How BRICS enhance South-South Cooperation

United Nations Secretary-General António Guterres said South-South Cooperation is a powerful tool as we advance, together, towards the Sustainable Development Goals and fulfill the promise to leave no one behind.

 September 12, 2017 marks the 14th annual United Nations Day for South-South Cooperation with the 2017 BRICS summit held on September 3-5 in Xiamen, Fujian. Chinese President Xi Jinping chaired the BRICS summit and promoted stronger partnerships within and beyond the five BRICS countries.

  “Since the BRICS cooperation mechanism was launched ten years ago, the five member countries have upheld the spirit of openness, inclusiveness, cooperation and win-win results, expanded the fields of cooperation and improved the mechanism of collaboration,” said Zhou Qiangwu, director general of the International Economics and Finance Institute of the Ministry of Finance.

 Over the past decade, BRICS has developed into a key platform for dialogue among major developing nations through the cooperation of the five member countries. The influence of this platform has grown and the leaders’ summit is now coupled with more than 20 ministerial-level dialogues, strengthening communication and coordination. China alone has more than 40 departments involved in the BRICS cooperation mechanism which emphasizes fiscal and financial cooperation. The New Development Bank has contributed substantially to the socio-economic development of BRICS and developing countries, as well as to the improvement of global governance.

 President Xi Jinping’s keynote speech reflected on the changes taking place in the world economy, "Through ten years' development, the BRICS countries have become a new highlight of the world economy," and shared his vision for the future, "It is time to set sail on the rising tide. Going forward, BRICS countries have major tasks to accomplish – to grow their economies and create a second ‘golden decade' of cooperation." Xi argued that economic growth in BRICS and other developing countries doesn’t "move the cheese of anyone," and instead "makes the pie of the global economy bigger."

 The Chinese president refuted the assertion that BRICS is losing luster, describing a period of adjustment and expressing confidence in the BRICS growth potential and the future outlook.

 “We should not ignore problems arising from economic globalization or just complain about them. Rather, we should make joint efforts to find solutions … Only openness delivers progress, and only inclusiveness sustains such progress.”

 He highlighted three important practices of the shared value that should be carried forward: treating each other as equals, seeking results-oriented cooperation, and bearing in mind the well-being of the world.

 “We should get more emerging markets and developing countries involved in our concerted endeavors for cooperation and mutual benefits. BRICS places high premium on cooperation with [them] and has established effective dialogue mechanisms with them… [We] should promote the BRICS Plus approach to build an open and diversified network of development partners.”

 Almost a decade after the first summit, it is hoped that ties can be strengthened and strategic and economic rivalries and tensions can gradually be overcome through increased partnership under the theme “BRICS: Stronger partnership for a brighter future.”

 The author is PhD candidate in Politics and International Relations, University of Reading.