It’s been more than 20 years since the world began talking about BRIC, referring to Brazil, Russia, India and China, which later became BRICS after the inclusion of South Africa in 2010. As a mechanism of cooperation, the BRICS grouping can be seen as a symbol of the collective rise of emerging economies around the world, and the vigorous progress of developing countries. 

From 22 to 24 August, the 15th BRICS Summit will be held in Johannesburg, South Africa, which holds the rotating chair. South Africa has sent invitations to the leaders of all African countries to participate in the meeting, which will boost the stature of the BRICS grouping as the leader of emerging economies, and reinforce the positioning and identity of the BRICS countries as representatives of developing countries. 

Photo taken on 26 August 2017 shows the scenery of Xiamen International Conference and Exhibition Centre in Xiamen, southeast China’s Fujian Province. The Ninth BRICS Summit was held in Xiamen from 3 to 5 September 2017   

A new grouping  

BRICS, which was originally more of a financial investment concept, has now become an international mechanism with a massive impact. The concept of BRICs was first introduced in a paper titled The World Needs Better Economic BRICs in November 2001 by Jim O’Neill, then chief economist of Goldman Sachs, to describe the emerging economies of Brazil, Russia, India and China. This business and investment concept used by O’Neill to refer to the word’s four fastest-growing countries with the highest development potential as a whole caused a sensation in the international financial market at that time. In October 2003, Goldman Sachs published a paper titled Dreaming with BRICs: The Path to 2050, whereby it predicted that the BRIC economies would become a much larger force in the world economy by 2050. In December 2005, it published another report entitled How Solid Are the BRICs, which further fuelled the popularity of the concept. 

In September 2006, the foreign ministers of Brazil, Russia, India and China met for the first time on the sidelines of the UN General Assembly. During the meeting, they communicated the respective stands of their countries and called for more cooperation in various fields under the framework of the UN. An international mechanism for cooperation among the world’s four emerging economies with massive regional and even global clout gradually emerged and the concept of BRIC became a notion in the field of international politics. 

The cooperation among the BRIC economies was further enhanced during the 2008 global financial crisis. To reduce the adverse effects of spillovers from the crisis, the four countries jointly worked out solutions to a series of difficulties, which in turn led to greater mutual trust. They have also coordinated actions and policies to drive the reform of the global financial system so as to improve the decision-making power of developing countries in major multilateral financial institutions.   

A Chinese ballet dancer rehearses at the Municipal Theatre of Rio de Janeiro, Brazil, on 24 May 2019  

From ministerial meetings to summits   

The leaders of BRIC countries met in Yekaterinburg, Russia, on 16 June 2009, and formally held the first summit of BRIC countries. The institutionalised cooperation of BRIC countries ushered in a new stage of development. The leaders of the BRIC countries announced the official establishment of the BRIC cooperation mechanism, and discussed issues such as the international financial crisis and the reform of the international financial institutions, progress of the G20 summit, food security, energy security, climate change, and future development of the BRIC mechanism to promote the reform of international financial institutions and to develop cooperation among emerging economies in the economic, trade and financial fields. 

The leap from ministerial meetings to leaders’ summits demonstrated the political and strategic nature of BRIC cooperation, significantly expanded the scope of the cooperation between emerging economies and developing countries, and injected a strong impetus into the reform of the global governance system. The BRIC countries initiated the process of institutionalising cooperation mechanisms, and gradually established a series of cooperation mechanisms such as meetings of high representatives for security affairs, meetings of foreign ministers, and informal meetings to strengthen position coordination on international issues. The four countries also established a meeting mechanism of finance ministers and central bank governors within the framework of the G20 to promote the reform of the International Monetary Fund and the World Bank to increase coordination and strengthen cooperation in the fields of fiscal, financial and monetary policies. 

The BRICS Summits have always played a huge role in guiding and leading the BRICS cooperation. Since the first meeting in 2009, BRICS leaders have held 14 consecutive annual meetings. Even during the COVID-19 pandemic, the BRICS countries held their summits online for three consecutive years. The upcoming summit in South Africa will not only continue to inject confidence into the cooperation among the BRICS countries, but also provide feasible plans and strategic guidance for strengthening cooperation with developing countries. 

