BRICS Summit safeguards the stability of greater BRICS collaboration

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China.org.cn

Oct 30, 2024, 20:06 ET

BEIJING, Oct. 30, 2024 /PRNewswire/ -- A news report by China.org.cn on the 16th BRICS Summit:

Recently, the 16th BRICS Summit concluded in Kazan, an ancient city by the Volga in Russia. As the bloc's first meeting since its expansion of five new members in BRICS, the event drew attendees from more than 30 countries, safeguarding the stability of greater BRICS collaboration in the long run.

BRICS Summit safeguards the stability of greater BRICS collaboration

BRICS, first proposed as the term "BRICs" in 2001, has been evolving along the way. But the enlargement of BRICS membership last year, and the beginning of the greater BRICS cooperation have garnered much more attention from the international community than any previous iterations. Among them, many developing countries have spoken highly of it, which can be proven by over 30 countries wishing eagerly to join BRICS.

Data and examples speak for themselves. Nine years into the establishment of the New Development Bank, it has approved about 35 billion USD worth of loans. It was exactly such loans that funded over 100 projects including urban railway tracks in India and green wind power facilities in Brazil. Under the BRICS cooperation mechanism, Shanghai customs has opened "green lanes" for tangerines from South Africa, enabling clearance into China on the day of arrival; China launched the MisrSat-2 for Egypt, which has been fulfilling the latter's needs in agriculture, forestry, urban construction and so on. The BRICS mechanism has achieved fruitful results in advancing South-South Cooperation and improving global governance.

After BRICS expanded its membership, the ten members together account for about 30% of global GDP, and one-fifth of global trade volume, and they sure will continue to function as a powerful driver of global economic growth.

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BRICS Summit safeguards the stability of greater BRICS collaboration
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SOURCE China.org.cn