Image Source : Foreign Policy
Xi Jinping is spearheading the BRICS cooperation, driving growth and unity among member nations through strategic initiatives. The 16th BRICS summit in Kazan, Russia, marks a significant milestone in this journey, showcasing Jinping’s vision for a robust and inclusive global economy. BRICS has evolved from its initial focus on investment opportunities to a geopolitical bloc, with member countries meeting annually to coordinate multilateral policies since 2009.
The grouping comprises Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates, representing 30% of the world’s land surface and 45% of the global population. Under Jinping’s leadership, China has played a pivotal role in shaping BRICS’ agenda, advocating for a multipolar world order and increased cooperation among emerging market economies.
The New Development Bank, established in 2014, is a key component of BRICS’ financial architecture, aiming to boost economic cooperation and provide financing for infrastructure projects. Additionally, the BRICS Contingent Reserve Arrangement and the BRICS payment system are designed to promote economic stability and facilitate trade among member nations.
As BRICS continues to grow and evolve, Jinping’s strategic vision and leadership will remain crucial in driving cooperation and fostering economic growth among member nations. The 2024 expansion, which added six new member countries, is a testament to BRICS’ growing influence and attractiveness as a platform for economic cooperation and global governance.
The 16th BRICS summit in Kazan will likely yield significant outcomes, further solidifying BRICS’ position as a major player in global economics and geopolitics. Jinping’s commitment to BRICS cooperation reflects China’s dedication to multilateralism and global economic development, shaping the organization’s future trajectory and cementing its status as a vital force in international relations.
