BRICS summit: From economic partnership to global governance
The leaders of the five BRICS nations (Brazil, Russia, India, China and South Africa) held their 9th annual BRICS Summit in Xiamen, China, from September 3 to 5, 2017, under the theme "Stronger Partnership for a Brighter Future”
A significant change from the norm was to invite non-BRICS countries, and name the event “BRICS Plus Summit”. Expanding its participation is a positive manifestation that the BRICS nations are now ready to translate their economic power into global governance.
Over 1,000 delegates from many countries attended the meeting including leaders of Egypt, Mexico, Thailand, Guinea and Tajikistan.
The association of BRICS was founded in 2006 to enhance economic cooperation both within the bloc and with other countries, and to conduct bilateral relations among BRICS members on the basis of non-interference, equality, and mutual benefit.
As of 2015, the BRICS nations together represent 26% of the planet's land mass, is home to 46% of the world's population (i.e. over 3.6 billion people), and have contributed to more than 50 percent of the world economic growth during the past 10 years.
The summit discussed issues related to economic collaboration, regional and global security, the need for open trade and fight against protectionism, work of the New Development Bank, establishing a bond fund in national currencies, providing loans in national currencies of the BRICS member states, and cyber security.
The common theme proclaimed by all leaders was “BRICS has developed a robust framework for cooperation; contributes stability and growth in a world drifting towards uncertainty”.
Addressing the BRICs summit, Chinese President Xi Jinping said that the BRICS cooperation has now reached a crucial stage of development, and said that “In the past ten years, our combined Gross Domestic Product has grown by 179%, trade by 94% and urban population by 28%, and has delivered tangible benefits to over three billion people”.
Reviewing the past progress, Xi said that “Our world today is becoming increasingly multipolar; the economy has become globalised; there is growing cultural diversity; and society has become digitised”.
He said that “The law of the jungle where the strong prey on the weak and the zero- sum game are rejected, and peace, development and win-win cooperation have become the shared aspiration of all peoples”.
Saying that BRICS is not a talking shop, but a task force that gets things done, Xi stressed that since the very beginning, our five countries have been guided by the “principle of dialogue without confrontation, partnership without alliance”.
India’s Prime Minister, Narendra Modi, highlighted the need to establish a transparent, non-western dominated, sovereign credit rating agency for the BRICS countries - to serve the financial needs of developing nations.
Russia’s President, Vladimir Putin, proposed to create a platform for BRICS energy research, which will entail sectoral, analytical and scientific exchanges that could be beneficial to all developing countries.
Economically, BRICS succeeded in setting up global financial institutions that directly challenge the US-led economic world order, the monopoly of the Washington- influenced Bretton Woods institutions ( the World Bank and the International Monetary Fund), and displace the monopoly of the US Dollar.
Accordingly, the financial architecture of the world began to change, in 2014, when the BRICs set up the New Development Bank (NDB), and the Asian Infrastructure Investment Bank to finance infrastructure and sustainable development projects both within BRICS and other emerging economies.
Saying that the NDB had already