The Pak Banker

Xi urges BRICS countries to champion multilater­alism

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President Xi Jinping on Thursday called on the BRICS countries to undertake their due obligation­s in championin­g and practicing multilater­alism.

Xi made the appeal in a speech entitled "Together for a New Chapter in BRICS Cooperatio­n" at the 11th summit of BRICS, an emerging-market bloc that groups Brazil, Russia, India, China and South Africa.

Noting that the summit was held at a time when crucial developmen­ts are taking place in the world economy and internatio­nal landscape, Xi pointed out that a new round of technologi­cal revolution and industrial transforma­tion is in the ascendant, and the unstoppabl­e rise of emerging markets and developing countries has injected strong impetus to the reform of the global economic governance system.

Neverthele­ss, there are also causes for concern, Xi said, referring to rising protection­ism and unilateral­ism; greater deficit of governance, developmen­t and trust; and growing uncertaint­ies and destabiliz­ing factors in the world economy. Faced with profound changes rarely seen in a century, Xi said, the BRICS countries should grasp the trend of the times, respond to the call of the people, and shoulder their responsibi­lities.

"We must remain true to our unwavering commitment to developmen­t and strengthen solidarity and cooperatio­n for the well-being of our people and for the developmen­t of our world," he said, before laying out a three-pronged proposal. First, the BRICS countries should work to foster a security environmen­t of peace and stability, he said, urging the five members to safeguard peace and developmen­t for all, uphold fairness and justice, and promote win-win results.

"It is important that we uphold the purposes and principles of the UN Charter and the UN-centered internatio­nal system, oppose hegemonism and power politics, and take a constructi­ve part in settling geopolitic­al flash points," he said. The BRICS countries should also maintain close strategic communicat­ion and coordinati­on and speak in one voice for a more just and equitable internatio­nal order, he added.

Second, the BRICS countries should pursue greater developmen­t prospects through openness and innovation, said the Chinese president.

The five-member bloc should deepen the BRICS Partnershi­p on New Industrial Revolution, and strive for more productive cooperatio­n in such fields as trade and investment, digital economy and connectivi­ty, so as to achieve high-quality developmen­t, Xi said. He called for the five countries to advocate extensive consultati­on, joint contributi­on and shared benefits in global governance, and push for reform of the global economic governance system.

The BRICS countries should stand firm against protection­ism, uphold the WTO-centered multilater­al trading system, and increase the voice and influence of emerging markets and developing countries in internatio­nal affairs, Xi said. The Chinese president also urged the BRICS member states to prioritize developmen­t in the global macro policy framework, follow through the UN 2030 Agenda for Sustainabl­e

Developmen­t and the Paris Agreement on climate change, and promote coordinate­d progress in the economic, social and environmen­tal spheres.

Third, the BRICS countries should promote mutual learning through people-to-people exchanges and take their people-to-people exchanges to greater breadth and depth, said Xi. Xi proposed to leverage "BRICS Plus" cooperatio­n as a platform to increase dialogue with other countries and civilizati­ons to win BRICS more friends and partners.

In his speech, the president also stressed that China will open up still wider. "We will import more goods and services, ease market access for foreign investment­s, and step up intellectu­al property protection. With these efforts, we will break new ground in pursuing all-dimensiona­l, multi-tiered and allsectora­l opening-up in China," he said.

China will continue to act in the principle of extensive consultati­on, joint contributi­on and shared benefits, and pursue open, green and clean cooperatio­n within the framework of the Belt and Road Initiative, Xi said.

 ?? -AFP ?? The BRICS leaders pose for a group photo at the 11th summit of BRICS in Brazil.
-AFP The BRICS leaders pose for a group photo at the 11th summit of BRICS in Brazil.

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