BRICS symbolises the emergence of new economies and multipolarity and, most importantly, the growth of middle powers across continents – powers that have similar aspirations, similar goals, and face similar challenges. Prime Minister Narendra Modi called for global governance reform that would turn the “pyramid of privilege” into a “platform of partnership”. This defines the aspirations of the BRICS and emerging economies. 

The Global South

In the words of Modi (opening session of the 18th BRICS Summit on September 12), “While strengthening BRICS, we must also chart the course for global reform. The current structure of global governance resembles a pyramid. At the top, power and decision-making are concentrated, while at the bottom are countries that are affected by these decisions but have little say in shaping them.” In this context, the Prime Minister noted, “I propose that we work together to formulate 10 proposals for global governance reform, which we could seek to develop into a BRICS Reform Roadmap by the next summit.” 

The Global South seeks to leverage the momentum to secure a front-row seat in global decision-making. 

Reforming Global Governance

In the context of the shifting dynamics in a multipolar world, dialogue becomes imperative, and the role of developing countries, as important stakeholders in this emerging order, becomes increasingly consequential.

The New Delhi Summit reiterated the commitment to reforming and improving global governance, besides strengthening multilateralism and multipolarity, along with upholding international law, including the Purposes and Principles of the Charter of the United Nations (UN) in their entirety and interconnectedness in a balanced and inclusive manner. 

After all, the Global South propels positive change, especially in the face of significant international challenges, including deepening geopolitical tensions, rapid economic downturns and technological shifts, protectionist measures, migratory challenges, and climate change. Despite negative commentaries, BRICS countries will continue to voice the concerns and priorities of the Global South and promote a more just, sustainable, inclusive, representative, and stable international order based on international law.

Reforms To Global Financial Architecture

One of the most consequential priorities of the BRICS Summit under India’s presidency was reforming global financial architecture to enhance the role of Emerging Market and Developing Economies (EMDEs). It has been decided to continue to strengthen coordination among BRICS members to make international financial institutions more representative, transparent and accountable. 

The 11 BRICS members reiterated the urgent need to reform the Bretton Woods Institutions (BWI) to make them more agile, effective, credible, inclusive, fit for purpose, unbiased, accountable, and representative. 

BWI Governance Structure

BWI governance structure should be reformed to reflect the transformation of the global economy since its establishment. The voice and representation of EMDEs in the BWI must reflect their relative position in the global economy. 

Further, there must be improved management procedures, including a merit-based, inclusive, and transparent selection process that would increase regional diversity and representation of EMDEs in the leadership of the IMF and the World Bank.

Equally important was the move by the BRICS Summit to call out unilateral and secondary sanctions imposed by the Global North against the Global South. 

Human-Centric Approach

India’s BRICS Presidency had a clear goal from the beginning: to bring a human-centric approach. In this context, the focus was on startups, innovation, small and medium enterprises (SMEs), and energy grids. 

It was agreed to establish a BRICS Integrated Early Warning System for the prevention of, and early response to, infectious diseases. The Early Warning Data Integration Guidelines have been prepared for disaster management. The BRICS Logistics Supply Chain Cooperation Framework will help make supply chains more reliable and resilient. Under innovation, the BRICS Incubator Network will connect startups and incubators. To promote innovative and scalable solutions, India has proposed the BRICS Startup Innovation Fund. The BRICS Network on Digital Agriculture will create new opportunities for farmers.

BRICS Connect

The core objective is clear: entrepreneurs, farmers, researchers, women, youth, and ordinary citizens will be active participants in the BRICS. Through BRICS Connect, the group has now promoted skills, employability, women in the workforce, social security, and capacity building. 

To connect small enterprises with knowledge, finance, and new markets, India initiated the BRICS MSME Cooperation Portal. The BRICS Urban Mobility Hub has been established to facilitate the sharing of best practices among cities of BRICS member states. 

BRICS is a process and not just one event or Summit. The Global South countries’ confidence in BRICS has grown: within BRICS, their voices are heard. Their experiences are respected. And solutions are developed not for them, but together with them. India’s presidency has strengthened this process.  

(The writer is a commentator on geopolitics and geoeconomics. Views expressed are personal.)