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The Star
3 days ago
- Business
- The Star
BRICS+ Series: The link Between the G20, BRICS & The Global South
Cole Jackson and Dr Iqbal Survé | Published 2 days ago The G20 (Group of 20) was established in 1999 in the wake of the 1997–1998 Asian financial crisis as an informal platform bringing together Finance Ministers and Central Bank Governors from the world's leading developed and emerging economies to address global economic and financial stability. While its early discussions centred primarily on broad macroeconomic concerns, the G20 has since broadened its scope to cover a wider range of global priorities, including trade, climate action, sustainable development, health, agriculture, energy, environmental protection, and anti-corruption efforts. BRICS was established in a similar fashion, as quoted by Cole Jackson: ' The BRICS grouping has, to a large extent, grown naturally considering the global climate during its formation and in today's context. BRICS was formed in 2009. Its formation follows the 2007/08 financial crisis, caused by a period of dramatic economic downturn in the United States (US)--due to the housing market collapse and a subprime mortgage crisis–leading to a global recession. Many countries, the world over, bore the brunt of this recession, especially those countries in the Global South already battling economic difficulties.' The G20 comprises BRICS (Brazil, Russia, India, China, South Africa, Saudi Arabia) and other countries in the Global South (Argentina & Mexico). These presidencies and officials often overlap between countries in the Global South, G20, BRICS (and its associated institutions like the New Development Bank (NDB)). This in essence, means more than a quarter of members are BRICS or Global South affiliated. However, due to the United States (US) & Canada, for example, being part of the G7 they need to collaborate and deliberate with many of these countries having BRICS/Global South agendas to fulfill. Reforming Global Governance G20: Includes both developed and emerging economies and increasingly acknowledges the need for reform in global financial institutions (like the IMF and World Bank). BRICS: Actively pushes for a multipolar world and reform of institutions to reflect the voices of emerging powers and developing nations. Global South: Wants a fairer system where their voices are heard and interests are not sidelined by traditional Western powers. Promoting Inclusive and Sustainable Development G20: Advocates for sustainable development, climate finance, and reducing inequality, especially through multilateral cooperation. BRICS: Prioritises development-led growth, infrastructure financing (e.g., through the New Development Bank), and South-South cooperation. Global South: Seeks development financing and capacity building on their terms, focusing on health, education, and infrastructure. G20: While not centered on the Global South, it increasingly includes dialogues on cooperation between developing countries. BRICS: Champions South-South cooperation as a means to share resources, technology, and strategies among developing nations. Global South: Sees South-South partnerships as more equitable alternatives to Western aid or conditional loans. Multipolarity and Economic Sovereignty G20: Includes rising powers like India, China, Brazil, and South Africa, reflecting a shift away from unipolar dominance. BRICS: Promotes a multipolar world order with diversified centers of power. Global South: Seeks to reduce dependency on the West and build regional blocs and alternative financial institutions. Climate Justice and Energy Transitions G20: Has focused on climate change mitigation and adaptation, though progress varies. BRICS: Supports climate action but emphasizes common but differentiated responsibilities. Global South: Advocates for climate finance, technology transfer, and the right to develop. The growing alignment between the G20, BRICS, and the Global South reflects a strategic shift towards a more inclusive and multipolar global order. With overlapping memberships and shared priorities—ranging from global governance reform and sustainable development to climate justice and economic sovereignty—these groupings increasingly influence one another. BRICS and the Global South have injected fresh urgency and purpose into G20 deliberations, pushing for a system that better represents emerging economies and developing nations. As this alignment deepens, it strengthens efforts to reshape international institutions, promote equitable growth, and ensure that the voices of the Global South are not only heard but also acted upon. Written By: Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Cole Jackson Lead Associate at BRICS+ Consulting Group Chinese & South American Specialist * MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on X/Twitter & @brics_daily on Instagram for daily BRICS+ updates
IOL News
5 days ago
- Business
- IOL News
BRICS+ Series: The link Between the G20, BRICS & The Global South
This photo taken on July 3, 2025 shows welcome banners for the BRICS Summit on a street in Rio de Janeiro, Brazil. Image: XINHUA The G20 (Group of 20) was established in 1999 in the wake of the 1997–1998 Asian financial crisis as an informal platform bringing together Finance Ministers and Central Bank Governors from the world's leading developed and emerging economies to address global economic and financial stability. While its early discussions centred primarily on broad macroeconomic concerns, the G20 has since broadened its scope to cover a wider range of global priorities, including trade, climate action, sustainable development, health, agriculture, energy, environmental protection, and anti-corruption efforts. BRICS was established in a similar fashion, as quoted by Cole Jackson: 'The BRICS grouping has, to a large extent, grown naturally considering the global climate during its formation and in today's context. BRICS was formed in 2009. Its formation follows the 2007/08 financial crisis, caused by a period of dramatic economic downturn in the United States (US)--due to the housing market collapse and a subprime mortgage crisis–leading to a global recession. Many countries, the world over, bore the brunt of this recession, especially those countries in the Global South already battling economic difficulties.' The G20 comprises BRICS (Brazil, Russia, India, China, South Africa, Saudi Arabia) and other countries in the Global South (Argentina & Mexico). These presidencies and officials often overlap between countries in the Global South, G20, BRICS (and its associated institutions like the New Development Bank (NDB)). This in essence, means more than a quarter of members are BRICS or Global South affiliated. However, due to the United States (US) & Canada, for example, being part of the G7 they need to collaborate and deliberate with many of these countries having BRICS/Global South agendas to fulfill. 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Next Stay Close ✕ The intersection: Reforming Global Governance G20: Includes both developed and emerging economies and increasingly acknowledges the need for reform in global financial institutions (like the IMF and World Bank). BRICS: Actively pushes for a multipolar world and reform of institutions to reflect the voices of emerging powers and developing nations. Global South: Wants a fairer system where their voices are heard and interests are not sidelined by traditional Western powers. Promoting Inclusive and Sustainable Development G20: Advocates for sustainable development, climate finance, and reducing inequality, especially through multilateral cooperation. BRICS: Prioritises development-led growth, infrastructure financing (e.g., through the New Development Bank), and South-South cooperation. Global South: Seeks development financing and capacity building on their terms, focusing on health, education, and infrastructure. South-South Cooperation G20: While not centered on the Global South, it increasingly includes dialogues on cooperation between developing countries. BRICS: Champions South-South cooperation as a means to share resources, technology, and strategies among developing nations. Global South: Sees South-South partnerships as more equitable alternatives to Western aid or conditional loans. Multipolarity and Economic Sovereignty G20: Includes rising powers like India, China, Brazil, and South Africa, reflecting a shift away from unipolar dominance. BRICS: Promotes a multipolar world order with diversified centers of power. Global South: Seeks to reduce dependency on the West and build regional blocs and alternative financial institutions.
