The 9th BRICS Parliamentary Forum concluded in Johannesburg, South Africa, with a declaration underscoring the group’s commitment to enhancing collaboration among its member countries (Brazil, Russia, India, China, and South Africa) and with African partners.
While the declaration doesn’t explicitly mention implications for trade with Western countries, it indirectly hints at potential broader trade dynamics that could impact those trade relations.
Multilateralism and cooperation
The declaration heavily emphasises commitment to strengthening multilateralism and upholding international law.
This signifies BRICS nations’ intention to engage with global trade partners and international organisations, including Western countries, in a cooperative and rules-based manner.
There was particular emphasis on mutual respect and cooperation, which could encourage collaboration between BRICS and Western countries in addressing global trade challenges.
ALSO READ: WATCH: BRICS Parliamentary Forum, countries sign historic memorandum
Sustainable development
The declaration highlights the importance of implementing the 2030 Agenda for Sustainable Development. Sustainability increasingly influences international trade, with environmental and social standards becoming crucial factors.
BRICS nations’ commitment to sustainable development aligns with global efforts and could encourage coordination and alignment with Western countries on sustainable trade practices.
The UN’s role
The document also highlighted the United Nations’ (UN) role in maintaining peace and protecting democracy and human rights. This signifies BRICS nations’ commitment to adhering to global governance institutions.
In these forums, BRICS countries often interact with Western nations on trade-related issues, potentially offering further opportunities for dialogue and collaboration.
AfCFTA and Regional Integration
The declaration acknowledges the significance of the African Continental Free Trade Area (AfCFTA) for BRICS trade partnerships in Africa and the continent’s development and integration.
BRICS countries are aiming to leverage their presence in the African market. As a result, Western countries may face competition or find new avenues for collaboration with BRICS nations in Africa’s trade and economic landscape.
ALSO READ: BRICS Parliament: Africa poised for leap towards a single market
Invitation to new members
The 9th BRICS Parliamentary Forum played host to new members, including Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
BRICS expansion could also potentially challenge the traditional Western-dominated international trade and economic order. New members may shift the dynamics of global trade and investment, offering opportunities for cooperation or competition.
Emphasis on multilateralism and cooperation
The commitment to a “reinvigorated and reformed multilateral system” signals that BRICS nations desire more significant influence in global trade governance.
This could involve engaging Western countries in reforming global trade institutions and creating opportunities for coordinated efforts on trade-related challenges.
While the BRICS declaration primarily focuses on strengthening cooperation within its group and with African partners, the commitment to international cooperation, sustainability, and multilateralism underscores the importance of continued engagement with Western countries in trade and economic matters.
BRICS’ growing influence in global trade dynamics could lead to both opportunities and challenges for Western nations as they navigate evolving global trade landscapes.
