Signboards of the 15th BRICS Summit are seen in a street of Johannesburg, South Africa, Aug. 17, 2023. (PHOTO: XINHUA)

By Staff Reporters

This year's BRICS summit is held in South Africa from August 22 to 24, to discuss issues including deepening BRICS cooperation, giving more voice to the Global South, and the BRICS group's expansion, as over 20 countries are knocking on the door of BRICS.

In a speech titled Enhance Solidarity and Cooperation to Overcome Risks and Challenges and Jointly Build a Better World, Chinese President Xi Jinping noted that what people in various countries long for is "definitely not a new Cold War or a small exclusive bloc; what they want is an open, inclusive, clean and beautiful world that enjoys enduring peace, universal security and common prosperity."

Common development

To advance common development, the BRICS cooperation mechanism has made efforts including the establishment of the New Development Bank and the BRICS Contingent Reserve Arrangement, the formulation of the BRICS Strategy on Food Security Cooperation, and upholding the multilateral trade system with the World Trade Organization as the cornerstone.

Under the mechanism, pragmatic cooperation covers fields of economy and trade, finance, science and technology, agriculture, culture, education, health, think tanks, and has made important contributions to promoting global economic recovery and resolving global development issues.

"Every country has the right to development, and the people in every country have the freedom to pursue a happy life," said Xi, noting that China will work with all other countries to speed up cooperation under the Global Development Initiative, meet common challenges together and make life better for people across the world.

Uphold multilateralism

BRICS defends multipolarity and multilateralism by providing developing countries with an opportunity to enhance their influence and amplify their voices in global governance. The bloc has become a positive, stable and constructive force in international affairs.

In 2017, the Xiamen Summit has contributed Chinese wisdom on South-South cooperation and global governance, leaving behind "BRICS Plus" as one of its most important legacies. During the 14th BRICS Summit last June, the leaders of the five BRICS countries reached important consensus on the expansion of BRICS membership and supported discussions on criteria and procedures for the expansion.

"We will forge stronger BRICS strategic partnership, expand the 'BRICS Plus' model, actively advance membership expansion, deepen solidarity and cooperation with other emerging markets and developing countries, promote global multipolarity and greater democracy in international relations, and help make the international order more just and equitable," Xi said. 

Promising prospects

The collective rise of emerging markets and developing countries represented by BRICS is fundamentally changing the global landscape, said Xi, adding that whatever resistance there may be, BRICS, a positive and stable force for good, will continue to grow.

In the face of multiple challenges to global economic recovery, BRICS economic and trade cooperation has shown stronger resilience. According to data released by the China's General Administration of Customs on August 21, in the first seven months of this year, the total trade value between China and other four BRICS countries was 2.38 trillion RMB (around 326.6 billion USD), an increase of 19.1 percent.

With potential members on the way, cross-border trade within the group would become more efficient and catch the eye of more investors. Thus, the prospect of a BRICS-issued currency is a possibility.