CBN丨BRICS to help augment growth in Global South, advance reform of governance

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Here’s what you need to know about China in the past 24 hours

The 17th BRICS Summit concluded on Monday, offering a platform for Global South countries to voice their perspectives and demonstrate their commitment to building a more inclusive, equitable, and sustainable world.

Themed "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance", the 17th BRICS Summit is held in Rio de Janeiro, Brazil, from Sunday to Monday. This was the first summit held after the latest member Indonesia and 10 partner countries joined the grouping. In addition, some emerging markets and developing countries, international and regional organizations were invited to attend the meeting.

The summit came as the international multilateral system continues to erode, the 90-day pause on additional tariffs imposed by the United States nears its end on Wednesday, and global trade, security and governance face uncertainty and new challenges.

Given the situation, all eyes were on the 17th BRICS Summit to see what kind of strategy the champion of the Global South and a stabilizing force in an increasingly volatile world comes up with to tone down differences and ensure a fair and balanced international order.

The leaders of countries participating in the meeting noted that the BRICS cooperation mechanism has continued to grow stronger and more representative, with its international influence rising steadily.

It has provided an important platform for Global South countries to defend their right to development, uphold international fairness and justice, and participate in the reform of the global governance system, they said.

The growing significance of BRICS on the global stage is increasingly clear, both in demographic and economic terms. With its recent expansion, BRICS now represents about 41 percent of the world's population, roughly 4 billion people.

The BRICS-led New Development Bank, which announced to have added Colombia and Uzbekistan as new members on Saturday, has emerged as a pioneering initiative for countries seeking sustainable and inclusive growth, experts noted.

Over the past decade, the NDB has approved more than 120 projects worth a total of US$40 billion, offering financial support to member countries across various sectors, including infrastructure, clean energy, environmental protection, and digital development.

GBA express

Industry and company news

Asia-Pacific highlights

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

Presented by SFC