BRICS key to im­prove global gover­nance

China Daily (Canada) - - LIFE -

Lead­ers of BRICS (Brazil, Rus­sia, In­dia, China and South Africa) held an in­for­mal meeting on Sun­day morn­ing be­fore the G20 Sum­mit be­gan in­Hangzhou, East China’s Zhe­jiang prov­ince, and vowed to co­or­di­nate their poli­cies, in­crease com­mu­ni­ca­tions, deepen co­op­er­a­tion and jointly tackle chal­lenges.

The meeting came at a time when BRICS faces the risk of ret­ro­gres­sive, rather than pro­gres­sive, co­op­er­a­tion be­cause of new, in­tri­cate cir­cum­stances. The “com­pe­ti­tion and co­op­er­a­tion” games de­vel­oped and emerg­ing economies play on the geopo­lit­i­cal, geo-eco­nomic and other fronts, de­spite be­ing dif­fer­ent from those be­tween the two ma­jor camps dur­ing the ColdWar, high­light the need for strength­ened co­or­di­na­tion and co­op­er­a­tion among BRICS mem­bers.

Mount­ing un­cer­tain­ties cre­ated by po­lit­i­cal changes or re­ces­sion in some BRICS coun­tries and Western economies’ at­tempts to ex­ploit po­ten­tial dis­sen­sions to cre­ate chasms among BRICS mem­bers— such as theUnited States’ ef­forts to cozy up to In­dia and hype up un­re­solved is­sues be­tweenNewDelhi and Beijing, have also made it nec­es­sary for the five na­tions to com­mu­ni­cate reg­u­larly, en­hance mu­tual trust and dis­pel mis­giv­ings.

As Pres­i­dent Xi Jin­ping said in his speech at the meeting, the rise of emerg­ing economies and de­vel­op­ing coun­tries is one of the great­est changes in in­ter­na­tional re­la­tions, and thus BRICS mem­bers, both as lead­ers of emerg­ing mar­kets and de­vel­op­ing coun­tries and im­por­tant mem­bers of the G20, should strengthen co­or­di­na­tion and co­op­er­a­tion to sup­port the de­vel­op­ment of the two im­por­tant plat­forms so that emerg­ing and de­vel­op­ing economies can play a big­ger role in in­ter­na­tional af­fairs and global gover­nance.

BRICS mem­bers face a gen­er­ally sta­ble ex­ter­nal en­vi­ron­ment but ris­ing un­cer­tain­ties. Un­der these cir­cum­stances, BRICS should pro­ceed with more con­fi­dence, tap de­vel­op­ment po­ten­tials, in­crease sol­i­dar­ity and deepen mu­tual trust and co­op­er­a­tion to bet­ter tackle pos­si­ble prob­lems and chal­lenges.

BRICS mem­bers should ex­pe­dite their ef­forts to im­ple­ment an in­no­va­tion-driven de­vel­op­ment strat­egy, boost do­mes­tic de­mands, deepen struc­tural re­forms and sharpen their tra­di­tional com­par­a­tive ad­van­tages in or­der to boost their medium- and long-term growth po­ten­tials. In par­tic­u­lar, they should bring to fruition the con­sen­sus reached in Ufa, Rus­sia, last year to ad­vance their eco­nomic part­ner­ship by pro­mot­ing trade and in­vest­ment, in­fra­struc­ture con­nec­tiv­ity and peo­ple-to-peo­ple ex­changes. This is also the key to en­sure BRICS mem­bers en­joy last­ing eco­nomic growth and co­op­er­a­tion.

Be­sides, BRICS mem­bers have to in­crease their com­mu­ni­ca­tion and co­or­di­na­tion un­der the G20 frame­work, push for­ward the struc­tural re­form of In­ter­na­tion­alMone­tary Fund andWorld Bank gover­nance, as well as de­mand greater rep­re­sen­ta­tion and say for emerg­ing and de­vel­op­ing coun­tries. They should also work to­gether to safe­guard the mul­ti­lat­eral trade sys­tem and help develop a trans­par­ent world econ­omy op­posed to pro­tec­tion­ism to en­sure all coun­tries en­joy equal de­vel­op­ment op­por­tu­ni­ties and rules.

At the BRICS meeting, Xi also urged the emerg­ing-mar­ket bloc to drive help the BRICSNew De­vel­op­ment Bank im­ple­ment the first batch of projects, boost its man­age­ment and fi­nanc­ing ca­pa­bil­i­ties, and en­rich its macrore­search on the con­tin­gent re­serve ar­range­ment, in or­der to

Take­hiko Nakao is the pres­i­dent of Asian De­vel­op­ment Bank and Yvo de Boer is di­rec­tor-gen­eral of the Global Green Growth In­sti­tute. GGGI is host­ing the Global Green GrowthWeek in Jeju, the Repub­lic of Korea on Sept 5-9, 2016, which will bring to­gether the cli­mate change com­mu­nity to seek ways to move to­ward a green fi­nance ac­tion agenda for 2017. strengthen the five coun­tries’ fi­nan­cial se­cu­rity.

On the prin­ci­ple of re­spect­ing each other’s con­cerns and in­ter­ests, BRICS coun­tries should con­tin­u­ously deepen their se­cu­rity co­op­er­a­tion, and safe­guard the UNChar­ter and prin­ci­ples of in­ter­na­tional re­la­tions to fa­cil­i­tate win-win part­ner­ships and a peace­ful and rea­son­able in­ter­na­tional or­der.

More im­por­tantly, BRICS states should in­sist on their right to choose the de­vel­op­ment mod­els that best suit their real con­di­tions and op­pose any in­ter­ven­tion in their in­ter­nal af­fairs.

BRICS states should also try to dove­tail their do­mes­tic de­vel­op­ment strate­gies to the in­ter­na­tional de­vel­op­ment agenda and urge de­vel­oped coun­tries to ful­fill their obli­ga­tions to help de­vel­op­ing coun­tries re­al­ize their de­vel­op­ment goals and to pro­mote South-South co­op­er­a­tion.

The au­thor is a se­nior re­searcher in world pol­i­tics at the China In­sti­tutes of Con­tem­po­rary In­ter­na­tional Re­la­tions.


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