What is the importance of BRICS to the member countries ?
Walid Elsherbiny ,MBA
Certified in Credit Management from the Chartered Institute of
Bankers -UK.
lecturer at the AUC , seasoned banker & Certified leader from Toastmasters International-USA.
The BRICS (Brazil, Russia, India, China, and South Africa) is an association of major emerging economies that holds significant importance to its member countries. Here are some key aspects of BRICS’ importance to its members noting that the positive vibes are of a short term nature yet the actual benefits are of a medium to long term nature since each and every item needs time for proper development :
1. Economic Cooperation: BRICS provides a platform for member countries to enhance economic cooperation and work towards shared development goals. Such cooperation includes trade facilitation, investment promotion, and joint initiatives in various sectors.It is worthy to note that they contribute to between 31 to 33 % of the global economy.
2. Increased Market Access: By joining BRICS, member countries gain access to vast markets and potential investment opportunities within the group. This allows them to expand their export base, attract foreign direct investment (FDI), and strengthen their economic growth.
3. Geopolitical Influence: BRICS enables member countries to have a collective voice on global issues, amplifying their influence in international forums and shaping global governance. It allows these countries to present a cohesive stance on key matters, including trade, climate change, and economic policies.
4. Development Bank: The establishment of the New Development Bank (NDB) by BRICS member countries provides a significant boost to infrastructure development and sustainable projects within these nations. The NDB offers an alternative source of financing for member countries’ infrastructure projects, reducing their reliance on traditional lenders.
5. Knowledge and Technology Exchange: BRICS facilitates cooperation in areas such as education, science, and technology. Member countries can learn from each other’s experiences and best practices, promote academic and professional exchanges, and foster innovation collaborations.
6. Capacity Building: BRICS focuses on promoting cooperation in areas such as skill development, research, and capacity building. This allows member countries to enhance their human resources capabilities, improve educational standards, and develop specialized skills to meet future challenges.
Overall, the BRICS partnership is a positive step forward & is extremely important ; As it is worthy to mention that in order to succeed in the today’s challenging world you need to be part of strong coalitions ; Such a collaboration plays a crucial role in enhancing economic growth, expanding markets, strengthening geopolitical influence, and promoting mutually beneficial cooperation among member countries.
