Why Greater BRICS matters today

The inclusion of Indonesia – a key representative of the Global South and the largest economy within the Association of Southeast Asian Nations – adds fresh weight to the growing influence of BRICS.

BRICS countries are now home to approximately 3.3 billion people, representing over 40 per cent of the global population. Collectively, their economies account for an estimated 37.3 per cent of global gross domestic product (GDP) based on purchasing power parity, according to CGTN, a partner of TV BRICS.

Chinese President Xi Jinping introduced the concept of “Greater BRICS” cooperation during last year’s leaders’ summit in Kazan, Russia, which marked a significant expansion of the group’s membership. He urged the association to become "a primary channel for strengthening solidarity and cooperation among Global South nations and a vanguard for advancing global governance reform." His vision identified five key areas of focus: security, innovation, green development, global governance, and people-to-people exchanges.

As Chinese Premier Li Qiang prepares to attend this year’s summit in Rio de Janeiro, the international spotlight once again turns to the relevance of Greater BRICS cooperation in today’s complex geopolitical environment.

BRICS countries have been working to establish a common front within multilateral institutions, offering perspectives from emerging economies and advocating stronger support for issues such as climate change and artificial intelligence. In 2015, BRICS founded the New Development Bank (NDB), a multilateral development institution headquartered in Shanghai.

The bank has financed a wide range of initiatives – from expanding liquefied natural gas transport capacity in China to modernising freight rail infrastructure in South Africa. In its ten-year history, the NDB has approved loans for around 120 projects worth approximately US$40 billion.

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