BRICS serves as crucial platform for economic diversification, enhanced cooperation: experts

The BRICS cooperation mechanism has become increasingly vital for member countries seeking to diversify their economic strategies, enhance the presence of Global South nations in international affairs, and facilitate cooperation, according to Malaysian official and scholars.

Originally composed of Brazil, Russia, India, China, and South Africa, the group has expanded significantly, enhancing development prospects for the Global South.

Currently the BRICS countries account for nearly half of the world's population, over 30 percent of GDP and more than half of global economic growth.

Experts noted that as BRICS is fulfilling its commitment to inclusiveness and equality, it has brought confidence and significant strength to the world economy.

"The idea of joining BRICS is less geopolitical [but] more geo-economic. I think one, it has got to understood that by joining BRICS, first we will get economic diversification strategies and that is considerable. So we are looking at a huge conglomerate, entities of countries, which share certain common purposes that we have," said Mohd Faiz Abdullah, chairman of the Institute of Strategic and International Studies in Malaysia.

"I would say that BRICS has been increasingly serving as a de-facto platform for Global South to voice our shared agenda. And this is exactly where, by leveraging BRICS, Malaysia's voice together with the rest of the Global South or I would rather say Global majority of states would be heard in the global station, global forum, addressing very important globally shared issues," said Lai Yew Meng, associate professor at Universiti Malaysia Sabah.

China has always been committed to making deeper and further advances in BRICS cooperation. Last year, the total volume of China's imports and exports with other BRICS members and partners increased by 5.5 percent, accounting for over 10 percent of the country's total foreign trade value.

Meanwhile, the New Development Bank set up by the BRICS group has made impressive achievements since its establishment. Headquartered in Shanghai, it has cumulatively approved loans of 35 billion U.S. dollars for more than 100 projects.

"So now BRICS has come along with the real capacity and resources to get projects on the ground started, and to work together in a more meaningful way. [It] really gives more hope to actually fulfilling the other aspirations of a more moderate and more multipolar world," said Bunn Nagara, senior fellow at the Renaissance Strategic Research Institute.

Brazil will host the 2025 BRICS Summit from July 6 to 7 in Rio de Janeiro. The gathering will focus on tackling global challenges and strengthening economic and strategic cooperation among member nations.

BRICS serves as crucial platform for economic diversification, enhanced cooperation: experts

Yemen's temporary capital Aden is showing resilience and stability in economy, with market operations and public services running smoothly despite a recent escalation in the region's volatile military and political situation.

Currently, various essential supplies, including grain, oil, food and everyday items, are consistently available on the markets.

Public services such as water, electricity and communications are also functioning normally, and shops in multiple commercial districts remain open.

"We went out to buy household items today. The prices were the same. There was no rise in prices," said Mohamed Naguib, a resident.

The current market stability is attributed to the efficient functioning of the transportation and logistics systems, as well as the government's ongoing efforts to enhance market oversight and regulate prices, which have helped reduce market volatility, according to analysts.

"Although there are some rumors about rising tensions, the overall situation in Aden remains stable. The industry and commerce department has continued to monitor the market and rigorously control prices to prevent increases in commodity and food costs," said Amjad Al-Husseini, director of the Aden Governor's Office.

The city's monetary circulation system has also largely maintained balance, with the exchange rate of the local currency against major foreign currencies remaining relatively stable.

Aden has long been a flashpoint in the country's civil war, which erupted in 2014 when Houthi forces seized much of the north, prompting a Saudi-led military intervention in the following year. Tensions in the south have persisted despite repeated power-sharing deals.

The tensions further escalated last month after the United Arab Emirates-backed Southern Transitional Council (STC) seized large swathes of Yemen's oil-rich Hadramout province and the eastern province of Al-Mahrah. Riyadh considers these areas as a "red line" due to their proximity to the Saudi border and their concentration of Yemen's remaining energy reserves.

Last week, airstrikes and ground operations by the Saudi-led coalition forced the STC forces to withdraw from the two provinces.

Formed in 2017, the STC seeks autonomy and eventual independence for southern Yemen. Although it joined the Saudi-led coalition and became part of the Yemen's Presidential Leadership Council in 2022, the group's push for southern self-rule has continued to fuel disputes over power-sharing and control of territory and resources.

Economy, market remain stable in Yemen's Aden despite escalating violence