Summary
The 11th BRICS Parliamentary Forum opened in Brasília on the 3rd, with more than 150 delegates in attendance. Traad, chair of the Brazilian Senate's Foreign Relations Committee, stressed the WTO-centred multilateral trading system, calling international trade a driver of poverty eradication and sustainable development. Wang Ke, vice-chair of the Foreign Affairs Committee of China's National People's Congress, pointed out that the BRICS mechanism has become the 'backbone' of Global South cooperation and an 'engine' for growth, and that solidarity should be strengthened to safeguard the legitimate rights and interests of all countries.
Naimi of the UAE proposed using the BRICS mechanism to build win-win bridges. Mahumapelo of South Africa noted that the New Development Bank is financing projects in South Africa. Rachkov of Belarus expressed a desire to strengthen ties with BRICS countries, leveraging advantages in fertiliser, technology and machinery exports.
The forum concludes on the 5th.
Commentary
For New Zealand small and medium business owners, the BRICS Parliamentary Forum's emphasis on multilateralism directly relates to New Zealand's trade environment as an open economy. Although New Zealand is not a BRICS member, BRICS countries account for over 30% of global GDP, and deepening internal trade co-operation could divert the attention of traditional trading partners. For instance, the South African delegate's mention of New Development Bank financing may accelerate BRICS countries' self-built infrastructure, reducing reliance on third-party supply chains.
On the other hand, the forum's call for a multilateral trading system based on WTO rules aligns with New Zealand's pro-free-trade stance, and could provide external pressure for the upgrade negotiation of the NZ-China FTA. It is advisable to watch co-operation trends in agricultural technology and food processing among BRICS countries; if their regional supply chain closure trend strengthens, New Zealand's dairy and meat exports may face competition. However, in the short term, BRICS economic growth resilience still depends on global trade, so New Zealand can leverage this to promote high-end agricultural product brands, positioning itself as a 'complementary premium supplier'.
Keywords: BRICS, Parliamentary Forum, multilateralism, trading system, Global South, New Development Bank, China, Brazil, South Africa, international co-operation
Disclaimer: This article is compiled from publicly available sources for general information only. The analysis and commentary are editorial opinions. MiDeer Observer does not guarantee the accuracy or completeness of the information provided. Readers should seek independent professional advice before relying on this content, or contact us for more information.
