During the BRICS Leaders' 16th Summit held in Kazan from October 22 to 24, 2024, a significant milestone was reached in advancing the economic integration of this growing bloc. With the recent historic expansion of BRICS, discussions centered on pragmatic cooperation across various economic sectors, with a particular focus on special economic zones (SEZs), agricultural trade facilitation, and climate-related trade measures.

In a key announcement, Chinese President Xi Jinping introduced the creation of the China Center for Cooperation on Development of Special Economic Zones in BRICS Countries. This initiative underscores China's commitment to strengthening industrial coordination and experience sharing among BRICS nations through SEZs. These zones, encompassing free trade areas, industrial parks, and high-tech zones, are set to play a pivotal role in facilitating deeper trade and investment ties.

He Yadong, spokesperson for China's Ministry of Commerce, highlighted the importance of SEZs in the global trade landscape during a press conference on October 24. According to He, this innovative cooperation center will not only enhance practical economic collaboration but also elevate the role of SEZs in driving the economic growth of BRICS members. This initiative is expected to foster policy research, capacity building, and the exchange of development experiences, particularly in regions that have yet to fully capitalize on SEZ potential.

The expansion of the BRICS bloc, which now includes new members, offers promising opportunities for broader market access and increased economic activity. The creation of the BRICS Deep-Sea Resources International Research Center, as well as the BRICS Digital Ecosystem Cooperation Network, represents further steps in integrating key industries across member nations. The growing focus on technology and digitalization will serve as a cornerstone for future collaboration.

At the summit, BRICS leaders also reached a consensus on key areas for cooperation, including trade facilitation measures, value chain development, and support for the multilateral trading system. This collective effort aligns with BRICS' overarching goal of promoting a multipolar global economy, one that encourages diversified partnerships and reduces dependency on traditional Western-dominated economic structures.

According to Zhang Hong, associate research fellow at the Institute of Russian, Eastern European and Central Asian Studies, the increased membership within BRICS is expected to inject fresh momentum into coordinated economic actions. He noted that reducing tariffs and promoting trade convenience will be key to unlocking greater collaboration in the coming years. "BRICS members are poised to take more coordinated actions, paving the way for a more integrated economic landscape within the bloc," Zhang stated.

One illustrative example of BRICS' commitment to these goals can be found in China's ongoing support for Venezuela’s economic development. By sharing its expertise in SEZs, China has helped Venezuela establish its own economic zones, enabling the country to attract foreign investment and expand its industrial base. This is just one of many case studies that underscore the mutual benefits of cooperation among BRICS nations.