China Daily Global Edition (USA)
Proud defenders and promoters of an open world
While the BRICS group of Brazil, Russia, India, China and South Africa emerged at a time of crisis, it has also addressed longterm issues of global governance since its start. The BRICS transition from an enthusiastic participant to a leading institution in global governance stands out in the areas of development and climate change.
On development, BRICS members began by pushing to reform the existing international financial institutions (IFI) to give greater representation to developing countries. It then took ownership of the development issue with the creation of the BRICS New Development Bank. It most recently assumed a global leadership role in defense of globalization and free trade at a time of growing protectionist sentiments. On climate change, BRICS began by supporting the UN principle of common but differentiated responsibilities, which would see developed countries take financial responsibility for their historical emissions. It later supported climate change through the framework of sustainable development and most recently took a leadership role in affirming the Paris Agreement.
On development, BRICS’ first achievement was its continued deliberation and decision-making on IFI reform. Its 2009 Yekaterinburg Summit declaration stated: “The emerging and developing economies must have greater voice and representation in international financial institutions.” Thus, BRICS developed four principles for a reformed financial and economic architecture to encourage a more inclusive international regime. Indeed, BRICS members have championed IFI reform at each of its summits, advancing their position in 2012 with plans to create a development bank, to live alongside existing institutions, and to mobilize resources for emerging economies and development markets.
At the 2013 Durban Summit, BRICS agreed to establish the NDB. It would focus on financing developing countries’ infrastructure. At the 2014 Fortaleza Summit, BRICS set the NDB’s initial authorized capital at $100 billion and signed the Treaty for the Establishment of the BRICS Contingent Reserve Arrangement. Lastly, at the 2015 Ufa Summit, its leaders created the Strategy for the BRICS Economic Partnership, which included key guidelines to strengthen ties among BRICS countries in trade, investment and economic cooperation.
Climate change has also been on the BRICS agenda since the start. The most recent achievements came in 2016 when BRICS leaders welcomed the adoption of the Paris Agreement in Goa and united in support of the agreement, even as their Group of 20 counterparts struggled to defend the environment in the face of a climate-change-denying US at the 2017 Hamburg Summit.
It is possible to see a BRICS transition from being a participant to becoming a leader in global governance, with China as the pioneer. BRICS started as an enthusiastic participant on development and climate change, giving a louder and more cohesive voice to emerging economies’ unique needs in a global system run by the already industrialized ones.
It then began to take ownership of global governance challenges by creating its own development bank and by standing up for the climate, standing with its G20 peers against the world’s most powerful country, even if within the UN’s sustainable development boundaries.
BRICS thus assumed a leadership role in a context of global uncertainty and division within the North as well as places in the South, a place traditionally reserved for North-South relations.
By strengthening intraBRICS economic and trade cooperation and by reaffirming support for the Paris Agreement, BRICS is playing a new leadership role in global governance as the proud defenders and promoters of globalization and an open and interconnected world.
The authors are at the BRICS Research Group, University of Toronto