Sikhumbuzo Zondi,

research assistant at the Institute for Global Dialogue associated with the University of South Africa

1In a global economy that is facing uncertainties, BRICS countries, in collaboration with major economies, should enhance macroeconomic policy coordination and work together to avoid negative spillovers to emerging economies. In addition, the BRICS formation should stress the importance of upholding a more inclusive, stable and open world economy through the creation of an enabling environment for the development of emerging markets and developing countries. To achieve this, they need to encourage human resource development and increasing people-topeople relations, so that all countries and peoples can equally share the benefits of globalization.

2BRICS countries have been responsible for many initiatives to assist global economic recovery by establishing the New Development Bank and the Contingent Reserve Arrangement, amongst others. It has enabled BRICS members to obtain funds for development, provided new financing channels for other developing countries and realized financial exchanges, such as currency swaps among BRICS members that expand the capacity of their economies and currencies to withstand the impact of global economic turbulence.

3BRICS plays a strategic role as a pacesetter for developing countries. Unity and cooperation among BRICS members enhances the rights of developing countries to have a voice and meaningfully participate in global political and economic decision-making. BRICS has become a vital platform for major developing countries to conduct exchanges and dialogues in the spheres of politics, economics, finance, development and culture. In the process, the BRICS formation has established a framework for an inclusive, multilayered and all-round cooperation. Overall, leaders of BRICS continue to meet regularly to discuss major global issues, so as to expand their international influence and provide strategic foundations for the greater participation of developing countries in global economic governance.

4The BRICS countries should avail themselves of opportunities provided by international economic cooperation in the following areas: trade and investment, manufacturing and minerals processing, energy, agriculture, science, technology and innovation, financial cooperation, people-to-people connectivity, tourism, information and communications technologies.

5Developing countries can take note of the fact that China’s growth over the past 30 years has been driven in large part by the government’s market reform policy. In addition, developing countries can learn that China succeeded in achieving the Millennium Development Goal of reducing child mortality, with the world’s fastest rate of decline in both maternal and child mortality.