The BRICS cooperation began 18 years ago in 2006. That year, the foreign ministers of China, India, Russia, and Brazil, the four major developing countries, held their first meeting at the United Nations headquarters in New York. The BRICS countries, a collaborative mechanism proposed by Goldman Sachs economist Jim O’Neill, have become a reality.
Three years later, the leaders of the four countries held their first meeting in Yekaterinburg, Russia, and the BRICS cooperation mechanism was officially established. In 2010, South Africa joined the BRICS cooperation mechanism, adding another “brick” on top of the four BRICS. In 2024, with Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt joining the BRICS cooperation mechanism, the BRICS countries will be upgraded to the BRICS Ten, and 2024 will be hailed as the year of the “Big BRICS”.
The core of the BRICS cooperation mechanism is the annual BRICS Leaders’ Summit, which has been held for the 16th time from 2009 to the Kazan Summit in 2024. One of the main forms of cooperation mechanism among the business communities of BRICS countries within the framework of the Leaders’ Summit is the BRICS Business Forum. In this mechanism, the China Council for the Promotion of International Trade plays an important role, not only organizing Chinese enterprises to actively participate in cooperation, but also undertaking the task of organizing cooperation mechanism activities.
Since the 2006 New York Foreign Ministers’ Meeting, it is now the 18th year of the BRICS cooperation mechanism. At the age of 18, BRICS is at a critical stage of carrying forward the past and opening up the future. Five “new friends” join the group, and the “BRICS countries” become the “Big BRICS”, with more quality, weight, and influence.
In today’s world, a hundred years of changes are happening, and the deficits in peace, development, security, and governance are increasing. The world hopes to hear more voices from BRICS and looks forward to BRICS playing a greater role. Compared to the past, the “Big BRICS” of ten members will have a greater voice on the international stage and be more capable of providing solutions to the world that are different from the old international order.
After the expansion, the weight of the “Big BRICS” in the international community will further increase: the total population of the ten countries has reached 3.63 billion, accounting for 45.9% of the global population, the total trade volume of each country accounts for one-fifth of the world’s total, the global GDP proportion (calculated by purchasing power parity) has increased from 31.6% in the BRICS era to 35.6%, and the proportion of world crude oil exports has increased from 15% to 36%.
In 2024, as the new era of BRICS begins, BRICS business cooperation is ushering in a new beginning. On June 11th, prior to the leaders’ meeting, the BRICS Women’s Leadership Forum was held in Beijing, attended by over 300 delegates including Ren Hongbin, President of the China Council for the Promotion of International Trade, Huang Xiaowei, First Secretary of the All China Women’s Federation, and BRICS ambassadors to China. The conference conducted in-depth discussions on the topic of “Excellence for All, Beauty for All” and released the “Report on Women’s Development in BRICS Countries”.
On October 18th, the BRICS Business Forum was held in Moscow, with over 1000 representatives from businesses and business associations from more than 30 countries participating. Compared to previous BRICS Business Forums, this year’s BRICS Business Forum has the largest number of nationalities among the attending representatives.
Russian President Putin pointed out at the meeting that the contribution of BRICS countries to the global economy has now surpassed that of the G7, with an average growth rate of 4%, while the G7 is only 1.7% and the world average is only 3.2%. The BRICS countries have become a driving force for global growth. The forum also discussed the potential for cooperation among BRICS countries in the field of economy and trade. The new “Greater BRICS” cooperation will gather the largest energy exporting and importing countries, and the economic and trade complementarity and potential among BRICS countries will further increase. In addition, the BRICS Business Forum specifically mentioned that the leaders’ summit will focus on discussing the payment system of BRICS countries, and a unified payment system will further facilitate economic and trade cooperation among BRICS countries.
The Kazan Summit is the first national head level event of the BRICS countries after the five new members joined. Its significance lies in setting the tone and guiding the direction of the new ‘Greater BRICS’ cooperation. Especially in such a dual standard and’ small courtyard high wall ‘international environment, the old international order is increasingly difficult to provide excellent and effective public goods to the international community. The fate of the BRICS mechanism lies in exploring a new path of cooperation that is inclusive, just, pragmatic and feasible, “said Hao He, associate researcher at the Russian Institute of Eastern European and Central Asian Studies of the Chinese Academy of Social Sciences.
Post time: Nov-09-2024