BRICS contributing to fairer, balanced global order

Recent BRICS activities hold substantial promise for reconfiguring the global order toward a model that values equity, inclusivity and sustainable progress.

Established initially as a group of rapidly developing economies, BRICS has evolved beyond its economic roots into a platform for political and strategic collaboration. The group's growing influence allows it to assume a pivotal role in promoting global stability, mutual prosperity, sustainable development and multilateral global governance.

The 16th BRICS Summit in Kazan, Russia, reaffirms the group's commitment to reinforcing multilateralism and enhancing South-South cooperation. While the grouping is diverse in its geopolitical outlook and economic models, it addresses global inequities by presenting a unified front to achieve a fairer, more balanced world order.

The Kazan summit introduced several notable initiatives designed to drive global stability, economic cooperation and sustainable development. One of the most groundbreaking developments was the decision to build BRICS partner countries while welcoming potential new members.

The New Development Bank, a key financial initiative by BRICS, has been strengthened with plans to expand its membership and extend financial support to emerging economies. The bank's focus remains on financing infrastructure and sustainable development projects. The bank provides much-needed funding for developing countries with fewer political strings attached.

In an effort to reduce dependency on the United States dollar, BRICS leaders discussed measures to promote transactions in local currencies. This initiative aligns with major developing and emerging market economies' long-term aspiration of diversifying international currency settlements and facilitating trade and investment across BRICS nations.

If successful, this strategy could lessen the impact of currency fluctuations, reduce the risk of US-imposed economic sanctions and empower developing economies to exercise greater control over their financial systems.

The summit also emphasized collaboration in technology, digital transformation and innovation. Recognizing the transformative power of technology, BRICS seeks partnerships in these areas to bridge the digital divide, enable knowledge exchange, and create job opportunities within member nations.

China, with its strengths in digital technology and telecommunications, plays a leading role in this agenda, enabling BRICS countries to harness the benefits of technological advancements for economic growth.

The commitment to combating climate change was another critical theme. The BRICS summit reaffirmed its dedication to green energy initiatives and sustainable development projects. China's green technology advancements, particularly in renewable energy, are pivotal to shaping this agenda.

Together, the BRICS nations aim to use their resources sustainably, achieving greener economic growth, reducing carbon emissions and contributing to a healthier planet.

China's economic prowess has positioned itself as the primary driver of BRICS' economic agenda. Through initiatives like the Belt and Road Initiative, China has extended its infrastructure investments to other BRICS nations, promoting trade, improving connectivity and creating opportunities for mutually beneficial partnerships. Its leadership lends stability to BRICS, reinforcing the group's potential as an economic powerhouse capable of influencing global markets.

China's diplomatic efforts have long emphasized multilateralism and collaboration over confrontation. Within BRICS, China actively supports South-South cooperation, which includes development assistance, technology transfer and capacity building among developing countries. By facilitating dialogue and cooperation, China strengthens BRICS' collective bargaining power on global issues, from trade regulations to climate commitments.

China's soft power within and beyond BRICS is evident through its emphasis on technology and green development. Its advancements in renewable energy, digital transformation and technological innovation enable other BRICS nations to make strides toward sustainable development. This collaborative approach to problem-solving strengthens BRICS, creating opportunities for shared progress and growth.

For the world at large, BRICS' rise brings hope for a more equitable distribution of power. The inclusion of new members from Africa and the Middle East signifies BRICS' intention to be a global force, with representation beyond the traditional confines of economic powerhouses. China's leadership and commitment to fair, inclusive development ensure BRICS is well-positioned to foster an environment where diverse voices and interests are respected, potentially reducing conflicts stemming from economic and political exclusion.

In an increasingly polarized world, BRICS emerges as a beacon of collaboration and inclusivity, with China playing a pivotal role in steering the group toward its ambitious goals. Through its recent activities, BRICS demonstrates that the current global order can — and must — be reformed to address the needs and aspirations of all nations, particularly those in the Global South.

As BRICS continues to expand its influence, its model of partnership and cooperation offers a hopeful vision for a world where nations stand as equals, free from the shackles of unipolar domination. The impact of BRICS, underpinned by China's balanced leadership, marks a significant step toward realizing a multipolar, harmonious global order that benefits all.

The author is editor-in-chief at Daily Ittehad Media Group & Pakistan Economic Net. He is also the vice-president& chairman of the Foreign Relations Committee of Council of Pakistan Newspaper Editors.