BRICS Summit: Uniting the Global South Against Protectionism
The 15th BRICS Summit took place in Johannesburg, South Africa, from August 22 to 24, under the theme “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.”
This year’s summit came at a critical time as the world faces escalating geopolitical tensions and rising protectionism. The gathering aimed to address key issues such as health cooperation, trade, investment and finance, climate change, artificial intelligence governance, peace and security architecture, and institutional development among member states.
A Voice for the Global South
Experts believe that the summit drew significant attention as BRICS—representing nearly half of the world’s population and contributing over 30 percent of global GDP—took a stand on pressing global issues.
“The international political landscape is more uncertain than ever,” said Wang Youming, a researcher at the Institute of Developing Countries at the China Institute of International Studies. “In this environment, the stance BRICS takes is closely watched by the international community.”
Wang highlighted that as trade tensions and protectionist policies impact all BRICS countries, their collective voice in global trade and economic governance is crucial.
Expanding Membership and Influence
This summit was particularly noteworthy as BRICS announced the admission of six new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, set to join in 2024. Multiple emerging markets, developing countries, and international and regional organizations were also invited, expanding BRICS’ influence and collaboration opportunities.
A Significant Player in the Global Economy
Over the past two decades, BRICS has evolved into a significant force in the global economic landscape, becoming an essential platform for South-South cooperation. The group has launched key initiatives to promote trade and investment, providing viable alternatives for developing nations and driving the global economy toward greater multipolarity, fairness, and sustainability.
In 2014, BRICS established the New Development Bank (NDB) to fund infrastructure projects in developing nations. The same year, they created the Contingent Reserve Arrangement (CRA), similar to the IMF’s Special Drawing Rights, to provide emergency financial support during global financial crises.
Various platforms like the BRICS Business Council facilitate cross-border investment and boost intra-BRICS trade. According to recent reports, intra-BRICS trade has grown at an average rate significantly higher than global trade growth over the past decade.
Data shows that in the first half of 2023, trade between the Chinese mainland and other BRICS nations totaled over $230 billion, highlighting the deepening economic cooperation among members.
Facing Protectionism Together
In response to rising protectionism, BRICS countries are focusing on trade diversification and expanding cooperation with countries in Africa, the Middle East, and the Asia-Pacific region. They are also gradually reducing reliance on the U.S. dollar in trade and investment.
“Strengthening local currency settlements can shield domestic economies from external shocks and maintain fiscal sovereignty,” Wang suggested. “It also reduces the effectiveness of politically motivated sanctions and fosters greater stability in international monetary relations.”
In August, BRICS trade and economic ministers issued a joint statement expressing strong concern over unilateral tariffs and non-tariff measures that distort trade and violate World Trade Organization (WTO) rules. They agreed to uphold the multilateral trading system, resist unilateralism and trade protectionism, and safeguard the legitimate rights and interests of developing nations.
As the world looks to the future, the BRICS summit offers hope for a united front against protectionism and a step toward a more inclusive and sustainable global economy.
