For a shared future
BRICS is not based on ideology or geopolitics. It developed from an economic term coined by former Goldman Sachs economist Jim O’neill in 2001 and turned into a cooperation platform for emerging economies to pursue economic cooperation and now, better global governance.
In the past decade, the bloc was the source of more than half of global growth. In 2016, it accounted for 23 percent of the global economy, almost double the group’s share in 2006. O’neill has also been surprised that 16 years later, BRICS’ share in the global GDP is bigger than every scenario he had projected. What’s more, their fields of cooperation are expanding. In the past two years there has been a particular growth in expansion, from the establishment of the New Development Bank (NDB) to the Contingent Reserve Arrangement, a measure to combat global liquidity pressure and jointly combating protectionism to handling the climate change issue with one voice.
“The social value of BRICS’ pragmatic cooperation is emerging gradually,” Wang Wen told Chinafrica. Given its size - BRICS countries account for 43 percent of the world’s population and 26 percent of global territory - and its current economic contribution to the world economy, BRICS should assume a larger role in world affairs, Wang added.
The Western world has seen a wave of anti-globalization represented by Europe’s refugee crisis, Brexit, as well as U.S. President Donald Trump’s protectionist trade agenda. A changing world is providing an