The 16th BRICS Leaders’ Summit is set to take place, and as “Big BRICS Cooperation” continues to expand and deepen, this meeting is anticipated to bring new opportunities for economic and trade collaboration between China and the other BRICS nations.
In recent years, economic and trade relations among BRICS countries have become increasingly close. Official statistics indicate that the import and export value between China and Russia, India, Brazil, and South Africa surged from 960.21 billion yuan in 2009 to 4.32 trillion yuan in 2023, marking an annual growth rate of 11.3%, which is 3.8 percentage points higher than China’s overall import and export growth during the same period.
Following the expansion of the BRICS cooperation mechanism in January, China’s trade with other BRICS nations reached 4.62 trillion yuan in the first three quarters of this year, showing a year-on-year growth of 5.1%. In the industrial sector, China has achieved complementarity with other BRICS countries in foundational industries such as steel, chemicals, and textiles. Specifically, in the first three quarters, China’s exports of steel and textile raw materials to other BRICS nations increased by 8.6% and 13.4%, respectively.
Agricultural trade has also been robust. In the first three quarters of this year, over 80% of poultry and frozen cod imports, as well as more than 50% of crab imports, came from other BRICS nations. Simultaneously, China’s exports of garlic, tomatoes, and citrus fruits have been well-received by consumers in these countries.
On the financial front, the New Development Bank has approved over 100 projects, totaling more than $34 billion, providing strong support for emerging market economies and developing countries to expand financing options and address infrastructure gaps.
The remarkable outcomes of BRICS economic cooperation can be attributed to the strong development needs and collaborative intentions of its members, as well as the significant economic complementarity among them. Wang Youxin, a senior researcher at the Bank of China Research Institute, noted that the varying stages of industrial development across BRICS countries create favorable conditions for industrial transfers, market expansions, and cooperative division of labor.
Liu Ying, a researcher at Renmin University’s Chongyang Institute for Financial Studies, pointed out that BRICS nations possess rich resource reserves, developed manufacturing sectors, and vast markets, each excelling in different technological domains. Importantly, these countries have moved beyond the outdated win-lose mentality, embracing a new paradigm of mutual benefit and win-win cooperation in economic and trade endeavors.
Liu emphasized that through strengthening mutual economic exchanges and financial cooperation, BRICS nations are complementing each other’s strengths and forming a powerful coalition against trade protectionism, thereby becoming a critical engine for global economic growth.
However, despite the fruitful outcomes, there remains ample room for growth in BRICS economic cooperation. For instance, there are relatively few free trade agreements among member countries, and trade connections could be enhanced further; the economic cooperation mechanisms also require refinement.
As Xu Xiujun, a researcher at the Chinese Academy of Social Sciences, noted, the BRICS countries represent a group of developing nations that share similar economic development levels and face common challenges.
In an era of sluggish global economic growth, how the BRICS nations can forge a tighter economic cooperation network not only holds significant implications for their own interests but also impacts the solidarity and collaboration among the “Global South” and the broader world economic outlook.
Analysts suggest that BRICS countries should not only solidify their achievements in traditional sectors like agriculture but also promote green development, digital economy, artificial intelligence, and other emerging industries to enhance their economic resilience.
Amidst ongoing discussions to bolster economic cooperation, the forthcoming 16th BRICS Leaders’ Summit is poised to yield important consensus and unveil new opportunities, making it an event to watch closely.
