The recent BRICS Summit in Brazil has spotlighted the group’s growing influence. Speaking to SFC, Andrey Kortunov, Academic Director of the Russian International Affairs Council, described BRICS as a “global laboratory” for innovative cooperation, with China playing a pivotal role.
Kortunov highlighted the group’s shift from political rhetoric to practical initiatives, such as integrating payment systems and tackling energy and food security challenges. China’s technological and financial expertise is key to overcoming the complexities of uniting diverse BRICS economies.
Kortunov sees China’s leadership as vital for advancing sustainable development and equity, potentially positioning BRICS as an alternative to Western-led global governance. While ambitious ideas like a common currency face obstacles, Kortunov advocates a gradual approach, leveraging China’s economic influence to stabilize multilateral trade.
Looking ahead, Kortunov envisions a globalization driven not by U.S. hegemony but by diverse global impulses, with China playing a central role. This new model will prioritize economic and social interactions, involving non-state actors and civil society more deeply than before. As Western nations lean toward isolationism, China’s commitment to interconnectedness will shape a more equitable global order. For BRICS, and the world, China’s vision and execution will be decisive in turning ambitious roadmaps into reality.
SFC Correspondent Zheng Qingting, Intern Fan Shuqing in Beijing
The recent BRICS Summit in Brazil has spotlighted the group’s growing influence. Speaking to SFC, Andrey Kortunov, Academic Director of the Russian International Affairs Council, described BRICS as a “global laboratory” for innovative cooperation, with China playing a pivotal role.
Kortunov highlighted the group’s shift from political rhetoric to practical initiatives, such as integrating payment systems and tackling energy and food security challenges. China’s technological and financial expertise is key to overcoming the complexities of uniting diverse BRICS economies.
Kortunov sees China’s leadership as vital for advancing sustainable development and equity, potentially positioning BRICS as an alternative to Western-led global governance. While ambitious ideas like a common currency face obstacles, Kortunov advocates a gradual approach, leveraging China’s economic influence to stabilize multilateral trade.
Looking ahead, Kortunov envisions a globalization driven not by U.S. hegemony but by diverse global impulses, with China playing a central role. This new model will prioritize economic and social interactions, involving non-state actors and civil society more deeply than before. As Western nations lean toward isolationism, China’s commitment to interconnectedness will shape a more equitable global order. For BRICS, and the world, China’s vision and execution will be decisive in turning ambitious roadmaps into reality.
BRICS: The "Global Laboratory" for innovative cooperation
SFC Markets and Finance: Let's kick things off with your comment on this year's BRICS Summit.
Kortunov: This year, the BRICS Summit took place in Brazil, and we hope that the process initiated in Kazan last year will continue under Brazil's chairmanship. Brazil is hosting several other significant events this year, including the COP meeting, which creates a competition of priorities. However, we believe it is crucial to advance the implementation of the Kazan Declaration, adopted in October last year. This document is significant, serving as an agenda and a roadmap for BRICS. Maintaining momentum is essential, ensuring that each year we take further steps in the institutional development of BRICS.
SFC Markets and Finance: You emphasized the potential of BRICS as a “global laboratory” for innovative cooperation. Could you expand on this a little bit?
Kortunov: Initially, BRICS primarily focused on broad political statements, evaluating global developments or specific international issues. However, the time has come to shift from these general declarations to more concrete decisions, such as roadmaps, business plans, and detailed programs addressing specific issues that BRICS countries are tackling.
For example, much has been said about integrating national payment systems among BRICS nations. This is a complex challenge, as historically, nearly every BRICS member has developed its own payment system. Merging or integrating them will require significant technical effort and cooperation among experts in international finance and information technology.
Many other issues follow a similar pattern, including the energy transition, food security, and traditional security matters. For each of these critical topics, specific proposals must be developed to drive progress.
SFC Markets and Finance: What strategies can BRICS employ to overcome internal differences among member states and strengthen its role as a credible alternative in global governance?
Kortunov: The BRICS group will remain highly heterogeneous and diverse, which should be seen not as a weakness but as a strength. This diversity stems from their varied social, economic, and political development models, arguably representing different civilizations. This diversity is unlikely to change.
