Towards a Future for BRICS+ Conference

In January 2024, BRICS admitted five new members — Egypt, Ethiopia, Iran, Saudi Arabia, and UAE — ushering a new phase in the bloc’s development. Together, the 10 BRICS+ nations encompass close to half of the world’s population and more than 35% of global GDP, establishing BRICS+ as a potential counterweight to Western-led institutions. What does the future hold for BRICS+ amidst a changing world order? Will BRICS+ continually expand -- and what does that imply for rapidly shifting geopolitical dynamics?

In this first BRICS+ conference hosted by the Asia Global Institute, leading academics and policymakers examined some of the key issues, opportunities, and challenges related to the future of BRICS.  These include:

• The Global South is entering a new era and transitioning into a multiplex world order. These countries are gaining increased significance on the international stage
• BRICS+ has evolved from a reactive financial platform to a significant global entity, influenced by post-colonial sentiments and movements like the G77
• China is emerging as a leader in economic development, climate governance, and emissions reduction
• Despite similarities, the Global South has significant divergences. BRICS members navigate these differences using strategies like institutional hedging and balancing
• The digital economy presents opportunities for economic growth in the Global South, and countries need to identify their unique advantages through the digital economy
• Innovation and high value-added industries are essential for developing countries to escape the middle-income trap

The conference brought together academics and policymakers with expertise in BRICS and broader international organizations. The speakers shared their insights on how BRICS might alter the trajectory of the world order, thereby enhancing the global presence of countries in the Global South.

Professor Acharya argued that the Global South is entering a new era and the world is transitioning into a multiplex order, with these countries becoming increasingly significant on the international stage. Similarly, Professor Singh discussed the evolution of BRICS Plus, noting its shift from a reactive financial platform to a more significant global entity, driven by post-colonial sentiments and movements like the G77 and the Non-Aligned Movement. Dr. Lucia Xia further illustrated this by highlighting how China, a Global South country is emerging as a leader in economic development, climate governance, and tackling emissions.

While countries in the Global South share many similarities, there are also significant divergences within the group. Professor Kuik highlighted that BRICS members are navigating these similarities and differences to collaborate effectively. They are employing strategies of institutional hedging and institutional balancing to carefully maneuver within the international order. Similarly, Dr. Pongsudirak noted that Southeast Asia, despite being a highly integrated bloc for a long time, is now experiencing divisions over the Ukraine war and the Israel-Hamas conflict.

On the topic of economic growth in the Global South, Dr. Ong Kian-Ming emphasized the potential opportunities in the digital economy for fostering cooperation between countries. However, he also pointed out that many opportunities have been missed. It is crucial for BRICS to identify their unique advantages and competitiveness through the digital economy. Professor Keun Lee added that innovation and high value-added industries are essential for developing countries to leapfrog and escape the middle-income trap.

Conference Program

09:00 – 09:30    Registration
09:30 – 09:35    Opening Remarks

• Professor Heiwai Tang, Director of Asia Global Institute, Victor and William Fung Professor in Economics, The University of Hong Kong

SESSION 1 – THE GEOPOLITICS AND DIPLOMACY OF BRICS+

09:35 – 10:25    “The New Global South in the Multiplex Age”

• Professor Amitav Acharya, UNESCO Chair in Transnational Challenges and Governance, Distinguished Professor at the School of International Service, American University

10:25 – 11:15    “The Geopolitics of BRICS+: Between (and Beyond) Institutional Balancing and Institutional Hedging"

• Professor Cheng-Chwee Kuik, Professor of International Relations, National University of Malaysia

11:15 – 12:05    “The BRICS+ Sustainability Diplomacy”

• Dr Lucie Qian Xia, Departmental Lecturer, Politics and International Relations of China, University of Oxford

12:05 – 14:00    Early Lunch Break (by invitation)

SESSION 2 – TECHNOLOGIES AND INNOVATION of BRICS+

14:00 – 14:50    “Digital Transformation and Governance across BRICS+”

• Professor Kian-ming Ong, Pro Vice Chancellor for External Engagement, Director, Philosophy Politics & Economics Program, Taylor's University

14:50 – 15:40     “Innovation System in BRICS Countries”

• Professor Keun Lee, Distinguished Professor of Economics, Seoul National University

15:40 – 16:00    Coffee Break

SESSION 3 – BRICS AND THE REST OF THE WORLD

16:00 – 16:50    “Southeast Asia and the BRICS: In or Out, and Why?”

• Professor Thitinan Pongsudhirak, Senior Fellow and Professor of International Relations at the Institute of Security and International Studies, Chulalongkorn University

16:50 – 17:40    “The Global Financial Safety Net: BRICS’ CRA and the regional financing arrangements”

• Professor Anoop Singh, Distinguished Fellow at NITI Aayog, Government of India, Distinguished Fellow at the Centre for Social and Economic Progress

17:40 – 18:00    Concluding Remarks and Briefing on Next Steps

Supported by APEC Study Center