Over the past decade, the BRICS New Development Bank (NDB) has financed over 100 projects across infrastructure, clean energy and digital development sectors, with total loans reaching roughly $40 billion. Beyond the numbers, the bank represents a powerful example of what emerging economies can achieve when they unite, turning shared vision into tangible results.

More than a financial institution, the bank is a flagship of BRICS cooperation, personally championed by Chinese President Xi Jinping. Walking through the NDB headquarters in Shanghai earlier this year, Xi highlighted the institution's broader significance, describing it as "a pioneering initiative for the unity and self-improvement of the Global South," and emphasizing how it reflects the broader trend of reforming and improving global governance.

This spirit of cooperation carried forward to the Virtual BRICS Summit on Monday. Speaking via video link from Beijing, Xi urged BRICS countries, at the forefront of the Global South, to act on the BRICS Spirit of openness, inclusiveness and win-win cooperation, jointly defend multilateralism and the multilateral trading system, advance greater BRICS cooperation, and build a community with a shared future for humanity.

At the summit, Xi made three proposals for BRICS cooperation: uphold multilateralism to defend international fairness and justice; uphold openness and win-win cooperation to safeguard the international economic and trade order; and uphold solidarity and cooperation to foster synergy for common development.

He also reaffirmed the Global Governance Initiative (GGI), first introduced at the Shanghai Cooperation Organization summit last week, stressing that it is aimed at "galvanizing joint global action for a more just and equitable global governance system."

Among the three proposals, upholding multilateralism stands out as the cornerstone.

President Xi has reiterated that practicing multilateralism is the fundamental path to global governance, a principle that closely aligns with the five guiding principles of the GGI: adhering to sovereign equality, abiding by international rule of law, practicing multilateralism, advocating the people-centered approach, and focusing on taking real actions.

The Chinese president on Monday elaborated: "History tells us that multilateralism is the shared aspiration of the people and the overarching trend of our time. We should follow the principle of extensive consultation and joint contribution for shared benefit, and safeguard the international system with the United Nations at its core and the international order based on international law, so as to cement the foundations of multilateralism."

He further noted practical steps for strengthening multilateralism: promoting the democratization of international relations to enhance the representation and voice of Global South countries; reforming and improving the global governance system to mobilize resources effectively in response to shared challenges; and maintaining a World Trade Organization-centered multilateral trade system while resisting all forms of protectionism.

The GGI and China's steadfast commitment to multilateralism have drawn broad international support. UN Secretary-General Antonio Guterres said the GGI is "anchored in multilateralism and underscores the importance of safeguarding the international system with the UN at its core and the international order underpinned by international law." 

Voices from BRICS partners also highlighted the importance of the initiative. 

Celso Amorim, chief advisor to the president of Brazil, pointed out that in the current context where some countries ignore international rules, abuse tariffs and undermine the multilateral trading system, stronger solidarity and cooperation among the Global South and BRICS countries has become increasingly crucial. He stressed that China's proposal of the GGI carries significant value in promoting such cooperation.