Following South Africa's accession to BRIC in 2011,BRICS embraced its second expansion on January 1,2024,thereby diversifying the composition of member countries and significantly enhancing its representativeness and legitimacy.Driven by their respective endowments,industrial foundations and technological levels,the economic and trade cooperation among the BRICS nations has made significant strides,and the expansion will bring about new dimensions to their economic cooperation.The next step should focus on promoting cooperation in three key areas:traditional energy and renewable energy,traditional industries,and high-tech industries.This can be achieved by providing financial support through deepening currency cooperation,strengthening credit and financing support,jointly establishing capacity incubation funds,and improving payment and clearing systems.New members have put forward new demands for the BRICS cooperation mechanism,presenting both opportunities and challenges for economic cooperation between China and these new entrants.The greater BRICS cooperation after the expansion encounters institutional challenges,and issues such as facilitating the establishment of rules and enhancing decision-making efficiency are of significant practical significance.The expansion of BRICS strengthens the influence and voice of emerging market economies,serving as a significant driving force in advancing the development of the Global South through power integration,speaking with one voice and leading development.BRICS is a significant emerging force in global governance,bolstering the expectations of Latin American countries toward its role The admission of Latin American countries to BRICS will be a new direction for the expansion of BRICS.
BRICSBRICS expansioneconomic and industrial cooperationGlobal Southgreater BRICS cooperationcooperation with Latin America
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