However, a key challenge is ensuring that these differences do not hinder progress toward common goals. Success will largely depend on the quality of experts, political commitment, and the will and resilience shown by BRICS leaders. This will not be easy, but it is achievable because the core objectives of BRICS members—sustainable development, equity, and security—are fundamentally aligned, providing a basis for unified action.
SFC Markets and Finance: What do you think of the specific plans to strengthen intra-BRICS coopeartion, like common currency or a FTA?
Kortunov: In theory, we cannot rule out the possibility of a new currency emerging. However, this would be a very lengthy process, as the international financial system is inherently conservative. Replacing the US dollar as the primary reserve currency is no easy task. The first step should likely involve multilateralizing the shift toward national currencies.
Relying solely on bilateral arrangements can lead to significant imbalances. For example, Russia exports heavily to India but imports far less, resulting in an accumulation of Indian currency that cannot be easily used in trade with other BRICS members.
A multilateral system could address these imbalances more effectively. This should probably be the initial focus. Moving forward, we may eventually progress toward a new currency, but this will definitely take a lot of time.
BRICS cooperation is of great significance to Russia
SFC Markets and Finance: What do you think BRICS plays in Russia's foreign policy? How can Russia leverage BRICS to enhance its partnerships with the Global South to reshape global perceptions of its geopolitical role?
Kortunov: For Russia, BRICS is arguably more significant than for other members due to its sharp confrontation with former Western partners. This situation compels Russia to reorient its priorities, focusing more on collaboration with Global South countries.
Russia holds a unique position within BRICS: it is not a typical developing nation, having historically been part of the European community of nations and a member of the G8. Russia was never a Western colony and has consistently asserted its independent role.
These factors present unique challenges. However, this makes BRICS’ progress particularly vital for Russia. This is why Russia invested significant energy and political capital during its chairmanship last year, culminating in the Kazan Declaration.
SFC Markets and Finance: What do you think of the current China-Russia ties in the evolving global order?
Kortunov: Both sides should take pride in their significant achievements in economic cooperation, political collaboration, and social interaction. The dynamics of Russia-China relations over the past 20 years have been remarkable.
However, we are now approaching a new juncture where this cooperation must be deepened. For instance, in the economic sphere, the focus has primarily been on basic trade, but we should shift toward deeper industrial cooperation.
The Global Security Initiative reflects China's new international role
SFC Markets and Finance: What do you think of China’s Global Security Initiative? Could this initiative work as a viable alternative to traditional Western-led security frameworks, in your view?
Kortunov: First, it is significant that China has proposed this initiative, reflecting its evolving role in the international system. China is no longer merely a regional or continental actor but a global one, taking responsibility for global strategic stability and security worldwide.
Second, the initiative’s approach—starting with relatively incremental, small-scale confidence-building measures and gradually addressing more complex, sensitive, and potentially divisive issues—is the right one. This bottom-up strategy facilitates a more orderly and less abrupt transition to a new security arrangement.
I believe this initiative will be further elaborated and developed. Like any major power, China must respond to emerging security challenges in Eurasia and beyond. I hope work in this direction will continue.
SFC Markets and Finance: You’ve predicted a return to globalization in a new, more multilateral form. What key features will distinguish this new globalization from the early 21st-century model? What role do you anticipate China to play in the new globalization?
Kortunov: First, this new wave of globalization will not be linked to U.S. hegemony. Instead, the traditional distinction between a global core and periphery may blur, with impulses for globalization emerging from various parts of the world. Of course, China will play a very important role in this development.
Second, this globalization will extend beyond the financial domain to encompass economic and social interactions. Civil society is likely to play a far more significant role than it did in the globalization of 20 or 30 years ago.
Additionally, this new globalization will feature greater involvement of non-state institutions, marking a significant shift.
China is destined to play a very central role in this process, especially as many Western countries turn toward protectionism or even isolationism. In contrast, China remains one of the key champions of interdependence and interconnectedness in the world.
Source: 21jingji
