRICS countries can pave the way for digital sovereignty for the Global South by developing their own technologies and reducing dependence on traditional tech giants, said Luca Belli, law professor at Brazil's Getulio Vargas Foundation.
"Homegrown digital technologies can break dependence and lead to autonomy and self-determination," Belli said, highlighting that BRICS countries have offered viable alternatives to the digital model centered on large U.S. corporations.
"China went from being a technologically underdeveloped country to a leader in artificial intelligence in just a few decades. India is building powerful public digital infrastructures. Brazil has been a pioneer in promoting free software as a form of digital sovereignty since 2003," he said.
Innovation is the process of translating scientific discoveries into tangible products and services, which could be accelerated by the exchange of all kinds of tools available among countries, said Brazilian Minister of Science, Technology and Innovation Luciana Santos.
"We have shared our experiences on how we are investing in the growth of innovation, bearing in mind that when it comes to our country's economic growth and stability, everything is rooted in innovation," said South African Deputy Minister of Science, Technology and Innovation Nomalungelo Gina.