Developing nations’ bloc can meet global challenges better by becoming bigger

(WANG YANGYANG / FOR CHINA DAILY)

The term BRIC first appeared in 2001 in an article by economist Jim O’Neill. He defended the idea that Brazil, Russia, India and China would be the potential future major economies. That is because these countries were experiencing accelerated economic growth. In addition, these countries have large populations, which could boost their economic development through increasing their purchasing power.

Over the years, this vision materialized, but in a heterogeneous way. Some of the countries had fantastic development, but others did not. The group is now known as the BRICS, with the incorporation of South Africa, where its next annual meeting will be held later this month.

The world is undergoing intense transformation, mainly due to new global challenges. Among them is intolerance in adopting peaceful measures for conflict resolution, the lack of objectivity in efforts to harmonize with the environment, and the significant technological impact on products, services and processes. In this context, there is a need for the BRICS and other similar institutions to articulate new governance guidelines and actions to adapt to the latest global modernization process.

The issue of global security has only one viable path: The implementation of peaceful actions that guarantee the integrity of the planet we live on. China has made an essential contribution to this matter by proposing the Global Security Initiative.

According to the Stockholm International Peace Research Institute, world military spending increased by 3.7 percent in real terms in 2022, reaching a record $2.24 trillion. Global spending grew 19 percent in the 2013-22 decade and has increased yearly since 2015. 

The arms race led by some important countries does not contribute to world peace. Only through global pacifist policies can we build a better future for humanity. 

This future could be even better if after the amount necessary for maintaining countries’ sovereignty is deducted from this total, the surplus is invested to minimize major global social problems. Full adherence of the BRICS to this line of thought would be of great importance, given their immense worldwide representation.

Social inequality is a dire global challenge that deserves the urgent attention of all countries. Global modernization is directly related to implementing better living conditions for the world’s population. However, in recent decades, socioeconomic inequality has increased, instead of declining. Therefore, it is essential to improve the living conditions of all inhabitants of the planet, regardless of gender, color, religion or any other attribute.

The need to restore balance with nature is another major global challenge that will affect countries regardless of their level of development. In recent years, we have observed intense climate and environmental changes. With their great global representation, the BRICS countries could lead actions to prevent and control pollution, ensure the sustainability of ecosystems and implement concrete steps to meet decarbonization goals. 

Speculation about other countries joining the BRICS increases every year. In the current global context, some aspects corroborate this. In the year the institution was established, there was no doubt that the founding countries were the most correlated with the characteristics and objectives of the institution. However, other countries have developed over the years and have great potential to contribute politically and economically to the institution.

We all know that multilateralism is the best path to global development. As developing countries know that the BRICS members are supporters of this line of thought, it is natural that they seek to join the institution. Countries such as Argentina, Ethiopia and Bangladesh, among others, have expressed their intention to join the BRICS. 

The BRICS must seek alternatives to create mechanisms that minimize the dollar’s influence on commercial activities. Though it could be complex, there is the possibility of a gradual implementation, which could be through an alternative currency, gold or a basket of currencies. This year, the bloc’s leaders must decide on this matter.

The speed of progress and application of digital technologies will determine countries’ development in the coming years. In the case of the BRICS, this becomes even more urgent because they are in the development phase. To cross the bridge, which will transform them into developed countries, adapting more quickly to technological transformations is necessary. 

The BRICS will face significant global and internal challenges for discussion at this year’s meeting. However, the political moment is auspicious, and the institution can strengthen its worldwide representativeness.

The author is the director of the China-Brazil Center for Research and Business. The author contributed this article to China Watch, a think tank powered by China Daily. 

The views do not necessarily reflect those of China Daily.