The 17th BRICS Summit is set to take place in Rio de Janeiro, Brazil, from July 6 to 7 under the theme "Strengthening Global South Cooperation for more Inclusive and Sustainable Governance." With the world facing growing protectionism and escalating geopolitical tensions, BRICS is stepping up as a powerful force ready to reshape global economic dynamics. 🌍
Core priorities on the agenda include cooperation on health projects, boosting trade, investment and finance, tackling climate change, setting frameworks for AI governance, enhancing the multilateral peace system, and driving institutional development. With challenges like the Russia-Ukraine conflict, the Israel-Palestine issues, and the recent Israel-Iran confrontation, experts believe that BRICS' voice is more crucial now than ever. As researcher Wang Youming from the Institute of Developing Countries at the China Institute of International Studies noted to CGTN, all eyes are on BRICS this year.
This summit is extra special as it marks the first with new member Indonesia and welcomes 10 partner countries. For nearly two decades, BRICS has emerged as a key player in promoting South-South cooperation and offering alternatives to traditional Western-dominated economic systems. Initiatives such as the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) have provided essential support during global financial shocks and demonstrated the power of unified action.
Statistics reveal that intra-BRICS trade has grown impressively at an annual rate of 10.7 percent over the last decade, signaling the effectiveness of collective economic strategies. Official figures from the Chinese mainland indicate that in the first seven months of 2023, trade between China and other BRICS members reached 2.38 trillion yuan (about $332 billion), highlighting the bloc's deepening economic ties. 🔥
In facing sweeping tariffs and protectionist measures, BRICS is also turning towards trade diversification by expanding partnerships with regions in Africa, the Middle East, and the Asia Pacific. Plans to strengthen local currency settlements aim to reduce reliance on the U.S. dollar—an effort that could safeguard domestic economies from external shocks and political pressures.
As summit day approaches, BRICS is not only set to discuss critical economic policies but also inspire a new spirit of global cooperation. This fresh approach is resonating with young professionals, students, and adventurers alike, offering hope for a fairer and more sustainable future. 🚀
Reference(s):
BRICS helps stabilize global economy amid rising protectionism
cgtn.com
