EEF-2024 Plenary Session Explores BRICS and Global South’s Impact on World Economy
The Eastern Economic Forum (EEF) 2024 held a significant plenary session that focused on the evolving role of BRICS countries and the Global South in the global economic landscape. The forum, hosted in Vladivostok, Russia, from September 11-13, brought together influential leaders, policymakers, and economists to discuss pressing global economic issues and opportunities for international collaboration.
BRICS Countries and Their Economic Significance
The BRICS coalition, which comprises Brazil, Russia, India, China, and South Africa, represents some of the most rapidly growing economies in the world. Collectively, these nations account for over 40% of the global population and about 25% of global GDP. The significance of BRICS in world economics is not just a statistic. These countries have become pivotal in shaping global trade patterns, investment flows, and economic policies.
In recent years, BRICS nations have increasingly called for a more equitable international economic order. They argue that existing structures—predominantly controlled by Western economies—do not adequately represent the interests of developing countries. These countries have been working towards boosting intra-BRICS trade and investment, reducing dependency on Western financial systems, and advocating for reforms in international organizations like the International Monetary Fund (IMF) and World Bank.
The Global South: Emerging Powerhouses
The term "Global South" refers to countries in Africa, Latin America, Asia, and Oceania that are generally not considered part of the economically developed "Global North." However, many of these nations, like the BRICS members, have demonstrated remarkable economic growth and development. Countries such as Indonesia, Nigeria, and Argentina are becoming increasingly influential on the global economic stage.
The Global South has been striving to build a more diversified and sustainable economic model. This includes investments in technology, infrastructure, and human capital. The EEF-2024 session highlighted the need for stronger economic ties and solidarity among these nations to tackle common challenges such as poverty, climate change, and economic inequality.
Eastern Economic Forum: A Platform for Dialogue
The Eastern Economic Forum, established in 2015 by Russian President Vladimir Putin, serves as a strategic platform for discussing the development of the Russian Far East and fostering international economic cooperation in the Asia-Pacific region. The forum aims to attract investment to the region and facilitate dialogue between businesses, policymakers, and thought leaders.
"The EEF is not just about Russia’s interests," noted one of the keynote speakers. "It is about forging alliances and exploring opportunities for mutual benefit across the broader Asia-Pacific and Global South. The discussions this year are particularly focused on how BRICS and other emerging economies can work together to address the world’s economic challenges."
Key Takeaways and Future Directions
One of the major outcomes of the session was a renewed commitment to enhancing South-South cooperation. There was a strong consensus on the importance of reducing trade barriers, improving financial systems, and investing in shared infrastructure projects. The forum also emphasized the critical role of innovation and digital transformation in driving future growth.
The plenary session called for enhanced collaboration between BRICS and Global South countries in areas such as sustainable development, technology transfer, and human capital development. The discussions also pointed towards the need for a more inclusive world economic system that actively supports the growth and development of emerging economies.
As the EEF-2024 drew to a close, it became evident that the role of BRICS and the Global South will continue to grow in importance. Their collective efforts to create a fairer and more equitable global economic order can potentially reshape the future of international relations and economic policies.
For more information on the Eastern Economic Forum, visit the EEF Official Website.
This feature article synthesizes the discussions and outcomes from the EEF-2024 plenary session, providing context to the evolving roles of BRICS and the Global South in the global economy. It aims to inform readers about the significance of these discussions and their potential implications for future economic policies and international collaboration.
