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More members will expand BRICS' influence

China Daily | Updated: 2023-04-28 07:33


The appeal of the BRICS organization is more evident than ever before. Reportedly, 19 countries from around the world have expressed an interest in joining the group as members or observers.

Over the past 10 years, BRICS has grown in success and its influence has been widely recognized. Joining it means more opportunities for development.

With BRICS as an example, China has played a crucial role in the process of advancing the development of international organizations, particularly those for the less-developed countries and emerging market economies, over the past two decades.

For instance, the Shanghai Cooperation Organization has transformed from an organization initially set up to negotiate border issues to a key international organization that plays an increasingly important role in promoting peace and development.

The founding of the Asian Infrastructure Investment Bank, headquartered in Beijing, nearly 10 years ago has helped break the West's control over global financial order. It is popular among the less-developed countries, not only in Asia, and has more than 100 members now.

The multilateral development bank established by the BRICS members, the New Development Bank, headquartered in Shanghai, is a meaningful platform for BRICS and other countries to make better use of their financial resources to address development deficits, reducing their dependence on the US dollar and providing them more financial autonomy.

As such, an expanded BRICS means greater international influence and a bigger say in global rule-making for developing countries. Something long overdue.

It is projected that the BRICS countries will collectively contribute about 32.1 percent of the world's economic growth this year, compared with the G7's 29.9 percent. The International Monetary Fund predicts that the two figures will become 33.6 percent and 27.8 percent respectively by 2028 when BRICS' share in the world's gross domestic product will reach about 35-40 percent and that of the G7 about 27.8 percent.

The collective rise of the developing countries can reshape the evolution of international relations in the foreseeable future. And the thriving of the multinational organizations of the developing economies can help them effectively coordinate their actions to better strive together for fairer international orders.

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