As a multilateral cooperation mechanism involving only emerging economies, BRICS represents a new political and economic force. In the past 18 years, the BRICS countries, upholding the principles of peace and development, have been striving to promote the interests of emerging and developing countries and driving the world economy towards more openness. In a multipolar yet complex and turbulent world where countries are interdependent, the BRICS countries have maintained their principal position and increasingly worked jointly on major global political and economic issues.   

Development as key  

After the First BRIC Summit was held, Brazil held the second official meeting of BRIC leaders in 2010 as the rotating chair. The four countries worked together to deal with the global financial crisis and moderately expanded cooperation areas, from international economic and financial affairs to international trade, global development, agricultural cooperation, climate change and other areas. 

At the third summit held in April 2011 in Sanya on China’s Hainan Island, South Africa was invited to attend for the first time. The official transformation and expansion not only promoted the establishment of the BRICS cooperation mechanism, but also reflected the openness and inclusiveness of the BRICS grouping. The summit in Sanya also clarified the positioning of BRICS mechanism for the first time, that is, the BRICS mechanism is an important platform for dialogue and cooperation among member states in the field of economic and financial development. 

In July 2015, the New Development Bank was opened in Shanghai, China, and officially started operations. The bank provides financing support for cooperation projects in the fields of infrastructure construction and sustainable development among the BRICS countries and developing countries. It is an important step for emerging countries to promote the reform of the international financial system. After more than eight years of development, the opening of the New Development Bank has become the most representative achievement of the BRICS cooperation and an important institution in the global multilateral financial system, providing financial support of more than $33 billion to nearly 100 infrastructure and sustainable development projects located in the BRICS countries. 

In the process of continuously expanding the fields of cooperation, the positioning and attributes of the BRICS countries have become increasingly clear, and the construction of cooperation mechanisms has made great progress. The Fifth BRICS Summit held in South Africa’s Durban in 2013 pointed out that “We aim at progressively developing BRICS into a full-fledged mechanism of current and long-term coordination on a wide range of key issues of the world economy and politics.” BRICS cooperation has increasingly become an emerging institutional design in global governance and international politics. As the rotating chair, South Africa set the theme of the Durban Summit as BRICS and Africa: Partnership for Development, Integration and Industrialisation and held the BRICS-African Leaders’ Dialogue for the first time. In the past 10 years since the Durban Summit, the BRICS countries have successively held dialogue meetings with leaders of South American countries, member states of the Shanghai Cooperation Organisation, members of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, etc., to promote cooperation between the BRICS countries and developing countries around the world, which not only consolidated the position of the BRICS countries as representatives of emerging markets and developing countries, but also made outstanding contributions to promoting South-South cooperation and global development. 

The Xiamen Summit in 2017 promoted the building of a BRICS community with a shared future, consolidated the BRICS spirit of openness, inclusiveness, cooperation and win-win results, implemented the BRICS economic partnership strategy, comprehensively outlined the medium and long-term vision of the BRICS countries, and built a BRICS partnership that maintains world peace, promotes global development, and encourages reform of the global governance system and democratisation of international relations. 

The BRICS countries have continuously strengthened cooperation with emerging markets and developing countries, and explored and formed the BRICS Plus  cooperation model and peripheral activities of the BRICS countries. During the Xiamen Summit in 2017, as the rotating chair, China officially held a dialogue meeting between the leaders of emerging market countries and developing countries, expanding the partners of BRICS through the BRICS Plus model. During the Johannesburg Summit in 2018, South Africa once again hosted the BRICS and African leaders’ dialogue, the BRICS Plus dialogue and BRICS outreach activities.  

