BRICS cooperation can facilitate global governance
President Xi attended the BRICS summit in Goa this October. The Hangzhou G20 summit at the beginning of September has seen leaders of BRICS countries get together. Now, global attention has turned to BRICS countries, with the expectation that the BRICS mechanism could lead developing countries to propel the transition from “Western governance” to “Eastern and Western shared governance” which signals the coming of neo-globalization.   
 
Talking about the relationship between BRICS mechanism and global governance, the following things are highly noticeable: 
 
First, BRICS countries lead the developing countries, and so their cooperation would help raise the voice and decision-making power of developing countries in the global politics and economic affairs.  
 
Amid economic globalization in a multipolar world, due to the slack economic growth after the global financial crisis and with financial risks continuing to accumulate, BRICS countries have countered many difficulties and challenges. Under such circumstances, many western countries are playing down BRICS mechanism, based on Western superiority and concerns about the rise of developing countries. The fact is western countries tend to overstate the deficiencies of the BRICS mechanism. 
 
After 10 years’ development, the BRICS mechanism has transformed from a mere conception to a combination of five emerging economies across Asia, Europe, Africa and America. Being a multi-level and comprehensive cooperation framework, it has developed into a significant platform for developing countries to communicate and make exchanges with each other in the fields of politics, economics, finance, development and culture. These days have witnessed the BRICS to be more strong with increasing solidarity, and become a major power representing developing countries while dealing with international affairs. 
 
The development of BRICS mechanism and rise of developing countries in recent years have narrowed the gap between western and developing countries, reshaped the history of world politics and economy, and heralded new trends in the international community in the 21st century. 
 
The previous decade has seen BRICS countries contribute over 50% of global economic growth. With a huge overseas and domestic market, development potential and right policies, no matter it’s within the UN system, G20 or other international frameworks, or it’s the climate change, energy issues or other global challenges, the BRICS mechanism would have a big say and an all-around engagement.  
 
Secondly, BRICS mechanism has become an important platform to drive the transition of global economic governance from “western governance” to “eastern and western shared governance”. The mechanism represents a new perception and model which would effectively supplement the existing international order and global governance system. 
 
The proactive participation of developing countries in the global economic governance is of significance to systematic fairness and equality. The mechanism for BRICS leaders to convene regularly in official or unofficial ways before G20 has reinforced the countries’ coordination in addressing issues like economic development, financial reform, climate change and trade frictions. And it would help to push forward the structural reform of the IMF and World Bank while promoting the representation of developing countries. The meetings have also urged developed countries to decrease negative effects of monetary policies to create favorable international environment for developing countries to achieve economic growth and financial stability. 
 
BRICS countries constitute a majority of developing countries and have been a major force behind world peace and development. With the core ideal of “common development” and “development cooperation”, BRICS cooperation has highlighted the significance of South-South cooperation. The BRICS countries have stuck to the principle of fairness and justice in international relations and while addressing major international or local issues, they integrate the goals of safeguarding their own interests and common interests of developing countries. They aim to push for the global governance system and world order to be more fair, equal, and sensible.  
 
The BRICS cooperation mechanism has matured. President Xi noted at the G20 business summit that developing countries are engaging themselves in global economic governance not for negating or replacing the existing structure, but for complementing the one led by developed countries. The BRICS countries are not seeking to overthrow the world order and global governance now, but to make the system more comprehensive and adapt to the current situation. So, the western countries do not need to be concerned that the BRICS mechanism might go beyond the international system. 
 
Third, BRICS countries promote and lead the common development of developing countries and would benefit the world economy and achieve a long-term and sustainable growth to offset negative effects of globalization, narrow the gap between the rich and poor and create conditions for a new globalization era. 
 
The BRICS countries have a good growth momentum and, thanks to their rich natural resources and complementary industrial structure, have realized multi-level and more comprehensive cooperation. 
 
The new BRICS Development Bank serves as an important platform to facilitate cooperation among countries. Since its going into operation, the BRICS members have gained access to development capital; within the framework, financial exchanges like monetary exchange could be conducted to make their domestic currencies more resilient; and the developing countries can get new channels to finance their economic development. 
 
The BRICS countries have been striving to be out of poverty through development. During the past several decades, China has lifted over 0.7 billion people out of poverty, while countries like India are also moving toward similar goals. The success achieved by BRICS countries would set good examples and extend South-South cooperation. 
 
He Yafei is former Chinese vice foreign minister and deputy director of the Overseas Chinese Affairs Office of the State Council. The article is translated and edited by Rebecca Lin.

(Opinions expressed in the article don't represent those of the Sino-US.com.)
 

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