Exploring the Potential Contribution of "BRICS +" to Global Governance
The expansion of BRICS countries is set to directly influence their development agenda, potentially resulting in increased use of each other’s currencies for trade through a new payment system. This analysis examines current global financial concerns, the reform and development trajectory of BRICS nations, and their rising influence on the world stage.
TroibNews 
**Editor’s Note**: Mikatekiso Kubayi is a senior researcher at the Institute for Global Dialogue, affiliated with the University of South Africa, and a research fellow at the Institute for Pan African Thought and Conversation. The opinions expressed in this article are solely those of the author and do not necessarily reflect the views of CN.
**The Potential of BRICS+ Contribution to Global Governance**
Since its inception in 2009 in Yekaterinburg, Russia, the BRICS bloc has been focused on promoting legitimate and democratic management in global governance. As it prepares for its 16th summit of heads of state and government in Kazan, Russia, discussions around the effectiveness and relevance of the bloc are becoming increasingly pertinent. This summit is expected to generate considerable conversation globally in the coming weeks.
An analysis of BRICS must acknowledge its informal and non-aligned nature, as well as the absence of a secretariat, even as it significantly contributes to global financial architecture via initiatives like the New Development Bank and the Contingent Reserve Arrangement. The upcoming summit follows the 15th summit's invitation to expand into a BRICS+. Additionally, notable announcements related to a new payment system and further expansion are anticipated in Kazan in 2024.
**BRICS Contributions to Global Governance**
While discussions will likely center around the forthcoming payment system designed to boost intra-BRICS trade and facilitate trade with other countries, the expansion of BRICS itself is another vital aspect. This expansion implies a potential increase in the representation of the global population, land area, geographical reach, and overall Gross Domestic Product. Such developments will have immediate economic and political implications for the BRICS reform and development agenda.
Development partnerships, as envisioned by the UN Charter, have long been a key topic of conversation, particularly concerning African relations with other nations. The challenge of financing infrastructure has been exacerbated by resource depletion as many countries grappled with the fallout from the COVID-19 pandemic. On August 2, 2021, the IMF Board of Governors approved the largest Special Drawing Rights (SDR) allocation in its history, totaling $650 billion; however, over 70 percent did not reach developing economies. Although the G7 announced a $600 billion infrastructure finance fund, the current global financial climate complicates its realization in the immediate term. This situation raises concerns, particularly as the IMF's tendency to let financial resources follow geopolitical alliances poses a threat.
The priority of development, particularly in the context of ongoing discussions in Kazan, reflects a desire to tackle issues identified by the UN Secretary-General's High-Level Advisory Board. The representation of a substantial portion of the global population and economic output enhances the legitimacy and merit of BRICS in pursuing its agenda. The increasing interest in the reform and development agenda further underscores the bloc's relevance.
**What Is the Path of Reform and Development?**
a) BRICS has prioritized the reform of multilateralism and the global financial architecture. As noted by UN Secretary-General Antonio Guterres, “the international financial architecture is outdated and ineffective and we are simply not equipped to take on a wide range of emerging issues." This sentiment resonated during the global financial crisis, which disproportionately affected developing nations despite its origins in the world's largest economy. An increasing number of states are thus motivated to instigate changes in the governance structure of the global financial system.
b) The challenges facing multilateralism include the failure to meet the UN Charter's objectives, especially the promotion of peaceful relations among states and global development. Much effort has been directed towards voicing and instigating action for reform, as seen in the adoption of the Pact for The Future by the UN, which encapsulates the collective aspiration for change, despite its imperfections.
c) The issues surrounding global public debt—particularly in developing economies—alongside the persistent issue of illicit financial flows draining Africa's resources, are priorities for the Global South, including BRICS. Many countries, including those in Europe, are exploring similar pathways forward.
d) In Africa, beyond aspirations for two permanent UN Security Council seats, BRICS has actively sought to build partnerships aimed at enhancing global financial governance and innovating financial solutions for infrastructure, predominantly within the Global South. The establishment of the New Development Bank (NDB) and its regional offices, including one in Africa, illustrates this commitment. The NDB has been progressively investing in projects across member regions, emphasizing infrastructure in its financing portfolio. Each BRICS member boasts development finance institutions, a robust private sector, and established research and technological capabilities.
Other regions will be observing the BRICS bloc to glean solutions for their challenges. Common inquiries among the populace may center on BRICS' role in the broader context, the involvement of the NDB in achieving developmental goals, and how member states can mobilize internal capacities for this collective initiative, such as through public-private partnerships.
Africa possesses abundant minerals essential for tomorrow's technologies, including neodymium, praseodymium, and dysprosium, along with platinum group metals, uranium, and other coveted materials critical for defense and semiconductor production. An expanded BRICS could significantly reshape the organization of global supply chains and development models, offering numerous opportunities for collective progress in the political economy of development finance within the Global South.
The convergence of BRICS' popularity and the failure of multilateralism to effectively address the daily challenges faced by individuals underscores the bloc's growing appeal. The repercussions of the 2008 financial crisis and the COVID-19 pandemic have intensified frustrations with existing multilateral frameworks, highlighting an urgent need for reform. Reform and development aim to bridge the stark inequalities and promote the fundamental right to development, food accessibility, and other tenets outlined in the UN’s 2030 agenda.