In 2022, China, the rotating chair, held a high-level dialogue on global development, inviting leaders from 13 emerging market countries and developing countries around the world to discuss global development issues with the BRICS countries and gradually start a new round of expansion of the BRICS countries. The continuation of the BRICS Plus cooperation model and BRICS outreach activities has provided a platform for developing countries to participate in BRICS cooperation and has become an important institutional innovation to promote South-South cooperation. It also shows the openness and inclusiveness of the BRICS countries and has become an important institutional arrangement for the expansion of the BRICS grouping. 

As the BRICS grouping continues to make more achievements, more emerging market countries and developing countries hope to join the BRICS mechanism. The expansion of the BRICS grouping has become an important issue that has attracted worldwide attention. In 2021, the BRICS sherpas adopted a revised version of the Terms of Reference for guiding BRICS engagement going forward on its working methods, scope of engagement and the Chair’s mandate. In 2022, the 14th BRICS Summit discussed the expansion process of the BRICS grouping, emphasising the need to clarify the guiding principles, standards, and procedures for the expansion process through the channel of BRICS affairs sherpas on the basis of full consultation and consensus, and welcomed more emerging market countries and developing countries to participate in BRICS cooperation. From 2022 to the present, more than 40 countries have expressed their strong desire to join BRICS mechanism. 

Photo taken on 20 May 2022 shows the Beloporozhskaya Hydropower Plants in the Republic of Karelia, northwest Russia, the first project in Russia financed by the New Development Bank  

Golden achievements  

Facing major changes unseen in a century, the BRICS countries have worked hard to continuously promote and consolidate their cooperation, and have achieved commendable and fruitful results. They promote constructive changes in global governance, and have become one of the most important multilateral mechanisms representing developing countries in the world. Looking back at the development process of the past two decades, the BRICS grouping has not only promoted the development of and cooperation among the member countries, but also carried out effective policies to promote the construction of a community with a shared future for mankind. 

First, the BRICS countries continue to promote the reform of the global political and economic governance system to make it fairer, more just, reasonable, inclusive, balanced and sustainable. Following the historical trend of major changes in the global balance of power, the BRICS countries continue to enhance the representation and voice of developing countries in international affairs. They have become a mechanism for emerging countries to conduct all-round coordination on major global political and economic affairs, and play an increasingly important role in safeguarding the interests of emerging economies and developing countries. They have made a new blueprint for global governance and become an important constructive force for promoting the democratisation of international relations and economic globalisation 

Second, practical cooperation among the BRICS countries has made many achievements. As representatives of emerging market countries, the BRICS countries continue to provide impetus for the strong recovery of the global economy and have become the most important source of global economic growth. Accounting or 23 percent of the global economy, 18 percent of trade in goods and 5 percent of foreign investment, the BRICS countries have formed an mportant force that cannot be ignored in the world economy.  

The BRICS countries have successfully promoted the reform of major global multilateral financial institutions such as the World Bank and the International Monetary Fund. The total share of the five countries in the International Monetary Fund and the voting rights in the World Bank both reached about 14 percent. The BRICS countries have also promoted the establishment of the New Development Bank, and explored cooperation in areas such as currency swaps and joint payment systems, gradually enhancing capacity building to jointly respond to global financial turmoil. The BRICS countries have strengthened the construction of strategic economic partnerships. With the Strategy for BRICS Economic Partnership as the guiding principle, they have drawn up a blueprint for medium and long-term economic and trade cooperation, and achieved good results in the fields of economy, trade, finance, technology, transportation, energy, and mining. 

Third, people-to-people and cultural exchanges among the BRICS countries have blossomed in an all-round way. Adhering to the concept of openness, inclusiveness, and mutual learning from multiple perspectives, the BRICS countries have continuously enriched the connotation of people-to-people and cultural exchanges and cooperation, carried out rich and diverse cooperation, and gradually resolved the barriers caused by historical and geographical distances. Through innovative means such as seminars on governance, think tank councils, joint scientific and technological research and development plans, BRICS Games, cultural festivals, and film festivals, the BRICS countries have carried out a variety of activities in the fields of culture, art, sports, media, think tanks, and traditional medicine. 

