CAIRO, Feb. 14 (Xinhua) — The developing states of the Global South aspire for a multipolar world order free from U.S. hegemony and just global economic governance under which they can achieve sustainable development via fair, win-win partnerships, said an economic expert in a recent interview with Xinhua.
“In a just global economic system, all parties would prioritize common interests, peaceful settlement of conflicts and cooperation for sustainable development,” said Diaa Helmy, secretary-general of the Cairo-based Egyptian-Chinese Chamber of Commerce.
In recent years, representatives of developing countries and emerging economies took part in various important meetings of the BRICS, the Non-Aligned Movement, the Group of 77, and other forums, during which they voiced their calls for unity, cooperation, reform and collaboration to build a peaceful, just and sustainable world.
“These meetings indicate the awareness of developing countries of the need for a new multipolar world,” Helmy, also a member of the economic committee of the Egyptian Council for Foreign Affairs, told Xinhua.
“Developing countries and emerging economies are aware of the importance of diversifying economic relations and cooperating with key economies like China,” he added.
The expert said he believes that most developing countries, including Egypt, have realized that cooperation mechanisms such as BRICS and the Belt and Road Initiative (BRI) will help create a future where common interests and win-win results can be achieved.
Helmy considered the recent expansion of BRICS to include more members as one of the indicators that the world is heading toward a multipolar global system.
Last year, BRICS made a historic move for expansion, inviting Egypt and other developing countries to become full members, which took effect at the beginning of this year.
“The BRICS expansion reflects a growing global awareness of the dominance of a few wealthy countries in the world’s affairs and the need to reform global governance systems where the Global South is underrepresented,” Helmy said.
The economic expert emphasized that the expansion of BRICS will help amplify the voice of the Global South in international political and economic affairs and promote more global economic balance and justice.
“It opens new markets for economic cooperation and trade exchange among BRICS countries,” Helmy stressed, adding that the move will bolster economic partnerships among developing states.
Helmy pointed out that joining BRICS opens “broad economic horizons” for Egypt, promoting the country’s economic climate to attract further foreign investments, especially in digitalization, agriculture, environment and infrastructure.
He noted that the Global South and developing states generally regard China as a credible and trustworthy development partner due to China’s non-interference in other countries’ domestic affairs and its positive development initiatives, such as the BRI and the Global Development Initiative.
This reassures the countries cooperating with China that the giant Asian country seeks positive cooperation among all countries to achieve a shared future, according to the Egyptian economist.
“Developing states and emerging economies, including Egypt, realize now more than ever that there are great economic benefits in cooperating with China,” Helmy said.
The expert said he looks forward to seeing China play a more significant role in building a multipolar world order.
“It is time to cooperate to establish fair and just global economic governance. Otherwise, the gap between rich and poor countries will continue to widen, which is not in the interest of humanity,” Helmy said.
Countries need to work together for common development, “as the world is on the same boat, with a shared destiny and a shared future,” Helmy said.
