The Eighth BRICS Summit, held on October 15-16 in Goa, India, focused on the economic issues BRICS nations face and looked for collective and collaborative ways to address them.
The summit brought together the leaders of all five BRICS member states—Brazil, Russia, India, China and South Africa. The theme of this year’s summit was, “Building responsive, inclusive and collective solutions.”
The Goa Declaration, produced at the summit, exemplifies the five nations’ strong desire for cooperation. The leaders emphasized the importance of further strengthening BRICS solidarity and cooperation based on common interests and key priorities. They also pledged to further strengthen the BRICS’ strategic partnership “in the spirit of openness, solidarity, equality, mutual understanding, inclusiveness and mutually beneficial cooperation.”
These statements are relevant given that the BRICS countries face similar issues such as slowing economic growth and structural problems. They also have to deal with complicated international and regional environments. In this context, doubts have emerged as to whether their cooperation is sustainable.
At the Goa summit, the leaders exchanged views on issues of common concern and reached broad consensus. This indicates the five countries’ determination to confront challenges together. This firm resolve, coupled with concrete programs in fields ranging from infrastructure connectivity to media communication, will open up new possibilities.
Moreover, BRICS collaboration can be sus- tained, as the bloc’s members seek to dovetail their development strategies and make the most of their respective advantages. Notably, China’s Belt and Road Initiative will help cement the bonds between the five emerging markets. The BRICS New Development Bank has also laid the groundwork for long-term partnership.
As the world transitions to a more just, democratic and multipolar international order, the five nations are poised to strengthen the coordination of their efforts on global issues. Mindful of the shared interests of developing countries, the BRICS are devoted to improving global governance. With a profound shift underway, their common ground is bound to expand.
Chinese President Xi Jinping’s five proposals at the summit—jointly building an open world, mapping out a vision for the future, confronting global challenges, safeguarding equity and justice, and deepening partnerships—resonated with the other BRICS leaders. Xi’s proposals reflect China’s endorsement of synergy among these nations as well as a commitment to common, peaceful and equitable development worldwide.
China supports BRICS cooperation and regards joint action by the bloc as an important objective of its own diplomacy. The nation will host the Ninth BRICS Summit next year. The confidence shown and incremental progress made by the BRICS serves to refute the opinions of naysayers. The increasingly close cooperation between BRICS countries is a boon to the world.