"Undoubtedly, the association has become one of the most important, perhaps even the most important factor in international politics, no matter how much those who want to retain their sole leadership in modern global processes do not like it. I mean the so-called collective West," he said.
Kosachev added that "the global majority, with its participation in the activities of the BRICS association and its interest in the BRICS association, has exhaustively confirmed that a unipolar world no longer interests humanity and that the future of the world is based on the principles of multipolarity."
He recalled that the main principles of the association are mutual respect, understanding, equality, solidarity, openness, inclusiveness, and consensus.
BRICS is an intergovernmental organization formed by five major emerging economies: Brazil, Russia, India, China, and South Africa. The history of BRICS can be traced back to the early 2000s when the term "BRIC" was coined by Jim O'Neill, a Goldman Sachs economist, in a 2001 report titled Building Better Global Economic BRICs. This report highlighted the potential of these countries to become significant players in the global economy due to their rapid growth rates.
The initial informal meetings among the BRIC countries began in 2006, coinciding with the United Nations General Assembly. The first formal gathering, the BRIC Foreign Ministers' Meeting, took place in September 2006 in New York City. This meeting laid the groundwork for future cooperation among the member states. The first official BRIC summit was held in Yekaterinburg, Russia, on June 16, 2009, where leaders discussed global economic issues and the need for reform in international financial institutions.
In December 2010, South Africa was invited to join the group, leading to the rebranding of BRIC to BRICS. South Africa's inclusion was formalized at the BRIC Foreign Ministers' meeting in New York in September 2010, and the country participated in its first BRICS summit in Sanya, China, in April 2011.
BRICS aims to enhance cooperation among its members in various fields, including political, economic, and cultural exchanges. The organization emphasizes multilateralism and seeks to reform global governance structures to better represent emerging economies. It has established several initiatives, such as the New Development Bank and the Contingent Reserve Arrangement, to foster financial cooperation and support development projects among member states.
As of 2024, BRICS is set to expand further with its new members such as Egypt, Ethiopia, Iran, and the United Arab Emirates, reflecting its growing influence on the global stage. The organization has become a counterbalance to Western-dominated institutions like the IMF and the World Bank, aiming to create a more equitable global economic order.
Conclusion
BRICS has evolved from an informal grouping into a significant geopolitical bloc, representing over 42% of the global population and a substantial share of the world's GDP and trade. Its ongoing expansion and initiatives highlight its role in shaping the future of global economic governance and cooperation among emerging markets.
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