BRICS Grows Increasingly Attractive To Global South
Vladimir Putin (Russia), Narendra Modi (India) and Xi Jinping (China). X/ @DOGDEGA
October 22, 2024 Hour: 9:34 am
The New Development Bank has funded critical infrastructure projects in developing countries.
As its influence expands, BRICS has gained appeal among many countries, particularly in the Global South, by offering them concrete advantages, said Zukiswa Roboji, a researcher at Walter Sisulu University in South Africa.
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“BRICS has undoubtedly made notable strides in recent years. One of the most significant achievements is expanding the group to include more nations, showcasing its growing appeal and relevance in a shifting geopolitical landscape,” she said, adding that the BRICS mechanism offers emerging economies easier access to financial resources and better opportunities for trade, investment and development.
Roboji noted that the New Development Bank has funded critical infrastructure projects in Global South countries, helping them address pressing development challenges. She said this has empowered those countries by giving them access to much-needed funding while allowing them to maintain greater independence over their own development paths.
BRICS represents a shift toward multipolarity, appealing to nations seeking to diversify relations and reduce reliance on Western powers, she pointed out, noting that the BRICS countries’ commitment to multilateralism and global governance reform “aligns with the interests of emerging economies aiming to have a stronger voice in international decision-making.”
“Additionally, BRICS focuses on cooperation in technology, energy and climate change, making it an attractive partner for countries seeking sustainable growth while addressing global challenges,” she said, adding that as the group expands, “its potential to reshape global economic and political dynamics continues to draw interest from nations looking for strategic alignment beyond the traditional power centers.”
In this context, Roboji explained, BRICS has become an increasingly important platform for Global South countries. BRICS has increasingly extended its outreach to African nations, facilitating investments and partnerships in sectors like energy, infrastructure and technology.
“For instance, the Belt and Road Initiative, supported by BRICS cooperation, has led to significant infrastructure development in African countries. This partnership boosts Africa’s economic growth and reduces its dependency on Western aid and investment, allowing African nations to negotiate more equitable terms and foster South-South cooperation,” she pointed out.
Roboji said that BRICS has provided concrete benefits to Global South countries by fostering unity, enhancing their representation in global governance, and promoting more just and sustainable development pathways.
“Through economic initiatives, advocacy for institutional reform, and principled stands on sovereignty and non-interference, BRICS has become an essential platform for addressing the aspirations and challenges of the Global South,” she concluded.
teleSUR/ JF Source: Xinhua
