This photo shows a view of the Kazan Kremlin in Kazan, Russia, October 20, 2024. (Photo/Xinhua)

Greater collaboration and coordination among the BRICS countries – Brazil, Russia, India, China and South Africa, as well as other new members – will significantly improve their economic growth and strengthen the multilateral trading system, according to market observers and business leaders.

Established in 2006 as BRIC (South Africa was added in 2011), the group has become a key platform for countries in the South to unite and strengthen through cooperation in areas such as security, economy, finance and agriculture.

The BRICS mechanism expanded with new members in January this year, marking the further internationalization and diversification of the cooperation mechanism, according to the Ministry of Foreign Affairs.

Analysts believe that by capitalizing on their common strengths, these influential emerging economies have the potential to lead a more dynamic global economic recovery. Through expanding trade, investment and technological innovation, BRICS countries can fuel growth not only domestically but also globally.

Following its expansion earlier this year, BRICS is becoming increasingly attractive to developing countries as the platform promotes cooperation in areas such as international production capacity, trade in goods and services and cross-border investment. , said Jiang Shixue, vice-chairman of BRICS. China Society for Emerging Economies, based in Beijing.

Sharing similar views, Rasigan Maharajh, chief director of the Innovation Economic Research Institute at South Africa’s Tshwane University of Technology, said BRICS supports these countries in strengthening their industrial capacities, the development of digital economies and the promotion of innovation.

Noting that BRICS countries have large markets and diversified economies, providing opportunities for increased trade among member countries, Xu Xiujun, senior researcher at the Academy’s Institute of World Economics and Politics Chinese Social Sciences, based in Beijing, said that by reducing trade barriers and promoting intra-BRICS trade agreements, more members could access new markets and boost exports of goods and services in years to come.

China’s foreign trade with other BRICS countries reached 4.62 trillion yuan ($652.47 billion) in the first three quarters of 2024, an increase of 5.1 percent year-on-year, according to the data from the General Administration of Customs.

China mainly exports construction machinery, trains, building materials, manufacturing equipment, electronic products, textiles, clothing and household appliances to other BRICS markets.

Passenger vehicles and solar cells made in China have also become popular in countries including Brazil, South Africa, the United Arab Emirates and Egypt in recent years, according to customs statistics.

In addition to metals, crude oil, natural gas and grains, shipments from other BRICS countries to China include airliners, timber, agricultural products, steel, cotton, chemicals, pharmaceutical products and medical equipment.

Lyu Daliang, director of the GAC statistics and analysis department, noted that merchandise trade among BRICS countries accounts for only about 10 percent of their total foreign trade, indicating significant growth potential.

“As cooperation within the BRICS family deepens and expands to new areas, bilateral and multilateral economic and trade exchanges are expected to see significant positive progress,” he said.

The focus on trade, investment in respective markets and collaboration on technological innovations, industrial transformation and digital economy has become an engine of growth within the BRICS countries, the Egyptian ambassador said in China, Assem Hanafi.

Echoing the sentiment, Chen Jianwei, a researcher at the Academy of Open Economy Studies at Beijing University of International Business and Economics, said that by collectively harnessing the power of the digital age , BRICS countries can successfully navigate the complexities of modern manufacturing. transformation.

Chen said these initiatives will not only increase the bloc’s domestic trade volume, but also strengthen their trade relations with the rest of the world.

Encouraged by these factors, Dong Wei, vice chairman and CEO of COFCO International, a subsidiary of Beijing-based COFCO Corp, said the group will deploy more resources in BRICS countries like Brazil and South Africa to purchase agricultural products and carry out technology transfers. and invest in agricultural and transport-related infrastructure in the years to come.

COFCO International, headquartered in Geneva, Switzerland, currently conducts agricultural trade with over 10 African countries and is one of the largest integrated grain traders in South Africa. “We will expand our agricultural product operations to other BRICS countries,” Dong said.