Proud defenders and promoters of an open world

While the BRICS group of Brazil, Russia, India, China and South Africa emerged at a time of crisis, it has also addressed long-term issues of global governance since its start. The BRICS transition from an enthusiastic participant to a leading institution in global governance stands out in the areas of development and climate change.

On development, BRICS members began by pushing to reform the existing international financial institutions (IFI) to give greater representation to developing countries. It then took ownership of the development issue with the creation of the BRICS New Development Bank. It most recently assumed a global leadership role in defense of globalization and free trade at a time of growing protectionist sentiments. On climate change, BRICS began by supporting the UN principle of common but differentiated responsibilities, which would see developed countries take financial responsibility for their historical emissions. It later supported climate change through the framework of sustainable development and most recently took a leadership role in affirming the Paris Agreement.

On development, BRICS' first achievement was its continued deliberation and decision-making on IFI reform. Its 2009 Yekaterinburg Summit declaration stated: "The emerging and developing economies must have greater voice and representation in international financial institutions." Thus, BRICS developed four principles for a reformed financial and economic architecture to encourage a more inclusive international regime. Indeed, BRICS members have championed IFI reform at each of its summits, advancing their position in 2012 with plans to create a development bank, to live alongside existing institutions, and to mobilize resources for emerging economies and development markets.