By Zhang Qi, Luo Yuze and Lyu Gang, Department of Foreign Economic Relations, DRC

Research Report, No.248, 2022 (Total 6762) 2022-07-07

Abstract: Since its establishment 16 years ago, the BRICS cooperation mechanism has witnessed robust development, notably with the formation of the BRICS Spirit, the improvement of communication and exchange mechanisms, and the development of the New Development Bank and emergency material reserves. Nowadays, fundamental changes have taken place in the international situation and the development trends of member states over the past years. The global economic order has entered a period of turbulence. It is thus now of even greater urgency for BRICS countries to further strengthen their cooperation against the backdrop. On the other hand, the economic growth of the BRICS member states has become polarized and it is increasingly difficult to resolve their rising differences over some issues. Looking to the future, China should make full use of its status as the chair of BRICS and the largest developing country in the world to promote the cooperation and institutional building of the BRICS member states from both the long-term and short-term perspectives, and to guide other member states to focus on development issues, and consolidate the implementation mechanism of cooperation consensuses. It is suggested to develop the BRICS mechanism into a platform on which all emerging countries can participate in global economic governance, solve realistic issues that confront all member states in short term, consolidate the cooperation foundation with win-win results, and make the BRICS mechanism more dynamic and resilient.

Key words: BRICS mechanism, economic and trade cooperation, development issues