BRICS together must resist US trade friction: scholars

BRICS countries should seek further unity and cooperation to resist trade friction created by the US, Chinese scholars said after Foreign Minister Wang Yi attended a meeting of the BRICS foreign ministers on Thursday in New York and emphasized the importance of multilateral cooperation.

Foreign ministers of Brazil, Russia, India and South Africa responded to Wang’s proposal and vowed to uphold multilateralism, safeguard international law and rules, and push globalization toward a more balanced, just and inclusive development, the Xinhua News Agency reported on Friday.

Wang also called on BRICS nations to stand together on major issues and safeguard the legitimate development interests of emerging markets including BRICS nations.

“The meeting was held in a background of a global trade friction created by the US, which impact many countries including BRICS nations,” Hu Zhiyong, a research fellow with the Institute of International Relations at the Shanghai Academy of Social Sciences, told the Global Times.

In such a situation, BRICS countries should “unite together and deepen cooperation and go on promoting globalization,” Hu said.

Yuan Gangming, a professor with the Center for International Economic Research at Tsinghua University told the Global Times on Friday that the mutual assistance among BRICS countries has been “gratifying when faced with conflicts and issues related with trade and exchange rates.”

Yuan also noted that trade friction among BRICS countries could happen in the face of a situation where domestic demand is shrinking leading to reduced imports.

BRICS nations should “recognize the importance of being united in the current situation” and try best to maintain positive cooperation and trade among member countries, which will be “an important source of strength facing the trade conflicts created by the US,” Yuan said.

The total GDP of BRICS nations in 2017 was over $17 trillion, surpassing that of the European Union.

The trade volume among BRICS nations has dropped 9 percent during the past five years, according to a Reuters report, citing data from the Standard Bank.

Wang also called on convening countries to expand “BRICS Plus” cooperation, Xinhua said.