Challenges and solutions  

The ever-evolving international landscape has brought profound changes to the BRICS countries’ external environment. Facing all kinds of problems, these economies need more effective collaborative efforts to respond to external threats. Adjustments and reforms are necessary to both better coordinate relationships within the grouping and to promote long-term healthy development of member states.  

First, the BRICS countries are faced with significant challenges in economic development. Weak global economic recovery coupled with regional unrest will make it hard for the global economy to regain momentum and resilience in coming years. Hit by the negative policy spillovers from developed countries and resurgence of trade protectionism, the BRICS countries have experienced slower economic growth in recent years. Furthermore, these economic challenges greatly hobble cooperation, making the glue that holds these states together less effective. 

Second, socioeconomic changes within member states have also adversely affected their attitudes towards BRICS-based cooperation to some extent, which may even destroy the institutions within the mechanism. The BRICS countries all have a major influence in their region and even around the world and are tasked with striking a balance between domestic and foreign policies. Feeling the pressure brought by the achievements the BRICS countries have made in promoting the reform of global governance system, the current dominant forces in the international system have used a variety of means to try to decouple the BRICS countries and suppress their cooperation, which has shaken some member states’ confidence in cooperation within the mechanism. 

Third, the BRICS countries need to further clarify the direction and focus of future cooperation. Through nearly two decades of development, the BRICS countries have promoted cooperation in various fields including global governance, and have successively focused on currency, finance and digital economy as areas of cooperation. Faced with changes, the BRICS countries must follow the world trend of economic globalisation, multi-polarisation, informatisation, and cultural diversity, seek new cooperation consensus and establish new cooperation priorities.  

Finally, the need for comprehensive adjustment of the BRICS cooperation mechanism is urgent. At present, BRICS cooperation is still an informal international mechanism, and there are problems such as overlapping functions, and insufficient practical cooperation. How to sort out and integrate BRICS cooperation mechanisms, clarify the division of labour, straighten out relationships, achieve coordination and cooperation, and improve the operational efficiency of various mechanisms are urgent problems to be solved in the new stage of BRICS cooperation. Otherwise, BRICS countries will fall into the dilemma of inefficient operation, and the unity of the BRICS countries will be affected. 

In addition, the BRICS countries are also facing the problem of how to achieve a new round of expansion. After dozens of developing countries have expressed their desire to become BRICS members, how to ensure the orderly, steady and healthy progress of BRICS expansion, boost the strength of the BRICS countries and promote South-South cooperation without affecting the stable operation of the BRICS cooperation mechanism are urgent tasks that the BRICS countries need to face at this stage. 

BRICS will continue to shine  

The BRICS countries have always been associated with global governance. The birth of the concept of BRIC in 2001 was a product of economic globalisation. In 2006, the BRIC countries started the cooperation process, which was also the most important platform for global governance in the United Nations. The urgency of fighting the global financial crisis directly promoted the upgrading of BRICS cooperation from a ministerial meeting to a leaders’ summit. Over the past two decades, the BRICS countries have actively participated in and promoted constructive changes in the global governance system. 

The BRICS countries insist on seeking common ground while setting aside differences. Through dialogues, they have established partnerships of win-win cooperation and promoted the building of a community with a shared future. The BRICS countries follow the principle of equality, emphasise communication and coordination, and make decisions through consensus. This has global significance for building a new type of major-country relationship featuring win-win cooperation. The BRICS countries adhere to the attribute of development, continue to build an important platform for South-South cooperation, and represent the interests of emerging economies and developing countries on the international stage, which not only strengthens the BRICS strategic partnership, but also creates a global development partnership. 

In the past two decades, the BRICS countries have moved from concept to reality, and BRICS cooperation has grown from scratch. The fruitful achievements of BRICS cooperation have been strongly supported by the BRICS mechanisms. Under the guidance of the Terms of Reference, the BRICS countries are further strengthening cooperation mechanisms, standardising and adjusting cooperation institutions at all levels, and making BRICS cooperation more efficient, pragmatic, and fruitful. They are promoting the transformation of global governance system construction and making new contributions to consolidating world peace and stability and promoting common development among all countries.