For a shared fu­ture

ChinAfrica - - Business -

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

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