KAZAN (Russia), Oct 23 (Bernama-Xinhua) -- The BRICS mechanism is a pillar in promoting a multipolar world and fostering an inclusive economic globalization, said Chinese President Xi Jinping on Tuesday as leaders gathered in Kazan for the 16th BRICS Summit.
Xi made the remarks while meeting with Russian President Vladimir Putin ahead of the leaders' formal meetings, Xinhua news agency reported. He noted that BRICS is the world's most important platform for solidarity and cooperation between emerging markets and developing countries.
He also voiced his hope to have in-depth discussions with Putin and other leaders participating in the summit on the future development of the BRICS mechanism, so as to secure more opportunities for the Global South.
Putin thanked China for its support during Russia's presidency of BRICS, stressing that Russia is ready to closely cooperate with China to ensure the success of the first BRICS Summit after its expansion and bolster BRICS cooperation.
Kazan, the capital of Tatarstan and the fifth-largest city in Russia, holds historical and cultural significance. Xi told Putin during their meeting that around 400 years ago, the Great Tea Road that connected the two countries went past Kazan, through which tea leaves from China's Wuyi Mountain region found their way into many Russian households.
The city is also home to Kazan Federal University, where notable figures like the Russian writer Leo Tolstoy and Russian revolutionary leader Vladimir Lenin studied.
Russian fighter jets escorted Xi's plane before its landing at the Kazan International Airport around noon on Tuesday. Guards of honour lined both sides of a red carpet to salute Xi, while Russian youths in traditional attire offered him a warm welcome.
During the three-day summit, Xi will attend small- and large-scale leaders' meetings and the BRICS Plus leaders' dialogue, according to Xinhua. He will also have in-depth exchanges with leaders of other countries on the current international situation, BRICS cooperation, the development of the BRICS mechanism and important issues of common concern, according to Chinese Foreign Ministry Spokesperson Mao Ning.
GREATER BRICS
Observers see the BRICS Summit as an opportunity for Global South countries to voice their needs.
Victoria Fedosova, deputy director of the Institute for Strategic Research and Forecasts of the Russian Peoples' Friendship University, said the very dynamic development of BRICS and the growth in its membership reflect a demand for a platform to address global issues.
"The BRICS mechanism has enormous potential in adjusting the imbalances in global development accumulated over the last 80 years," said Fedosova.
The New Development Bank (NDB) is a flagship project of BRICS cooperation. As the first multilateral development bank established by emerging economies, the NDB, headquartered in Shanghai, provides financing support for infrastructure development, clean energy, environmental protection, and the building of cyber infrastructure across BRICS countries.
Dilma Rousseff, president of the NDB who is also in Kazan, told Putin during a meeting on Tuesday that the summit is "very important."
BRICS has emerged as "the core of this multipolar world" alongside other global and regional organisations, said British author and political commentator Carlos Martinez. "It is essential to move away from the dominance of Western voices and allow countries from the Global South to have a meaningful say in international relations."
"BRICS, with its focus on inclusivity and equality, serves as a shining star of this new type of international relations," he said.
Zukiswa Roboji, a researcher at Walter Sisulu University in South Africa, said that BRICS has "undoubtedly made notable strides in recent years," offering emerging economies easier access to financial resources and better opportunities for trade, investment and development.
Experts also highlighted China's role in BRICS cooperation and development. Timirkhan Alishev, vice rector for International Affairs at Kazan Federal University, told Xinhua that all initiatives introduced by China are rooted in multilateralism, fostering communication and dialogue on multiple levels.
"We see China puts a lot of efforts into developing BRICS," said Alishev, adding that there are no preconditions for BRICS cooperation as one can begin dialogue on equal footing with everyone.
STRONGER APPEAL
The term BRIC was initially coined in 2001 by Jim O'Neill, former chief economist at Goldman Sachs, as an investment concept referring to emerging market economies of Brazil, Russia, India and China. With South Africa's inclusion in 2010, BRICS officially took shape.
Following last year's expansion, the BRICS grouping now represents approximately 30 percent of global GDP, nearly half of the world's population, and one-fifth of global trade.
"Measured by GDP, the BRICS countries have already surpassed the G7 in importance," said Rousseff in a recent interview with Xinhua.
One of the key priorities of Russia's BRICS chairmanship is integrating the new members into the BRICS framework, according to the official website. Other areas of practical cooperation include boosting trade and direct investment, as well as fostering a balanced and equitable transition to a low-carbon economy.
As BRICS' influence grows, its appeal has strengthened. Over 30 countries like Thailand, Malaysia, Türkiye and Azerbaijan have either formally applied for or expressed interest in its membership, while many other developing countries are seeking deeper cooperation with the group.
"Joining BRICS will benefit Thailand in many ways, including advancing cooperation with other developing countries and increasing its influence in the international arena," said Tang Zhimin, director of China ASEAN Studies at the Bangkok-based Panyapiwat Institute of Management.
BRICS "has become an engine of growth for the world economy and plays an important role in global policymaking," Tang added.
-- BERNAMA-XINHUA
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