BRICS and Global Governance: An Analysis from the Perspective of International Political Economy

Abstract

The initial establishment of the BRICS cooperation mechanism was based on economic cooperation. However, in recent years, as the global influence of the BRICS countries continues to rise, they have played an increasingly important role within the world power structure and are increasingly seen as a significant force in reshaping the new global governance pattern. This paper explores the contributions of the BRICS countries to global governance and their impact on the new global order from the perspective of international political economy. The study finds that the BRICS cooperation mechanism has not only improved the position of developing countries in the global wealth distribution, but also promoted the transfer and diffusion of structural power in the global South. At the same time, it aims to establish a more equitable and open new global order with the goals of sustainable development and common prosperity and development between the North and the South. From a practical perspective, the BRICS cooperation mechanism adheres to the development philosophy of mutual respect, inclusiveness, and openness, continuously strengthening exchanges, trade, and investment cooperation among them. Regular leaders' meetings, including ministerial talks and various working meetings, media forums, etc., have been formed. Financial cooperation has been strengthened through the establishment of the BRICS Bank and contingency reserve arrangements, which have disseminated the voices of developing countries in global governance and contributed Chinese wisdom to the establishment of a new global development order.