BRICS to­gether must re­sist US trade fric­tion: schol­ars

Global Times - Weekend - - TOP NEWS - By Yin Han

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.

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