BRICS at 20: Inside the Rise of 'Greater BRICS' Trade and Tech Cooperation

Two decades ago, BRICS was little more than a Goldman Sachs acronym for four fast-rising emerging economies. Today it is a sprawling cooperation architecture spanning trade corridors, a multilateral development bank and joint work on artificial intelligence. As the bloc marks its 20th anniversary in 2026, the question for global markets is no longer whether BRICS matters — it is how far its "Greater BRICS" model can scale.

Key Facts

• Intra-BRICS goods trade has exploded. Measured by exports, trade among member states climbed from roughly $84.2 billion in 2003 to about $1.17 trillion in 2024 — a more than 13-fold increase, averaging 13.3% annual growth and outpacing global trade over the same period, according to UNCTAD research.
• A dedicated air cargo route links China and Brazil. The Xiamen–São Paulo cross-border e-commerce air corridor, launched on February 10, 2023, marked its third year of operation in February 2026, carrying parcels, machinery and equipment between China and South America's largest economy.
• The New Development Bank is financing hard infrastructure. One flagship example is an 82.15-kilometer rapid rail corridor in India connecting the Delhi National Capital Region with Ghaziabad and Meerut in Uttar Pradesh, cutting peak-hour journey times from three to four hours down to about one hour.
• The bank's portfolio reaches beyond transport. Projects include supporting a net-zero carbon airport in Taiyuan, China; expanding toll road networks in Russia; and modernizing the Durban container terminal in South Africa — all aimed at accelerating sustainable development in the Global South.
• Innovation cooperation has become a core pillar. The BRICS New Industrial Revolution Partnership Innovation Base has facilitated more than 130 cooperation projects worth over 62 billion yuan (roughly $8.6 billion) in its first five years of operation.
• AI and digital tools are being deployed in agriculture. In Malaysia's Johor state, a Chinese-developed sorting system using computed tomography and AI image recognition grades durian varieties such as Musang King with 98% accuracy — reportedly 40 times faster than manual inspection.
• Institutional platforms are multiplying. New bodies include a China–BRICS AI development and cooperation center, a BRICS industrial capacity center in China, and a China–BRICS research center on new quality productive forces.
• Trade ministers are pushing toward deeper integration. At the 16th BRICS trade ministers' meeting in August 2026, China signaled willingness to cooperate on trade and investment facilitation, digital economy, services trade, green minerals, AI and special economic zones.

Deep Analysis

The headline number — a 13-fold rise in intra-bloc trade — deserves scrutiny rather than celebration alone. Much of that growth reflects the broader commodity supercycle and China's own expansion, not necessarily a deliberate pivot away from Western markets. Still, the direction of travel is meaningful: BRICS economies are building the connective tissue — air routes, payment discussions, development finance — that makes South-South commerce cheaper and faster.

The New Development Bank is arguably the bloc's most concrete achievement. Unlike rhetorical communiqués, a rail corridor in India or a container terminal in Durban produces measurable returns. The bank's strategy of partnering with other multilateral lenders and national development banks is pragmatic: it avoids duplicating the World Bank or Asian Development Bank and instead positions itself as a complementary lender focused on the Global South. President Dilma Rousseff's framing of the NDB as a "true cooperation platform" signals an ambition to shape a multipolar financial architecture, though capital adequacy and credit ratings remain real constraints.

The technology dimension is where Greater BRICS could differentiate itself most. Industrial capacity cooperation, AI sharing and agricultural technology transfer address a genuine gap: developing countries often cannot access cutting-edge tools affordably. The durian-sorting example is small in dollar terms but symbolically potent — Chinese AI applied to Malaysian agriculture, raising export quality standards. If replicated across supply chains, this model could shift how technology diffuses globally, bypassing traditional licensing routes dominated by Western and Japanese firms.

Skeptics will note that BRICS remains politically heterogeneous, with members pursuing divergent interests on issues from tariffs to geopolitical alignment. Expanded membership — the "Greater BRICS" of the title — adds weight but also friction. The bloc's ability to move from project-by-project wins to institutionalized rules on investment, digital trade and green minerals will determine whether it becomes a genuine alternative economic pole or a useful but limited forum. Watch the trade ministers' agenda on "institutional opening" as the key indicator.

Frequently Asked Questions

How much has trade between BRICS countries actually grown? According to UNCTAD data cited in Chinese state media, intra-BRICS goods trade by export value rose from $84.2 billion in 2003 to $1.17 trillion in 2024 — more than 13 times higher, with average annual growth of 13.3%, faster than global trade overall.

What role does the New Development Bank play in BRICS cooperation? The NDB finances infrastructure and sustainable development projects across member and partner countries, from India's Meerut rail corridor to South Africa's Durban port expansion. It positions itself as a complement to existing multilateral lenders, focusing on the Global South's development needs.

Why does the 'Greater BRICS' technology agenda matter for global markets? Cooperation on AI, digital economy and industrial upgrading could accelerate technology transfer to developing economies and create new supply chain linkages. For global investors, it signals potential shifts in where manufacturing capacity, standards and innovation partnerships concentrate over the next decade.

Source: https://www.thepaper.cn/newsDetail_forward_34056583