Leaders of BRICS countries pose for a group photo during the 16th BRICS Summit in Kazan, Russia, Oct. 23, 2024. (Xinhua/Li Xueren)

* "We must work together to build BRICS into a primary channel for strengthening solidarity and cooperation among Global South nations and a vanguard for advancing global governance reform," Chinese President Xi Jinping said.

* "We must build on this milestone summit to set off anew and forge ahead with one heart and one mind," Xi said. "China is willing to work with all BRICS countries to open a new horizon in the high-quality development of greater BRICS cooperation."

KAZAN, Russia, Oct. 24 (Xinhua) -- Chinese President Xi Jinping on Wednesday called on BRICS countries to work for the high-quality development of greater BRICS cooperation as leaders gathered here for the 16th BRICS Summit.

In his address to the summit, Xi emphasized the need for BRICS countries to seize the historical opportunity and work together to strengthen solidarity and cooperation among Global South nations.

STRENGTHENING SOLIDARITY

During a small-group meeting, President Xi welcomed new members to the BRICS family and extended invitations to many other countries to become partner countries.

Xi pointed out that the enlargement of BRICS is a major milestone in its development history, and a landmark event in the evolution of the international situation. It is for their shared pursuit and for the overarching trend of peace and development that BRICS countries have come together, he said.

Stressing that the world is undergoing accelerated changes unseen in a century, marked by new trends of multipolarity and the risks of a "new Cold War," Xi said BRICS countries should seize the historical opportunity, take proactive steps, remain committed to the original aspiration and mission of openness, inclusiveness and win-win cooperation, conform to the general trend of the rise of the Global South, seek common ground while reserving differences, work in concert to further consolidate common values, safeguard common interests, and strengthen BRICS countries through unity.

"We must work together to build BRICS into a primary channel for strengthening solidarity and cooperation among Global South nations and a vanguard for advancing global governance reform," Xi said.

Xi stressed that the more turbulent the world is, the more BRICS countries should uphold the banner of peace, development and win-win cooperation, refining the essence of BRICS and demonstrating its strength. BRICS countries should raise the voice of peace, advocating a new path to security that features dialogue over confrontation and partnership over alliance.

Xi also urged BRICS countries to jointly pursue a path of development, advocate a universally beneficial and inclusive economic globalization, and stay committed to the principle of common development. He said BRICS countries should consolidate the foundation of cooperation, deepen cooperation in traditional areas such as agriculture, energy, minerals, economy and trade, expand cooperation in emerging areas such as green, low-carbon and artificial intelligence, and safeguard trade, investment and financial security.

ADVANCING DEVELOPMENT

As the high-profile gathering unfolded amid global uncertainties, BRICS embarked on a new chapter, cementing its growing influence on the world stage.

President Xi, addressing the leaders in an expanded format, put forward five suggestions: building a BRICS committed to peace, innovation, green development, justice, and closer people-to-people exchanges.

"We must build on this milestone summit to set off anew and forge ahead with one heart and one mind," Xi said. "China is willing to work with all BRICS countries to open a new horizon in the high-quality development of greater BRICS cooperation."

This year's summit also marked another major milestone with the decision to invite a number of nations as partner countries, further advancing the group's development.

During Wednesday's meetings, leaders exchanged views on BRICS cooperation and crucial international issues of shared concern under the theme "Strengthening Multilateralism for Just Global Development and Security." Central to their discussions were global and regional security, sustainable development, climate change, and reforms in global economic governance.

A notable focus of the summit was the call for increased funding to support the sustainable development of developing countries. Egyptian President Abdelfattah al-Sisi said that BRICS aims to "strengthen a multipolar international system," particularly through facilitating "innovative and effective" financing for developing nations.

Russian President Vladimir Putin said that "the trend for the BRICS' leading role in the global economy will only strengthen." He cautioned against the ongoing risks posed by geopolitical tensions, unilateral sanctions, and protectionism. "A key task is to promote the use of national currencies to finance trade and investment," Putin said.

Brazilian President Luiz Inacio Lula da Silva, who participated in the summit via video link due to a head injury, said, "It's not about replacing our currencies, but we need to work so that the multipolar order we aim for is reflected in the international financial system."

BRICS has already made strides with the New Development Bank (NDB), headquartered in Shanghai. On Wednesday, the BRICS countries agreed to support the NDB in implementing its general strategy for 2022-2026 and in expanding local currency financing.

An aerial drone photo taken on June 17, 2022 shows the headquarters building of the New Development Bank (NDB) in east China's Shanghai. (Xinhua/Fang Zhe)

In a declaration issued at the 16th BRICS Summit, they also agreed to jointly build the NDB into a new type of multilateral development bank for the 21st century, support its further expansion of membership, and expedite the review of membership applications from BRICS countries in accordance with its general strategy and related policies.

Leaders also advocated for a fairer global order for the Global South. South African President Cyril Ramaphosa said that BRICS is an inclusive bloc capable of changing the trajectory of the Global South. "To do this we must realize the full potential of our economic partnership, to ensure sustainable development for all and not just for some," he said.

"The period of unilateralism is coming to an end," said Iranian President Masoud Pezeshkian, calling for a more equitable global system.

GROWING APPEAL

The term BRIC was initially coined in 2001 by Jim O'Neill, former chief economist at Goldman Sachs, as an investment concept referring to emerging market economies of Brazil, Russia, India and China. With South Africa's inclusion in 2010, BRICS officially took shape.

In a recent interview with Xinhua, O'Neill acknowledged the need for policymakers to collaborate in creating an optimal system that benefits all. "I think as we pass through time, we will find a new equilibrium where countries will be more at ease with what other countries are doing," he said.

In recent years, BRICS has garnered attention from countries around the world. Over 30 countries, including Thailand, Malaysia, Türkiye, and Azerbaijan, have either formally applied for or expressed interest in joining the group. Many other developing countries are also seeking stronger cooperation with BRICS.

The growing interest from countries seeking to join BRICS cooperation each year demonstrates that in today's troubled world, BRICS is not only important but essential, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific.

"China, led by President Xi, has contributed significantly to BRICS' success with a progressive and enlightened approach," said Nagara.

BRICS is seen as a vital platform for developing countries to pursue growth and address global imbalances.

The enlargement of BRICS is "important in tipping the financial and technological balance in favor of the majority Global South rather than the minority Global North," Webby Kalikiti, a lecturer and researcher at the Department of History, University of Zambia noted. He believed that the future of the world depends on the cooperative energies of all countries and the transition to a multipolar world.

Ahmed Al-Ali, a political and strategic researcher at the Gulf Research Center in Dubai, believed that BRICS aims to foster a more equitable, effective, and rational international system.

It will play a crucial role in promoting development and growth opportunities for Global South countries, while also ensuring the sustainability of economic and social progress, said Al-Ali.

Similarly, Sithembiso Bhengu, a senior research fellow with the Sociology Department, University of Johannesburg said that "the BRICS mechanism presents real possibilities for making the globe a fairer community of nations, with possibilities for mutual support and cooperation towards our respective goals in modernization and development."