As the bloc enters another round of rotational chairships and summit hosting, reflections on its achievements and potential will be paramount. BRICS has demonstrated both economic and non-economic value in its agenda, as evidenced by various movements, including outcomes from the UN Summit of the Future. At its core, the bloc seeks to enhance global realities. While its detractors may be vigilant, perhaps even hoping for its downfall, Africa and the Global South will be attentively observing developments, aspiring to forge partnerships that contribute to improved, holistic governance on a global scale.
Anna Muller contributed to this report for TROIB News
**The Potential of BRICS+ Contribution to Global Governance**
Since its inception in 2009 in Yekaterinburg, Russia, the BRICS bloc has been focused on promoting legitimate and democratic management in global governance. As it prepares for its 16th summit of heads of state and government in Kazan, Russia, discussions around the effectiveness and relevance of the bloc are becoming increasingly pertinent. This summit is expected to generate considerable conversation globally in the coming weeks.
An analysis of BRICS must acknowledge its informal and non-aligned nature, as well as the absence of a secretariat, even as it significantly contributes to global financial architecture via initiatives like the New Development Bank and the Contingent Reserve Arrangement. The upcoming summit follows the 15th summit's invitation to expand into a BRICS+. Additionally, notable announcements related to a new payment system and further expansion are anticipated in Kazan in 2024.
**BRICS Contributions to Global Governance**
While discussions will likely center around the forthcoming payment system designed to boost intra-BRICS trade and facilitate trade with other countries, the expansion of BRICS itself is another vital aspect. This expansion implies a potential increase in the representation of the global population, land area, geographical reach, and overall Gross Domestic Product. Such developments will have immediate economic and political implications for the BRICS reform and development agenda.
Development partnerships, as envisioned by the UN Charter, have long been a key topic of conversation, particularly concerning African relations with other nations. The challenge of financing infrastructure has been exacerbated by resource depletion as many countries grappled with the fallout from the COVID-19 pandemic. On August 2, 2021, the IMF Board of Governors approved the largest Special Drawing Rights (SDR) allocation in its history, totaling $650 billion; however, over 70 percent did not reach developing economies. Although the G7 announced a $600 billion infrastructure finance fund, the current global financial climate complicates its realization in the immediate term. This situation raises concerns, particularly as the IMF's tendency to let financial resources follow geopolitical alliances poses a threat.
The priority of development, particularly in the context of ongoing discussions in Kazan, reflects a desire to tackle issues identified by the UN Secretary-General's High-Level Advisory Board. The representation of a substantial portion of the global population and economic output enhances the legitimacy and merit of BRICS in pursuing its agenda. The increasing interest in the reform and development agenda further underscores the bloc's relevance.
**What Is the Path of Reform and Development?**
a) BRICS has prioritized the reform of multilateralism and the global financial architecture. As noted by UN Secretary-General Antonio Guterres, “the international financial architecture is outdated and ineffective and we are simply not equipped to take on a wide range of emerging issues." This sentiment resonated during the global financial crisis, which disproportionately affected developing nations despite its origins in the world's largest economy. An increasing number of states are thus motivated to instigate changes in the governance structure of the global financial system.
b) The challenges facing multilateralism include the failure to meet the UN Charter's objectives, especially the promotion of peaceful relations among states and global development. Much effort has been directed towards voicing and instigating action for reform, as seen in the adoption of the Pact for The Future by the UN, which encapsulates the collective aspiration for change, despite its imperfections.
c) The issues surrounding global public debt—particularly in developing economies—alongside the persistent issue of illicit financial flows draining Africa's resources, are priorities for the Global South, including BRICS. Many countries, including those in Europe, are exploring similar pathways forward.
d) In Africa, beyond aspirations for two permanent UN Security Council seats, BRICS has actively sought to build partnerships aimed at enhancing global financial governance and innovating financial solutions for infrastructure, predominantly within the Global South. The establishment of the New Development Bank (NDB) and its regional offices, including one in Africa, illustrates this commitment. The NDB has been progressively investing in projects across member regions, emphasizing infrastructure in its financing portfolio. Each BRICS member boasts development finance institutions, a robust private sector, and established research and technological capabilities.
Other regions will be observing the BRICS bloc to glean solutions for their challenges. Common inquiries among the populace may center on BRICS' role in the broader context, the involvement of the NDB in achieving developmental goals, and how member states can mobilize internal capacities for this collective initiative, such as through public-private partnerships.
Africa possesses abundant minerals essential for tomorrow's technologies, including neodymium, praseodymium, and dysprosium, along with platinum group metals, uranium, and other coveted materials critical for defense and semiconductor production. An expanded BRICS could significantly reshape the organization of global supply chains and development models, offering numerous opportunities for collective progress in the political economy of development finance within the Global South.
The convergence of BRICS' popularity and the failure of multilateralism to effectively address the daily challenges faced by individuals underscores the bloc's growing appeal. The repercussions of the 2008 financial crisis and the COVID-19 pandemic have intensified frustrations with existing multilateral frameworks, highlighting an urgent need for reform. Reform and development aim to bridge the stark inequalities and promote the fundamental right to development, food accessibility, and other tenets outlined in the UN’s 2030 agenda.
As the bloc enters another round of rotational chairships and summit hosting, reflections on its achievements and potential will be paramount. BRICS has demonstrated both economic and non-economic value in its agenda, as evidenced by various movements, including outcomes from the UN Summit of the Future. At its core, the bloc seeks to enhance global realities. While its detractors may be vigilant, perhaps even hoping for its downfall, Africa and the Global South will be attentively observing developments, aspiring to forge partnerships that contribute to improved, holistic governance on a global scale.
Anna Muller contributed to this report for TROIB News
