Xi calls on BRICS to jointly safeguard stability of world economy

World Today

China’s President Xi Jinping attendss the G20 Leaders’ Summit in Buenos Aires, on November 30, 2018. – Global leaders gather in the Argentine capital for a two-day G20 summit beginning on Friday likely to be dominated by simmering international tensions over trade. (Photo by Ludovic MARIN / AFP)

The five BRICS countries, namely Brazil, Russia, India, China and South Africa, should work together to steer global governance onto the right path and safeguard the stability, development and prosperity of world economy, Chinese President Xi Jinping said.

Xi made the remarks on the sidelines of the G20 summit in Buenos Aires on Friday.

Leaders of the other BRICS nations — Brasilian President Michel Temer, Russian President Vladimir Putin, President of South Africa Cyril Maraphosa and Indian Prime Minister Narendra Modi, attended the meeting.

Xi said leaders of the BRICS reached fruitful consensuses in Johannesburg in July this year and under current circumstances, the multilateral trade system is under attack and the common interests of the international community have been damaged.

The president urged firm support for multilateralism. 

“We need to strengthen multilateralism and the rules-based international order within the G20, UN, IMF and other international institutions, opposing protectionism and unilateralism,” he said.

Xi added that the BRICS should improve global economic governance continuously and the core values and basic principles of the WTO should be upheld.

The special and differential treatment that developing countries enjoy should be guaranteed. 

“We need to continue to advance reform of international monetary and financial institutions and promote greater representation and voice of emerging market and developing countries in global economic governance,” he said.

BRICS countries should continue to strive for the common development of different countries, motivate emerging economies and developing nations to prioritize the issue of development, and implement the 2030 Agenda for Sustainable Development in a comprehensive way, he noted.

“We should adhere to the principle of common but differentiated responsibilities (CBDR), pushing for relevant parties to finish the negotiation on the operating manual of the Paris Climate Agreement as scheduled,” Xi said, adding that developed countries should deliver on their promises to support developing countries with finance, technology and capacity building. 

Xi said BRICS countries should accelerate the forging of a partnership in the new industrial revolution and jointly empower new economic growth.

“We should unlock the potential of the ‘BRICS Plus’ so that the cooperation among BRICS countries will benefit other emerging economies and developing nations,” he added.

President Xi stressed that BRICS countries are all important members of the G20, and should work together in supporting Argentina to hold the 13th G20 summit.

Brazil will take over the chairmanship of BRICS countries and China will fully support the country’s work next year and deepen strategic partnership with other BRICS countries, he added.

The five leaders of BRICS countries said the world politics, economy and trade are facing severe challenges, and unilateralism and protectionism are worrisome trends.

The leaders also called on BRICS countries to promote practical cooperation in economy, trade, energy, science and technology, finance, humanities and health, jointly opposing trade protectionism and unilateralism.

BRICS countries should strengthen cooperation with African countries and other nations in the implementation of the 2030 Agenda for Sustainable Development and jointly safeguard the interests of emerging markets and developing countries, the leaders stressed.

A joint press communique was issued after the meeting.