The BRICS countries’ overall commerce in goods reached $9.2 trillion in 2022, up 7.8% from the year before, according to information gathered by the International Monetary Fund. The five countries’ combined amount of goods trade totaled $1.14 trillion, up 13.3 percent from the previous year.
The BRICS countries have strengthened their collaboration, served as “stabilizers” also “accelerators” of development, and added BRICS power to the security of the global market while the present global economic recovery faces hurdles.
Speaking at the 15th BRICS Conference on Wednesday in Johannesburg, South Africa, Chinese President Xi Jinping declared that “growth is a fundamental right of all countries” and urged the other BRICS nations to be each other’s fraternal allies.
All nations have an unalienable right to development.
According to several international organisations, the global economic recovery is still in its early stages and is expected to increase by just under three percent this year.
However, through outreach initiatives and “BRICS Plus” collaboration, BRICS countries have created a close relationship with markets that are emerging and developing nations, promoting the influence of BRICS cooperation outside the five member states to the rest of the world.
The combined economic output of the BRICS nations makes up 25% of global output. The bloc is a significant force in the global economy that cannot be disregarded as their combined trade turnover accounts for 18% of the global total.
China has seen exceptional gains from its economic and commercial cooperation with the other BRICS nations.
As reported by the State Administration of Customs of China, the value of China’s imports and exports to the other BRICS nations in the initial seven months of this year amounted to 2.38 trillion yuan (roughly $330 billion), a year over year increase of 19.1%, and made up 10.1 percent of China’s overall imports and exports.
In the initial seven months of 2023, China and the other BRICS nations’ cooperation grew rapidly in a variety of sectors, including auto components, appliances for homes, agricultural machinery, energy, and agricultural products.
In order to strengthen economic, commercial, and financial relationships in areas like the internet of things, green development, and supply chain, Xi emphasized the need of practical cooperation.
China will establish a Chinese-BRICS Innovation and Science Innovation Park to support the new era, according to Xi, to facilitate the application of innovation outcomes.
As a forum for industries coordination and project collaboration in the implementation of the UN 2030 Agenda for a Sustainable Development, Chinese will also work with all parties to develop the BRICS Framework on Industry Cooperation for Sustainable Development.
combine knowledge and power for peaceful growth
Advancing and taking the lead in reforming the system of global governance is a crucial component of BRICS cooperation.
” Enhancing the governance of the world is the right choice,” said Xi at the summit, “if the entire world intends to share possibilities for growth or tackle global challenges.”
In order to set the road for collaboratively solving global concerns like the energy and food crisis, global warming, terrorism, geopolitical conflicts, hegemony, and protectionism, the Chinese president has urged BRICS nations to engage in true multilateralism.
The New Development Bank, the first multifaceted financial institution created through BRICS cooperation, has thus far authorized 99 loan plans in the amount of more than $33 billion, offering a solid guarantee for the development of sustainable infrastructure in emerging economies and developing nations.
In his address, Xi advocated for maximizing the function of the bank, advancing the reform of the global economic and currency systems, and amplifying the voice and representation of developing nations.
The members of BRICS share a similar outlook on how humanity will progress in the future, which draws more nations to the grouping.