BRICS acts as important mechanism for emerging economies, say Zambian experts

Lusaka, Oct 22 The BRICS mechanism serves as a vital platform for emerging economies to stay united and gain easier assess to global trade, Zambian experts said as the 2024 BRICS summit takes place in the Russian city of Kazan, running from Tuesday to Thursday.

Mwaka Chikoye, a researcher and a senior member of the International Relations Association of Zambia, said that BRICS is particularly valuable for countries with shared interests, especially amid rising trade protectionism.

"The BRICS cooperation mechanism is very, very important, especially for emerging countries. I believe this mechanism will provide a platform for countries to promote unity together, to help with shared interests," he said in an interview.

Chikoye said the rise of BRICS could be seen through the establishment and approval of numerous projects since the inception of the New Development Bank in 2015, calling it a testimony to the bloc's commitment to sustainable development, Xinhua news agency reported.

He said that the growing influence of the Global South plays a significant role in the globalisation agenda, highlighting their capacity as key players in the global market, particularly through their contributions to infrastructure development and improving population welfare.

According to Chikoye, BRICS fosters fairness, promoting the idea that all nations, regardless of size or economic status, can contribute meaningfully to globalisation. He stressed the importance of a multilateral system that ensures the equitable distribution of power and resources, while also viewing BRICS as a complementary force in the global system, working alongside other international organisations with the shared goal of promoting economic growth and development.

Chikoye's opinions were echoed by Musonda Malupenga, a Zambian researcher and media consultant, who noted that BRICS has made global trade more accessible for less developed countries. He pointed to infrastructure development in Zambia, supported by China, as evidence of the tangible benefits provided by BRICS.

"I would say BRICS represents fairness as well as equality and opportunity for all because if you see what BRICS is trying to do, they are trying to take away the old aspects of being reliant on one economy. BRICS is beneficial to all," he said, emphasising that BRICS offers an alternative platform for countries to align with, providing better options and incentives.

Source: IANS