From October 22 to 24, the 16th BRICS Summit convened in Kazan, Russia, marking the first gathering since the group’s expansion, which has attracted considerable attention globally. Zukiswa Robogi, a researcher at Walter Sisulu University in South Africa, shared her insights in an interview, highlighting that the BRICS cooperation mechanism brings tangible benefits to countries in the Global South.
Robogi noted that the BRICS mechanism has made significant strides in recent years, with China playing a pivotal leadership role. “China is dedicated to fostering cooperation among BRICS nations and has been instrumental in initiatives such as the establishment of the New Development Bank,” she stated.
According to her, the BRICS platform has facilitated easier access to financing for emerging economies, creating improved opportunities for trade, investment, and development. “The New Development Bank is crucial in financing important infrastructure projects for countries in the Global South, helping them tackle pressing development challenges. These nations are not only gaining much-needed funding but can also maintain greater independence on their developmental paths,” she added.
The New Development Bank, headquartered in Shanghai, was established in 2014 by BRICS member countries—Brazil, Russia, India, China, and South Africa—as a multilateral development bank aimed at supporting infrastructure and sustainable development projects in BRICS nations and other emerging market economies and developing countries. Recently, in 2021, the bank announced acceptance of new members including Bangladesh, the UAE, Uruguay, and Egypt.
Since its inception, the New Development Bank has invested nearly $35 billion across various sectors, such as clean energy, transportation infrastructure, water resources and sanitation, and digital infrastructure, positively impacting global economic governance.
Robogi emphasized that the commitment of BRICS countries to multilateralism and enhancing global economic governance aligns with the interests of emerging economies. “This stance resonates with the desire of these countries for greater representation in international decision-making processes,” she explained.
Additionally, she pointed out that BRICS represents the rising force of multipolarity globally and is appealing to nations looking to reduce dependence on Western powers and seek diversified diplomatic relationships.
Furthermore, Robogi highlighted the BRICS focus on collaboration in technology, energy, and climate change as valuable for countries striving for sustainable growth while addressing global challenges. “In this context, the BRICS cooperation mechanism has become an increasingly important platform for countries in the Global South,” she noted.
“For example, through the support of the BRICS cooperation framework, China’s Belt and Road Initiative has significantly advanced infrastructure development in Africa,” she said. “This partnership not only boosts economic growth in Africa but also reduces dependency on Western aid and investment, allowing African nations to negotiate on more equitable terms and promoting South-South cooperation.”
She concluded by stating that BRICS countries are bringing tangible benefits to the Global South by promoting unity, enhancing representation in global governance, and fostering a more just and sustainable development pathway.
