Xi highlights on BRICS Plus to include developing countries

By Nandalal Tiwari, Xiamen (China), Sept 3: Chinese President Xi Jinping has highlighted on the need to enlarge BRICS by promoting BRICS Plus approach to include other developing countries to build an open and diversified network of development partners.

“We should get more emerging market and developing countries involved in our concerted endeavors for cooperation and mutual benefits,” said president Xi while opening and delivering the keynote speech in the BIRCS Business Forum 2017 here on Sunday.

China has invited five developing countries- Thailand, Mexico, Egypt, Guinea, and Tajikistan -as dialogue partners in the 3-day (3-5 September) 9th BRICS Summit being held in the coastal city of Xiamen, Fujian province of China. Nepal and other BIMSTEC countries were invited as a dialogue partners in the 8th BRICS Summit held last year in Goa, India.

Brazilian President Michel Temer and South African President Jacob Zuma also attended the opening ceremony of the BRICS Business Forum.

Nearly 1,100 business representatives from 25 different countries including the BRICS members- Brazil, Russia, India, China and South Africa- have gathered here to discuss on issues such as trade and investment, financial cooperation and development, interconnection and blue economy.

The Forum is expected to enhance confidence of the business sector in developing mutually beneficial cooperation, promote exchanges and cooperation between the business sectors, put forward valuable policy suggestions and expand the depth and breadth of business participation in global economic governance.

Saying that economic globalization was facing more uncertainties, and emerging markets and developing countries find themselves in a more complex external environment and thus the long road to global peace and development will not be a smooth one, president Xi as current chair of the BRICS said, “BRICS countries should work to usher in the second “golden decade” of cooperation.”

He urged the BRICS leaders to bear in mind the international responsibilities and try to benefit other countries pointing that more than 700 million people are still living in hunger, tens of millions of people have been displaced and become refugees, while many people, including innocent children, have been killed in conflicts. The global economy is still not healthy enough and remains in a period of adjustment featuring weak growth, with new growth drivers yet to emerge.

Reviewing on progress made by BRICS in the last decade since its inception in 2006 and the first Summit in 2009, the Chinese president said, “BRICS has grown into an important platform for cooperation among emerging markets and developing countries. BRICS countries come from Asia, Africa, Europe and America and are all members of the G20. Together, they account for 26.46% of world land area, 42.58% of world population, 13.24% of World Bank voting power and 14.91% of IMF quota shares. According to IMF’s estimates, BRICS countries generated 22.53% of the world GDP in 2015 and has contributed more than 50% of world economic growth during the last 10 years.”

Economic cooperation is the foundation of the BRICS mechanism, he said adding, This year BRICS countries have made progress in the operation of the New Development Bank and Contingent Reserve Arrangement and in e-commerce, trade and investment facilitation, trade in services, local currency bond issuance, scientific and technological innovation, industrial cooperation and public-private partnership. BRICS countries should implement agreements and consensus already reached while actively exploring new ways and areas of practical cooperation.

BRICS countries should uphold global peace and stability, stressing a vision of common, comprehensive, cooperative and sustainable security, President Xi said.

President Xi highlighted on the need to give full play to people-to-people exchanges for enhancing mutual understating for broader partnership and cooperation among the BRICS countries.

“China will stay firmly committed to peaceful development and make even greater contribution to global peace and development,” he stated.

President Xi is scheduled to formally open the 9th BRICS Summit here on Monday.

 

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