'timely' expansion of BRICS

context: The fifteenth BRICS (Brazil, Russia, India, China and South Africa) summit was held from 22-24 Aug 2023. The anticipated BRICS expansion is underway and Iran, Saudi Arabia, the United Arab Emirates, Argentina, Egypt and Ethiopia are slated to join the bloc. Greater trade cooperation within BRICS holds potential for members seeking to strengthen their economies amidst a global demand downturn while presenting an opportunity for the PRC to diversify its economic interests in response to US decoupling.

In an article published online in The Paper, Wang Lingyi 王泠一 Shanghai Academy of Social Sciences Shanghai International Economic Exchange Centre researcher shares his observations on the significance of the BRICS (Brazil, Russia, India, China and South Africa) summit, stating

  • BRICS is an important force shaping international relations
    • upholding the principle of independent and autonomous foreign policy free from external pressure
    • supporting members' rights to choose their own path in development and bolstering their developmental rights
  • BRICS furthers economic, trade and financial cooperation to achieve economic growth and sustainable development
    • members need to join hands to promote development and oppose 'decoupling' efforts and economic coercion
    • the PRC proposes pragmatic cooperation in the digital economy, trade, finance, green development and supply chains
      • President Xi Jinping has proposed the establishment of 
        • PRC-BRICS New Era Science and Innovation Incubator Park
        • BRICS Global Remote Sensing Satellite Data and Data Centre
        • BRICS Sustainable Industry Exchange and Cooperation Mechanism
  • strengthening strategic partnerships with BRICS members and expanding BRICS
    • nearly 23 countries have expressed interest in joining BRICS
    • the expansion of BRICS can be seen as a creative alternative to the existing global power structure
    • the Indian Government has made a statement that it is willing to expand cooperation with BRICS countries in high-tech
  • economic and trade cooperation remains a central theme of BRICS
    • this is evident from the themes of the five sub-forums touching on the development of SMEs, electric vehicles and agricultural cooperation in free trade agreements in Africa