BRICS giants make way for emerging markets
Mpho Mokwape | Tuesday September 5, 2017 14:57
BRICS, a group of emerging economies consisting of Brazil, Russia, India, China, and South Africa are this week gathering at China’s Xiamen city in Fujian Province for the ninth BRICS Summit where they are expected to deliberate further on the BRICS PLUS and how it will benefit the countries outside their circle.
The five countries have already made way for Africa to be hopeful of the BRICS PLUS as two African countries Kenya and Egypt have been invited to this year’s summit, joining South Africa, which is the only African country within the BRICS circle.
During the opening ceremony of BRICS Business Forum on Sunday China’s President Xi Jinping gave a glimpse of their intentions of making BRICS a world leader in global development and helping other countries in sustainable development.
“BRICS cooperation has now reached a crucial stage of development. In assessing its performance, it is important to bear two things in mind: the historical course of global development and evolving international landscape and the historical process of development of the BRICS countries and other emerging markets, both individually and collectively, in the context of which BRICS cooperation is pursued,” he explained
Xi said the BRICS countries co-agreed on the BRICS PLUS as a way of closing the global gap between the five countries and those outside the circle in order to enhance cooperation and allow other markets to have a wider trading space for better development.
He explained that the BRICS PLUS will be extended to most African countries and others as a way of fulfilling their global responsibility in helping developing countries still struggling to remain afloat economically and as well as politically without interference into their internal affairs which has always been their principle when dealing with others countries in need.
“The past decade has seen the BRICS countries endeavoring to fulfill their international responsibility. Committed to multilateralism, fairness and justice, our five countries have staked out our positions on major regional and international issues and made our proposals to address them. We have promoted reform of global economic governance to increase the representation and say of emerging market and developing countries. As a champion of development, we have taken the lead in implementing the Millennium Development Goals and Sustainable Development Goals, and engaged in close dialogue and cooperation with other developing countries to pursue development through unity,” Xi said.
Xi pointed out that as the five countries they have always believed in developing themselves while at the same time having the well being of the world in our mind as such having gone through an arduous course of development, the BRICS countries share the agony of those people who were still caught in chaos and poverty.
Xi maintained that, “Since the very beginning, our five countries have been guided by the principle of dialogue without confrontation, partnership without alliance. We are committed to observing the purposes and principles of the UN Charter, international law and basic norms governing international relations in conducting state-to-state relations. When developing ourselves, we are ready to share development opportunities with other countries. The philosophy of BRICS cooperation has gained growing appreciation and endorsement, and it has become a positive energy in the international community.”
Furthermore Xi said although conflict and poverty are yet to be eliminated globally, the trend toward peace and development has grown stronger and that in the last decade the world has seen large number of emerging market and developing countries coming into the fore, playing an ever greater role in international affairs. He noted that despite the outbreak of the 2008 global financial crisis that left the world economy reeling, and which is yet to fully recover as it is facing external shock, the five countries have held the ground by strengthening the domestic economy, boosting growth and improving people’s livelihood.
“In the past 10 years, our combined GDP has grown by 179%, trade by 94% and urban population by 28%. All this has contributed significantly to stabilizing the global economy and returning it to growth, and it has delivered tangible benefits to three billion and more people,” he said.
Still on the summit which ends today, the five countries are expected to discuss issues of global security with terrorism at the fore and the economic status of BRICS countries and their impact on the global economic stage as well as on developing countries.