BRICS has become a prominent advocate for developing countries on the global stage. It has provided a platform for the Global South countries to find alternatives to West-led economic structures and promote fairer global governance.
People watch the demonstration of an agricultural drone made in China during the launching ceremony of a China -Brazil agricultural mechanization cooperation demonstration project in Apodi, Brazil, February 2, 2024. Picture: Xinhua / Wang TiancongThe 16th BRICS Summit that took place last week in Kazan, Russia , marks a new step in the development of BRICS cooperation mechanism.
Since the end of the Cold War, emerging economies have enhanced their global influence by embracing globalization, with the Global South now accounting for over 40 percent of the world economy. However, rising economic uncertainties and geopolitical shifts pose new challenges for developing countries, underscoring the need for cooperation to support development.
In a declaration issued at this year's summit, BRICS leaders agreed to develop the NDB into a new type of multilateral development bank for the 21st century, support its membership expansion, and expedite the review of membership applications from BRICS countries in accordance with its general strategy and related policies.
A Russian exhibitor promotes products through live-streaming during the 30th China Yangling Agricultural Hi-tech Fair in Yangling, northwest China's Shaanxi Province, September 19, 2023. Picture: Xinhua / Zhang Bowen
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