The BRICS mechanism is crucial in fostering cooperation among developing nations and emerging markets amidst global geopolitical unrest, according to Liang Guoyong a senior economist with the United Nations Conference on Trade and Development. In a recent interview with Xinhua, Liang highlighted that BRICS has evolved into a significant force in the global economy offering valuable development experiences for countries in the Global South.
Liang noted that BRICS countries have deepened cooperation across various sectors leading to increased economic and trade exchanges with other developing nations. This expansion of international trade, investment and scientific collaboration has opened important avenues for economic growth for all involved parties. He emphasized that the BRICS cooperation framework has transcended regional boundaries, establishing itself as a central mechanism for collaboration among emerging economies.
This framework positively contributes to the creation of a more inclusive global economic and trade system. Looking forward, Liang stressed the importance of BRICS countries enhancing collaboration in emerging sectors such as the digital economy, artificial intelligence, cross-border payments and logistics. He believes these efforts will amplify the BRICS mechanism’s impact on international economic and trade cooperation.
The rising influence of BRICS members in the global political and economic arena further boosts the appeal of the mechanism, providing an effective platform for members to strengthen economic ties and drive development. Liang noted that South-South cooperation has gained prominence in recent years with trade among Global South nations accounting for nearly 40% of global trade.
This collaboration, particularly led by BRICS nations like China serves as a key driver for developing countries to enhance their cooperation in trade, investment and infrastructure. With China emerging as a leading global trading power and a significant foreign investor, it has become instrumental in supporting the industrialization and economic diversification of low-income countries.
Initiatives like the Belt and Road Initiative and the establishment of financial institutions such as the Asian Infrastructure Investment Bank have further enhanced economic cooperation among developing nations. Looking ahead, Liang affirmed that China will continue to play a vital role in global economic growth and the realization of the United Nations’ 2030 Agenda for Sustainable Development.
