(Economic Observation) Focusing on Growth and Resilience, BRICS Economic and Trade Cooperation Continues to Deepen
The 18th BRICS Leaders' Meeting recently concluded, and the New Delhi Declaration issued after the meeting put forward a series of cooperation proposals in the economic and trade fields. Faced with a complex external environment, BRICS countries are focusing on expanding growth space and enhancing development resilience, sending a clear signal to further deepen economic and trade cooperation.
Maintain the multilateral trading system
Currently, various trade restrictions have surged globally, severely impacting the stability of industrial and supply chains. According to data from the China Council for the Promotion of International Trade, the global economic and trade friction index for June this year was 102, which is at a high level.
The declaration reaffirms unwavering support for the reform of the World Trade Organization (WTO) and the strengthening of a non discriminatory, open, fair, transparent, just, inclusive, predictable, and rule-based multilateral trading system centered around the WTO.
The total economic output of BRICS countries accounts for about 30% of the world's total, and their trade volume accounts for one-fifth of the world's total. According to data from the United Nations Conference on Trade and Development, the scale of intra BRICS goods trade has risen from $84.2 billion in 2003 to $1.17 trillion in 2024, with a cumulative increase of over 13 times.
On the basis of such a scale, the BRICS countries' insistence on maintaining the multilateral trading system is of great significance for stabilizing global trade expectations and maintaining smooth industrial and supply chains.
The BRICS has always been a staunch defender of an open world economy, "said Ren Lin, Deputy Director of the Institute of World Economy and Politics at the Chinese Academy of Social Sciences. BRICS cooperation adheres to the basic principles of the multilateral trading system, which helps to ensure the smooth operation of the global economic and trade system.
Unleashing the Potential of Economic and Trade Cooperation
How to further transform the complementary advantages among member countries into trade increment while maintaining an open trade environment is also the focus of this declaration. The declaration mentions a willingness to jointly explore the potential for cooperation in the BRICS Special Economic Zone; Exploring ways to enhance trade potential among BRICS countries through strengthening policy coordination.
Amid pressure on global trade growth, trade among BRICS countries remains highly dynamic. According to statistics from the General Administration of Customs of China, the trade index between China and other BRICS member countries will rise to 334.14 in 2025, marking the 10th consecutive year of increase.
According to analysis, the industrial structure and resource endowments of BRICS countries each have their own advantages and strong complementarity. Further expanding trade cooperation has both practical needs and a good foundation, which will help provide more support for the economic growth of each member country.
The declaration also proposes to encourage the BRICS Payment Working Group to continue discussions and promote the formation of practical solutions for cross-border payments among BRICS countries. Liu Ying, a researcher at the Chongyang Institute of Finance at Renmin University of China, said that for the economic and trade exchanges between BRICS countries, this is conducive to further reducing payment costs and improving the level of trade and investment facilitation.
Cultivate the momentum of industrial cooperation
Currently, the new round of technological revolution and industrial transformation is accelerating, and whether the BRICS countries can seize new opportunities such as artificial intelligence is related to whether they can form a more sustainable growth momentum.
The declaration mentions that artificial intelligence provides enormous opportunities for promoting economic growth and achieving sustainable development; Future network research and development is of great significance in promoting digital transformation and connectivity among BRICS countries.
Liu Ying believes that this reflects that BRICS cooperation is moving from a focus on trade, investment, and macro policy coordination in the past to a new stage of development centered on technological innovation, digital economy, and industrial upgrading.
The countries of the global South should gradually enter higher value-added links such as technology, standards, and capital, "Liu Ying emphasized. In the future, BRICS cooperation should be a complete cooperation system covering research and development, manufacturing, financing, and market applications, promoting BRICS countries to move from resource complementarity to value chain upgrading.
At this meeting, China also announced several practical measures, such as taking the lead in building the BRICS Artificial Intelligence Open Source Zone and establishing the BRICS Digital Industry Cloud Platform.
With the continuous improvement of relevant cooperation mechanisms, the economic and trade ties between BRICS countries are expected to deepen, which will also bring more opportunities for the development of the global South.