BRICS a beacon of hope for Global South

The BRICS Summit in Kazan, Russia, this week is a pivotal event that holds immense promise for the future of developing countries. BRICS, originally comprising Brazil, Russia, India, China and South Africa, has been a formidable force in reshaping the global economic landscape. This year's BRICS Summit is particularly significant because it welcomes new members, thus expanding its influence.

The summit is a beacon of hope for developing nations, offering a platform for inclusive growth and sustainable development. The inclusion of new members from diverse regions underscores the grouping's commitment to foster a more representative and equitable world order. This expansion is not merely symbolic; it is a testament to the shared aspirations of emerging economies to challenge the status quo and advocate for a fairer distribution of global resources and opportunities.

One of the most significant benefits of BRICS for developing countries is the potential for economic empowerment through collaboration. The BRICS member states cumulatively account for more than 46 percent of the world's population, about 35 percent of global economic output. By pooling together their resources, sharing expertise and coordinating policies, these countries can create a robust economic bloc capable of negotiating better terms in international trade and investment.

For Egypt, joining BRICS opens new avenues for economic cooperation and investment. The group's focus on infrastructure development, technology transfer and industrialization aligns with Egypt's national development goals. By leveraging the collective strength of BRICS, Egypt can boost its economic growth, create more jobs, and improve the living standards of its people.

BRICS member states have committed more than $100 billion to the New Development Bank, which has been funding infrastructure and sustainable development projects. Another critical aspect of BRICS is its efforts to establish a new, fairer global financial architecture in order to reduce the developing world's dependence on traditional Western-dominated financial institutions.

The establishment of the New Development Bank and the Contingent Reserve Arrangement are steps in this direction, because these institutions provide alternative sources of funding for infrastructure and development projects on more favorable terms and conditions compared with traditional, Western lenders.

For developing countries, access to such financial resources is crucial for addressing infrastructure deficits, enhancing connectivity, and promoting sustainable development. The NDB has already approved $35 billion in loans for various projects, with a significant portion dedicated to green and sustainable initiatives. The focus on environmentally-friendly projects ensures that development is not achieved at the expense of the environment.

The Kazan summit will also help strengthen multilateralism and inspire the BRICS members to build a more balanced and fairer global governance structure. In a world increasingly characterized by geopolitical tensions and economic uncertainties, the need for cooperative and inclusive multilateralism has never been greater, and BRICS, by providing a platform for dialogue and cooperation among emerging market economies and developing countries, not only helps them voice their concerns but also firmly upholds multilateralism.

For Egypt and other developing countries, this multilateral approach is essential for overcoming common challenges such as unemployment, lack of modern infrastructure and climate change. By working together under the BRICS framework, the member states can promote reforms in global institutions, and ensure their voices are heard and their interests protected. In fact, BRICS members have been instrumental in pushing for reforms in the International Monetary Fund to better reflect the economic realities of the 21st century.

Apart from economic and financial cooperation, BRICS also plays a vital role in promoting peace and stability. The group's commitment to uphold international law, respect the sovereignty of countries and foster peaceful coexistence is crucial in today's volatile geopolitical landscape. By advocating for a multipolar world order, BRICS seeks to reduce the dominance of a single power in global affairs and promote a more balanced and just world order.

For Egypt, its participation in BRICS offers it a good opportunity to contribute to global peace and security efforts. As a country with a rich history and strategic location, Egypt can play a pivotal role in bridging regional divides and fostering dialogue among countries.

As an Egyptian member of parliament, I am optimistic about the opportunities that BRICS presents for economic empowerment, financial independence and multilateral cooperation. By working together, the BRICS members can create a more inclusive, equitable and sustainable world where the aspirations of all nations, big and small, are realized.

As we look to the future, let us embrace the spirit of BRICS and work together to build a better world for all.

The author is deputy chair of Foreign Affairs Committee of the Egyptian Parliament. The views don't necessarily reflect those of China Daily.

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