Since its establishment in 2009, and subsequent to the joining of South Africa in 2010, the five BRICS member states have agreed to focus their cooperation on the three basic pillars which are (i) Political and Security, (ii) Economic and Finance, and (iii) Cultural and People-to-People exchange. For the 15th BRICS Summit in South Africa, the theme is, “BRICS and Africa: Partnership for Mutual Accelerated Growth, Sustainable Development and Inclusive Multilateralism.” With 19 potential BRICS member applications this year, the BRICS is fast becoming a magnet of attraction for the developing nations.
Over the years, the BRICS has continued to be the growth engine of the world. The bloc has much-untapped potential to influence the global economy and bring in a new era of regional cooperation, reinforce multilateralism, and align global governance where issues of the Global South are prioritised. Table 1 provides an overview of BRICS in key economic indicators vis-à-vis G7 countries and Emerging Markets and Developing Economies.
Strengthen International Regulatory Cooperation among BRICS for greater social and economic development in the post pandemic era
Despite the profound and far-reaching impact of the COVID-19 pandemic, throughout the world, the momentum of economic globalisation cannot be changed. Confronted by multiple global problems, including sluggish economic recovery, severe inflation, food insecurity, and energy crisis, the international community needs to further strengthen international economic cooperation and maintain the global value chain. This is to promote economic globalisation in a more open, inclusive, balanced, and win-win manner.
The BRICS have chosen the route towards internationalisation, economic integration and modernisation and support economic entities, intended for strategic interests of the partner countries. In its essence public-private partnership (PPP) is a platform where public and private investors come together to find mutually beneficial resolution of financial and economic problems. It is important to note that PPP does not mean any transfer of assets from public to private institutions, but represents responsible involvement of participants, conducting business in social interest and valued outcome.