BRICS mem­bers urged to help main­tain world eco­nomic sta­bil­ity

China Daily (Latin America Weekly) - - Front Page - By AN BAIJIE in Buenos Aires an­bai­[email protected]­

Pres­i­dent Xi Jin­ping called on BRICS coun­tries on Fri­day to make joint ef­forts to main­tain the sta­bil­ity and pros­per­ity of the global econ­omy at a time when the mul­ti­lat­eral trad­ing sys­tem faces chal­lenges.

He made the re­marks while at­tend­ing an in­for­mal meet­ing with Brazil­ian Pres­i­dent Michel Te­mer, Rus­sian Pres­i­dent Vladimir Putin, In­dian Prime Min­is­ter Naren­dra Modi and South African Pres­i­dent Cyril Ramaphosa in Buenos Aires on the side­lines of the G20 Lead­ers’ Sum­mit.

The lead­ers of the five coun­tries reached nu­mer­ous agree­ments af­ter ex­chang­ing in-depth views on the global eco­nomic sit­u­a­tion and co­op­er­a­tion be­tween BRICS mem­bers.

Xi said the risks fac­ing the global econ­omy are ris­ing and the mul­ti­lat­eral trad­ing sys­tem is be­ing af­fected, which goes against the com­mon in­ter­ests of the in­ter­na­tional com­mu­nity.

He called for joint ef­forts by BRICS mem­bers to strengthen unity, en­hance com­mu­ni­ca­tion and co­or­di­na­tion, shoul­der their re­spon­si­bil­i­ties and pro­mote global gov­er­nance to de­velop in the right di­rec­tion.

BRICS coun­tries should firmly up­hold mul­ti­lat­er­al­ism, en­hance co­or­di­na­tion un­der the frame­works of the G20, the United Na­tions and the World Trade Or­ga­ni­za­tion, jointly safe­guard in­ter­na­tional or­der based on mul­ti­lat­er­al­ism and op­pose pro­tec­tion­ism and uni­lat­er­al­ism, Xi said.

Th­ese coun­tries should be ded­i­cated to im­prov­ing global eco­nomic gov­er­nance, he said, adding that the WTO should be re­formed in the right di­rec­tion.

The core val­ues and ba­sic prin­ci­ples of the WTO should not be dis­carded, and the spe­cial treat­ment en­joyed by de­vel­op­ing coun­tries must be guar­an­teed, Xi said.

He urged that re­form of the in­ter­na­tional mone­tary and fi­nance sys­tem should be pushed con­tin­u­ously, and that rep­re­sen­ta­tion of emerg­ing mar­kets and de­vel­op­ing coun­tries should be fur­ther im­proved.

Xi pro­posed that BRICS mem­bers take a lead­ing role in pro­mot­ing emerg­ing mar­kets and de­vel­op­ing coun­tries to make de­vel­op­ment a top pri­or­ity.

They should also push the de­vel­oped coun­tries to ful­fill their com­mit­ment to de­vel­op­ment aid and pro­vide cap­i­tal, tech­nol­ogy and ca­pac­ity-build­ing sup­port for de­vel­op­ing na­tions, Xi said.

BRICS coun­tries should en­hance prag­matic co­op­er­a­tion, jointly cul­ti­vate new driv­ing forces for eco­nomic growth and re­lease the po­ten­tial of BRICS Plus to make other emerg­ing mar­kets and de­vel­op­ing coun­tries ben­e­fit from BRICS co­op­er­a­tion, Xi said.

BRICS Plus refers to a di­plo­matic way of invit­ing non-BRICS coun­tries to a BRICS sum­mit.

Not­ing that all BRICS na­tions are im­por­tant mem­bers of G20, Xi said the five coun­tries should work to­gether to sup­port this G20 sum­mit, achieve pos­i­tive out­comes that are re­spon­si­ble for the world and its peo­ples, and send a strong voice of en­hanc­ing global co­op­er­a­tion and pro­mot­ing mu­tual ben­e­fits.

The other BRICS lead­ers said at the meet­ing that global pol­i­tics, econ­omy and trade are fac­ing grave chal­lenges, and the trend of uni­lat­er­al­ism and pro­tec­tion­ism is wor­ry­ing.

The lead­ers agreed that the BRICS coun­tries should im­prove unity and strengthen co­op­er­a­tion in ar­eas such as trade, en­ergy, tech­nol­ogy, fi­nance, peo­ple-to-peo­ple ex­changes and health.

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