The recent XV BRICS summit in Johannesburg marked a significant milestone, with over 60 countries invited to participate and 5 new members set to join the association from 1 January 2024. This growing interest in the BRICS alliance is not surprising, given its unique value proposition. According to Alisa Kozelko, an expert in foreign policy and economics, there are five key reasons why the BRICS alliance is increasingly appealing to many nations.
Politically, a Platform for Equal Dialogue
Firstly, the BRICS alliance offers a platform for dialogue on a wide array of issues, similar to organizations established during the Bretton Woods era. Unlike structures like the IMF, where G7 countries hold over 40% of the voting power, BRICS provides a platform for discussions on an equal footing.
Economic Potential for Swift Development
Economically, the BRICS alliance demonstrates swift development potential. This stems from cooperation among its members. Firstly, it enhances investment appeal for members. Secondly, members join the New BRICS Development Bank. This bank has US$100 billion charter capital. Moreover, the alliance boosts mutual foreign trade turnover. In 2022, this turnover reached US$8.5 trillion. Consequently, economic prospects for BRICS nations look promising. Through collaboration, they can accelerate economic growth.
A Platform for Dialogue without Security Commitments
Thirdly, the BRICS alliance format offers a platform for dialogue without the obligation of allied security commitments. This flexibility is particularly attractive to nations seeking to engage in international cooperation without compromising their sovereignty.
ESG Perspective: Addressing Sustainability and Environmental Protection
From an ESG perspective, the BRICS agenda addresses critical issues like socio-economic sustainability, collaboration in green innovation and low-carbon development, and environmental protection. These areas of interest are likely to attract potential new members seeking to promote sustainable development.
Intercultural Communication and Economic Growth
Lastly, the BRICS alliance unites countries with diverse cultures and is developing strategies to leverage cultural exchanges to drive the economic growth of its member countries. This intercultural communication is essential for fostering cooperation and mutual understanding among member nations.
In conclusion, the BRICS alliance appeals to many nations. This is due to its unique value proposition. Firstly, it offers a platform for equal dialogue. Secondly, it enables economic cooperation among members. Additionally, it promotes sustainable development from an ESG lens. As the alliance continues expanding, it will likely shape international cooperation’s future. Moreover, it will influence economic development globally. The BRICS alliance’s significance is poised to grow.