Promoting Collaborative Multilateralism
The 14th BRICS summit, hosted virtually by China, calls for strengthening political mutual trust and security cooperation among developing countries
By Kirtan Bhana
Chinese President Xi Jinping hosts the 14th BRICS Summit in Beijing via video link on June 23 (XINHUA)
29 June 2022
The just-concluded 14th BRICS Summit, hosted by China virtually due to the measures taken to control the spread of COVID-19, took place amidst the challenges of global conflicts, discriminatory health policies and sanctimonious sanctions, and called on the developing nations to strengthen political mutual trust and security cooperation, have close communication and coordination on major international and regional issues, and maintain solidarity and harmony.
BRICS was established to connect the nations of the Global South to overcome the political, financial and economic marginalization it was being subjected to, and refocus the globalization trajectory away from protectionism, unilateralism and hegemonic tendencies. At the core of the founding of BRICS was fair, inclusive, just and representative cooperation to harness resources for the benefit of the people through tangible mutual cooperation, and to build a sustainable and equitable world.
At the opening of the leaders’ summit that brought together the nations of Brazil, Russia, India, China and South Africa, Chinese President Xi Jinping said, “China would like to work with BRICS partners to operationalize the Global Security Initiative (GSI) and bring more stability and positive energy to the world.”
Xi put forward the GSI while delivering a keynote speech via video at the opening ceremony of the Boao Forum for Asia Annual Conference on April 21 this year. The initiative advocates a vision of common, comprehensive, cooperative and sustainable security, follows the philosophy that humanity is an indivisible security community, and aims to create a new path to security that features dialogue over confrontation, partnership over alliance and win-win over zero-sum. The initiative is widely received by developing countries worldwide.
Xi also announced several initiatives that will enhance and strengthen the joint actions of BRICS.
A series of measures have been taken toward the goals. This year, BRICS countries launched the BRICS Initiative on Enhancing Cooperation on Supply Chains and the Initiative on Trade and Investment for Sustainable Development, adopted the Agreement on Cooperation and Mutual Administrative Assistance in Customs Matters and the Strategy on Food Security Cooperation, and held a High-level Meeting on Climate Change for the first time. “We should make good use of these new platforms to boost connectivity of industrial and supply chains and jointly meet challenges in poverty reduction, agriculture, energy, logistics and other fields,” stressed Xi, adding, “We should support greater development of the New Development Bank and a steady process to admit new members, and improve the Contingent Reserve Arrangement to cement the BRICS financial safety net and firewall. We should also expand BRICS cooperation on cross-border payment and credit rating to facilitate trade, investment and financing among our countries.”
The emergence of more and more countries and regions from poverty and underdevelopment is causing panic and paranoia among the so-called developed and advanced economies. These countries are ranked among the richest countries in the world that are home to some of the largest multinational corporations and conglomerates, accounting for many trillions in revenue. Are they caught up in a past realm thinking that their superiority can never be challenged? Are they buying into their own propaganda and rhetoric? Have they become lost at this crucial inflection point in a changing world?
Announcing the financing of projects in local currencies, New Development Bank (NDB) President Marcos Troyo also welcomed Egypt, Uruguay, the United Arab Emirates and Bangladesh as new members of the bank. The reliance on the U.S. dollar has exposed the unreliable and unfair hegemonic monetary system riddled with manipulation, undue coercion and unjust double standards leading to nefarious and illegal activities and practices. The establishment of the NDB proposed by India in New Delhi when it hosted the summit in 2012 was premised on building a financial institution focused on the needs of emerging nations, moving away from regressive and outdated policies impeding growth and development.
The Real, Rouble, Rupee, Renminbi and Rand are the five Rs that make up the currencies of BRICS. They represent 3.2 billion people, or over 40 percent of the world population covering 26 percent of the planet’s land mass across four continents, 25 percent of global GDP and 20 percent of world trade.
The conflict between Russia and Ukraine has led many countries to re-examine their international relations policies and subscribe to the BRICS call for cohesive and collaborative multilateralism. Saudi Arabia, Argentina, Egypt and Indonesia have shown interest in the expansion of BRICS. Global peace, stability, interdependence, impartiality and objectivity are the meaningful cooperation elements that will allow nations of the Global South to flourish and take control of their destiny, and enable them to tackle and be part of the solution to overcome the challenges they face.
“In recent years, many countries have asked to join the BRICS cooperation mechanism. Bringing in fresh blood will inject new vitality into BRICS cooperation and increase the representativeness and influence of BRICS. This year we have, on separate occasions, had in-depth discussions on the question of membership expansion. It is important to advance this process to allow like-minded partners to become part of the BRICS family at an early date,” said President Xi.
Indian Prime Minister Narendra Modi said, “BRICS members have a similar approach regarding the governance of the global economy. Our mutual cooperation can make a useful contribution to the global post-COVID recovery.” He added that he was “confident that our deliberations today will produce suggestions to further strengthen our ties.”
For his part, Russian President Vladimir Putin noted, “We are confident that today, as never before, the world needs the BRICS countries’ leadership in defining a unifying and positive course for forming a truly multipolar system of interstate relations based on the universal norms of international law and the key principles of the UN Charter. In this context, we can count on support from many states in Asia, Africa and Latin America, which are seeking to pursue an independent policy.”
Brazilian President Jair Bolsonaro said, “The connection among our business communities is one of our priorities at BRICS. By getting to know each other better, our entrepreneurs can close deals that will result in mutual gains, also benefiting the workers in our countries.”
South African President Cyril Ramaphosa said, “The BRICS response to the COVID-19 pandemic demonstrated what can be achieved when we work together in the spirit of friendship, solidarity and responsibility. The launch of the BRICS Vaccine Research and Development Center in March this year will strengthen international health and science cooperation to prepare for future crises.”
South Africa will host the 15th BRICS summit in 2023.
The author is director of the Diplomatic Society of South Africa.
This article was first published in ChinAfrica magazine