Commentary by Victoria Fedosova*
The dynamics of BRICS development and the growth in membership reflect a demand for an alternative platform to discuss global issues.
Changes in the balance of power and the growing economic potential of developing countries need institutional representation on the global stage and in mechanisms of global governance. The formation of BRICS was largely a response to this demand.
The recently concluded BRICS summit in Russia’s Kazan once again showcased the growing clout and voice of the Global South and the significance of the BRICS mechanism.
During the summit, countries from the Global South and emerging markets discussed important issues such as world peace and stability, reform of global governance, development and international financial structure.
It is important to note that BRICS is not directed against any participant in the global community; instead, it fulfills the critical function of asserting the sovereignty of member states, sharing views on the political foundations of world order.
BRICS confirmed its commitment to maintaining the central role of the United Nations in the international system. The attendance of UN Secretary-General Antonio Guterres once again emphasizes that the world needs platforms for dialogue.
Development is becoming a priority on the BRICS agenda, with a strong focus on improving mechanisms within the New Development Bank. Of note during this summit is the creation of a new investment platform, leveraging the infrastructure of the New Development Bank (NDB).
Current plans and projects, along with the growing interest from other countries, show that BRICS has enormous potential to address the developmental imbalances that have accumulated over the past 80 years.
Countries also seek to address the imbalance in the international financial architecture. The dominance of the [US] dollar has given the West undue freedom to exert pressure on sovereign economies in its own political and economic interests. In this area, it is necessary to bypass the existing course and direct financial flows through protected systems.
Looking forward, to increase the reliability and security of key commodity supplies, the creation of independent commodity exchanges, operating with national currencies, and a gradual move away from the dollar cross-rate seem promising.
BRICS may also see further strengthening in the area of humanitarian and cultural interaction, primarily at the level of universities, research institutes, and academic circles, strengthening horizontal ties among intellectual elites who influence decision-making processes in each country.
While there is a shared understanding of the direction toward a fair and safe world, it is essential to discuss the civilizational foundations of this multipolar world.
The methodological development of the foundations of a multipolar world order, the clarification of concepts, or the creation of a new conceptual framework to describe its principles will help prevent future conflicts and further enhance the appeal of the BRICS mechanism on the world stage. – Xinhua
*Victoria Fedosova is the deputy director of the Institute for Strategic Research and Forecasts of the Russian Peoples’ Friendship University.
