The 16th BRICS Summit was held in Kazan, Russia, from October 22 to 24, which marks the first year following the expansion of the organization. The Kazan Declaration was unveiled at the 16th BRICS Summit, which emphasizes multilateralism, global development, and security.
Russian President Vladimir Putin chaired the summit, which marks the first year following the expansion of the organization.
The enlargement of BRICS is a major milestone in its developmental history, and BRICS has entered an era of 'Greater BRICS Cooperation.' It is for their shared pursuit and the overarching trend of peace and development that BRICS countries have come together.
On this specific occasion, Dr. J. Renato Peneluppi Jr., a Brazilian professor in Public Administration and Energy Transition Policies at the University of Worcester in the UK, stated in an interview with GDToday that BRICS is taking on the role of leadership for Global South cooperation by gathering the voices of developing countries.
The enlargement of BRICS lets more countries' voices be heard in the world
In December 2023, countries including Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates joined BRICS, which originally comprised Brazil, Russia, India, China, and South Africa.
With brand new members in this intergovernmental organization at its 16th summit, Renato points out that it is vital for the platform to have a perspective on creating some criteria for new members to join and also on what their roles would be.
Renato believes the enlarged BRICS framework signifies the start of a new age of global cooperation. "The voice of the countries that are excluded from the world process, especially the economic process," he detailed, "and they're looking for this meeting as a sign of how BRICS will direct the nations from the global south to integrate into the global community for market trade."
He thinks that after the meeting in Russia, solutions will be unveiled to make the change and process concrete under the BRICS framework.
"Actions will make a difference for their countries and give them the conditions to develop themselves and create actions that will impact their populations and improve their lives," Renato noted.
BRICS payment system aids boost global trade autonomy
Russia, which chairs the BRICS summit this year, has called on its partners to create an alternative to the International Monetary Fund to counter political pressure from Western nations ahead of the BRICS summit.
Renato analyzes the new payment system as an independent financial system that BRICS members can count on to trade autonomously, away from the shadow of 'Bretton Woods' they have been living under since 1944.
Since the dollar gradually became the world's currency after World War II, every country depends on a large reserve of dollars and cannot be independent in global trade because they have to rely on their relationship with the U.S., Renato said.
"From the Brazilian point of view, I think, like in any other nation, every country depends on a large reserve of dollars since 1944," he explained. "So it doesn't matter which country you want to do business with; you have to have a reserve of dollars. With the current geopolitical conditions, many countries have been suffering sanctions or have felt the fear that this dependence can threaten them in the future."
He pinpoints how this geopolitical influence has been taking control of the financial system. He sees the new payment system under BRICS as a very decentralized alternative to the dollar reserve. "This new financial proposal can give them independence and spur smooth cross-border transactions. Countries can depend on themselves to take part in global trade," he commented.
Brazil to partner up with China closely for Global South Cooperation
The year 2024 marks the 50th anniversary of the establishment of diplomatic relations between China and Brazil. Over the past 50 years, China-Brazil economic and trade relations have been on a growing streak.
By 2023, the bilateral trade volume between China and Brazil topped 100 billion US dollars for six consecutive years. As Chinese customs statistics show, the bilateral trade between China and Brazil in 2023 reached 181 billion US dollars, a 6% increase on a year-on-year basis. China has been the largest trading partner of Brazil for 15 consecutive years.
In the view of Renato, Brazil's willingness to boost its partnership with China has already been felt in BRICS and in other spheres of the global community.
"Both countries have strong and good policies for poverty alleviation. So I think Brazil's role in BRICS with China can bring influence in the world and cause some deep and big changes in climate change and support the energy transition."
Other than that, he sees a big synergy between both countries in promoting world peace under BRICS. "Both countries have been working together in proposing a bilateral peace between Ukraine and Russia. And this has been going well."
"Brazil was invited for the first time, and we have been giving signs to China that Brazil might get into the Belt and Road Initiative," he said. As the all-round strategic cooperation between the two countries under new circumstances serves the long-term and fundamental interests of the two peoples, Renato felt positive about Brazil joining the Belt and Road Initiative, he mentioned.
"We look for new infrastructure for South America, which has poor infrastructure connecting the countries. As we improve connectivity, commodities are easily exported across the Pacific Ocean, which also improves the economic correlation between Brazil and China," said Renato.
Reporter | Jersey, Liz
Video | Qin Shaolong
Editor | Steven, Will, James
Poster | Jocelyn Cai
