One of Most Remarkable Stories of Modern Economy: BRICS Experts Reflect on Group’s 20th Anniversary

The panel session “BRICS – 20 Years: Results, Achievements and Prospects for Cooperation” took place at the BRICS+ Information and Cultural Media Centre, based at the M. I. Rudomino All-Russia State Library for Foreign Literature in Moscow, TV Brics reported. 

The event was held as part of BRICS Anniversary Week, organised by the TV BRICS International Media Network and the Library for Foreign Literature.

The discussion brought together representatives of international organisations, the expert community, scientific and cultural institutions, business circles and public organisations from BRICS countries. 

Experts from India, China, Brazil, South Africa, and Russia addressed participants via video messages.

Sameep Shastri, Chairman of the BRICS Chamber of Commerce and Industry (BRICS CCI) from India, described the group’s development as one of the most remarkable stories of the modern economy.

The head of BRICS CCI stressed that enterprises, including small and medium-sized businesses, are ready to establish direct cooperation. The challenge now, he said, is to create mechanisms that respond to this demand by strengthening business contacts and facilitating trade and cross-border connections, enabling companies across BRICS countries to find one another and grow together.

Wang Weipeng, a resident of the BRICS Incubation Park from China, said he had participated in China–Russia cross-border industrial, educational and technological cooperation and had witnessed the enormous potential of collaboration within BRICS. According to him, amid an increasingly unstable global landscape, BRICS has consistently adhered to the principle of multilateralism while promoting cooperation in trade, technological innovation and cultural education.

Fabio Borges, Coordinator of the BRICS Observatory Project in Brazil, noted that the most visible tangible outcome of BRICS cooperation has been the New Development Bank, whose establishment was agreed upon at the Fortaleza Summit in 2014. According to him, the institution differs from traditional organisations in that it operates on a horizontal basis, does not impose lending conditions, listens to the needs of Global South countries and pays close attention to environmental issues. Alongside the bank, the Contingent Reserve Arrangement was created as a mechanism similar to the International Monetary Fund (IMF) to support countries seeking to expand trade in national currencies.

The Brazilian expert stated that BRICS has become an influential force within the international system and offers alternative pathways towards building a world order capable of bringing greater peace and investment into economic and social development. He noted that this corresponds to the essence of Brazil’s foreign policy, namely South–South cooperation aimed at increasing investment in infrastructure and environmental initiatives.

Russian experts also addressed the session. Marina Zakharenko, Director General of the Library for Foreign Literature, opened the discussion, highlighting the symbolic significance of holding the event within the walls of the “Inostranka”, which has served as a platform for international humanitarian dialogue for more than a century.

TV BRICS Executive Producer Kristina Muravyova emphasised that the library communities of BRICS countries play an important role both in preserving cultural heritage and in creating new cultural content. The professional conclusions and opinions expressed throughout BRICS Anniversary Week will form the basis of new analytical and news materials. These will be published by national media outlets across BRICS countries, enabling a comprehensive assessment of the group’s prospects and helping identify new opportunities to achieve the United Nations (UN) Sustainable Development Goals.