As the BRICS Summit in India approaches in 2026, cooperation among the 'expanded BRICS' is entering a new phase. The expansion of the bloc has not only led to an increase in the number of participants but also to the emergence of larger, resource-rich markets, deeper industrial complementarity, and greater strategic depth.
The key question is not simply how to expand cooperation, but how to transform scale into quality and potential into sustainable growth. From the perspective of open macroeconomics, the primary task is to ensure more convenient, stable, and rules-based trade and investment.
BRICS members differ in stages of development and comparative advantages, which creates favorable conditions for forming a more resilient regional production network. It is necessary to further reduce tariff and non-tariff barriers, as well as improve coordination of customs procedures, inspection and quarantine standards, logistics, and payment systems. More active use of local currencies and cooperation in cross-border payments can also reduce transaction costs.
Simultaneously, communication on trade policy must be strengthened to reduce regulatory uncertainty and create stable expectations for businesses. Only with the unimpeded movement of goods, capital, technologies, and people can the benefits of expansion be fully realized.
Proposals from the Chinese Chairman
The initiatives proposed by Chinese Chairman Xi Jinping at the summit are important. At the meeting, he presented a number of cooperation proposals, including an initiative to facilitate trade and investment. This initiative suggests creating a BRICS special economic zone partnership, within which countries can launch an intelligent portal, coordinate policy, and create a new frontier for open development. Such proposals offer a practical path for transforming the 'expanded BRICS' from merely an expanded platform into a more effective engine of growth.
Industrial and Supply Chain Cooperation
Secondly, cooperation in industry and supply chains must become the practical core. The world economy faces slowing growth, inflationary pressure, debt risks, and geopolitical tensions. The rise of unilateralism and protectionism makes developing countries more vulnerable to external shocks.
BRICS members should strengthen demand and supply cooperation in sectors such as energy, minerals, agriculture, manufacturing, digital economy, and green industries. Long-term partnerships between enterprises at the extraction and processing stages should be encouraged to build stable, transparent, and predictable supply chains.
In the areas of new energy sources, critical minerals, and digital infrastructure, the 'expanded BRICS' has good prospects for forming a cooperative structure based on complementary strengths and shared risks. More importantly, such cooperation must extend beyond governments to encompass enterprises, industrial parks, and local regions, thereby creating more scalable and reproducible models.
A Higher Standard of Openness
Thirdly, a higher standard of openness should promote deeper regional economic integration. BRICS cooperation is not a closed loop but an open and inclusive platform for South-South cooperation.
Internally, member countries can explore more flexible mechanisms for promoting investment, mutual recognition of standards, e-commerce, and green trade. Externally, they should strengthen policy coordination with other developing markets and emerging countries, helping to maintain an open, non-discriminatory, and inclusive international economic environment.
Through improved rules and institutional innovations, the 'expanded BRICS' is capable of transforming complementarity into stable growth expectations and spreading the benefits of cooperation to the wider Global South. In this process, BRICS must also play a more active role in global economic governance, speaking with a more consistent and constructive voice on issues of WTO reform, development financing, climate change, and digital economy rules.
Financial Cooperation and Macroeconomic Coordination
Increasing resilience also requires stronger financial cooperation and macroeconomic policy coordination. BRICS countries must improve reserve fund mechanisms, strengthen the financial safety net, and enhance monitoring and cooperation regarding cross-border capital flows, exchange rate volatility, and debt risks.
Innovative development financing tools can be introduced for infrastructure, green development, digital transformation, and small and medium-sized enterprises, which will improve access to finance and project sustainability. For many developing economies, inadequate infrastructure and financing gaps remain serious obstacles to growth. If the BRICS mechanism can improve project assessment, risk distribution, and long-term financing, it will provide stronger and more stable support to member countries. The closer the macroeconomic dialogue, the higher the capacity to absorb external shocks.
Acknowledging the complexities, deeper cooperation also faces challenges. Member countries differ in economic structure, institutional attitudes, and policy priorities. As cooperation deepens, it is necessary to strike a balance between efficiency and inclusivity, openness and security, as well as collective interests and individual concerns.
Thus, the BRICS mechanism must remain committed to broad consultation, joint contribution, and common benefit, paying more attention to specific projects and visible results. Priority should be given to areas where consensus is strong and side effects are extensive, such as infrastructure connectivity, green and low-carbon transition, digital economy, reduction of agricultural poverty, and public health.
At the same time, greater attention should be paid to human dimension cooperation, including supporting small businesses, youth entrepreneurship, and vocational training, so that the benefits of development reach ordinary people more widely and the social foundation of cooperation becomes stronger.
Looking ahead, the 'expanded BRICS' must become something more than just a larger economic presence. It must transform into a more powerful force for qualitative development. The vision outlined at the summit offers an important guide: by maintaining commitment to openness, practical cooperation, and mutual benefit, BRICS countries can strengthen their resilience, expand opportunities for common growth, and bring greater certainty to the world economy.