BRICS members embrace open economy

In International Relations

An Baijie in Hamburg
Displayed with permission from China Daily

Xi tells leaders a multilateral trade system will bear fruit for all people

The leaders of the BRICS countries reached important consensus on building an open world economy and improving global economic governance during their informal meeting on the sidelines of the G20 Summit in Hamburg, Germany, on Friday.

President Xi Jinping presided over the meeting, since China holds the rotating presidency of the BRICS bloc this year.

The BRICS Summit will be held from September 3 to 5 in Xiamen, Fujian province.

Xi said in his speech that there are currently positive signs for the world’s economy, with a promising future for the development of BRICS countries, and at the same time, there are also challenges ahead for the BRICS members.

He called on the member countries to establish an open world economy, maintain a multilateral trade system and push forward open, inclusive, beneficial, balanced and win-win economic globalization, thus making the fruits of economic growth accessible for all people.

The BRICS countries should unswervingly stick to the principle of multilateralism in addressing conflicts and disputes, strive to achieve peace and cooperation, and make full use of multilateral mechanisms such as the United Nations to discuss international rules, he said.

In his speech, Xi highlighted the importance of the G20 in boosting international economic cooperation and improving global economic governance.

The consensuses reached at the G20 Summit in Hangzhou last year and other G20 summits should be implemented to create a good environment for the development of emerging economies and developing countries, Xi said.

Xi also encouraged the BRICS countries to play a leading role in supporting developing countries, especially African nations, to help them to improve development capacity.

Saying that preparations for the BRICS Summit in Xiamen are going smoothly, Xi added that he expected to make joint efforts with the other BRICS members to achieve fruitful outcomes, deepen BRICS cooperation, offer new solutions to improve global governance and contribute to global economic growth.

South African President Jacob Zuma, Brazilian President Michel Temer, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi attended the meeting and agreed that the BRICS countries should keep the good momentum of cooperation on politics, economy and people-to-people exchanges to push forward practical cooperation of the BRICS members, according to a statement from China’s Foreign Ministry.

They also agreed to work together to send positive messages in the G20, to push the international order to develop in the direction of being more just and reasonable, and to create a better environment for the development of emerging markets, the statement said.

-Repubhub/ China Daily

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