BRICS Should Promote Open World Economy

BRICS countries have warned of persistent downside risks to the global economy ahead of the G20 Summit in Germany.

Leaders of Brazil, Russia, China, India and South Africa, namely Michel Temer, Vladimir Putin, Xi Jinping, Narendra Modi and Jacob Zuma, respectively, met on Friday in Hamburg, Germany, ahead of the G20 Summit, BRICSPost reported.

At the meet, the Chinese president called on the BRICS countries “to promote common development and push for more international support for African countries”.

The Chinese leader, who presided over the meeting, also called on the BRICS countries to push for peaceful settlement of regional conflicts and disputes, and to consolidate the role of the G20 mechanism as the premier platform for international economic cooperation.

The Indian premier said it is time for BRICS to show leadership in fighting terrorism and playing a major role in the global economy.

“BRICS has been a strong voice and needs to show leadership on terrorism and global economy. G20 should collectively oppose terrorism financing, franchises, safe havens, support and sponsors,” Modi said.

In Hamburg, BRICS nations have raised concerns over the pace of the global economic recovery.

“Facing uncertainties in the world economy, major economies should enhance macroeconomic policy coordination and avoid negative spillovers to emerging market economies,” a joint BRICS communique said.

Talks focused on enhancing the voice of developing countries at global forums like the G20.

 “We stress the importance of upholding a more inclusive, balanced and open world economy, creating an enabling environment for the development of economically more developed countries, encouraging human resource development and increasing people-to-people links, so that the benefits of globalization can be shared equally by all countries and peoples,” the BRICS statement said.

Outside on the streets of Hamburg, thousands of international protesters and activists have taken to the streets to protest against rising inequality.

The global economic situation has not improved since the group last met in India last year during the 8th BRICS Summit.

The BRICS countries urged the G20 to back the implementation of the Paris climate deal in stark contrast to the response from the Trump administration in the US. They also pledged to fight protectionism.

“We firmly support a rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system, implementation and enforcement of existing World Trade Organization rules and commitments, and oppose protectionism,” the BRICS communique said.

The BRICS countries have launched a $100 billion development bank, with its headquarters in China and with India holding its first rotating presidency.