Leaders from the expanded BRICS alliance kicked off their first in-person summit in Kazan, Russia this week, with Chinese President Xi Jinping leading efforts to amplify global cooperation among emerging economies. The group – now 10 members strong after welcoming Egypt, Ethiopia, Iran, Saudi Arabia, and UAE in January – is banking on China's role as a bridge-builder in this new era of 'greater BRICS cooperation.' 💼🌱
Banking on Development
At the heart of BRICS collaboration sits the Shanghai-based New Development Bank (NDB), which has funded $35 billion in green energy and tech projects since 2015. "We're rewriting the rules of global finance," said NDB President Dilma Rousseff, highlighting how China-backed initiatives like this help developing nations bypass traditional power structures.
Trade Wins & Open Doors
China’s trade with BRICS partners jumped 11.3% YoY to $209.7B in Q1 2024, proving that 🌐 economic teamwork pays off. With over 30 countries now lining up to join, BRICS is leaning into Xi's 'Plus' strategy of openness. "This isn't an exclusive club – it's a launchpad for the Global South," noted Brazil-China expert Ronnie Lins.
What’s Next?
As the Kazan summit debates new cooperation frontiers, China's Foreign Ministry reaffirmed its commitment to turning BRICS into a "force for global stability." From climate tech to digital currencies, this expanded alliance could reshape how emerging economies collaborate – no permission slips needed. 🚀
