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Benefits of globalisation must reach all: BRICS
July 7, 2017, 10:37 am

BRICS Leaders meet in Hamburg, Germany on 7 July 2017 [Image: PPIO]

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

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

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

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 EMDCs, 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 hasn’t improved since the group last met in India last year during the 8th BRICS Summit.

U.S. President Donald Trump and other world leaders will meet during the July 7-8 summit of leaders of the world’s 20 biggest economies in Hamburg.

Trade protectionism, climate change and terrorism will be among the thorny issues discussed at the summit.

On Friday 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 WTO rules and commitments and oppose protectionism,” the BRICS communique said.

At the meet on Friday, Putin referred to the sanctions against Russia saying Moscow is “against the economic protectionism that is gaining momentum in the world”.

“Illegal and politically biased trade and financial restrictions are actually aimed at removing rivals and result in the curtailment of business ties and a loss of trust between partners in economic cooperation, which is destroying the global economic fabric,” Putin said.

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

TBP and Agencies

2 Responses to Benefits of globalisation must reach all: BRICS

  1. A.I. Reply

    July 7, 2017 at 8:05 pm

    GLOBALIZATION is a myth, a fake, an Utopian idea, like COMMUNISM, there is no benefits of globalization, at least not for the global poor masses, the benefits like usual will go to the ELITE GLOBALISTS, the 99% have no better chance in a so called GLOBAL SOCIETY, GLOBALISM is killing everything what it mean to be specific national, identity and specific culture culture in every country. I’m not sure if everybody wants this kind of NWO, so i ;m doubting more and more the failure of this nightmare called GLOBALIZATION !

  2. lisa Reply

    July 9, 2017 at 8:05 pm

    I agree. Globalization is really intended only for corporations to further exploit for power and monetary and material gain. These primitive and predatory behaviors show mankind’s gross immaturity and ignorance of life’s purpose.

    Mankind’s purpose on Earth is not to find more cunning ways to exploit it but to serve and protect the planet and respond to its generous beauty and nourishment with acts of appreciation which do not harm it.

    Instead man builds fortresses of concrete and metal, called “cities,” fills it with people who can’t feed themselves, who put on suffocating suits and ties and move from one box to another, drink chemically treated and dead water, eat poisoned “food,” and collect a worthless paycheck from a corporation that is likely killing directly or indirectly what remains of the Earth ‘s natural sustenance.

    The Earth ‘s water is already unfit to drink most everywhere, thanks to mankind’s idiotic and insane practices of “agriculture.”

    Playing gods over life and Nature. I see these men in suits and I know that while a handful of them may genuinely have humility and service to life and Earth as their goal, they struggle with very serious issues and immoral enemies in western “democracies.”

    As for western “protectionism,” they themselves have nothing worth protecting, nor worth trading for – they’ve stolen almost everything they lay claim to, so protect what is your responsibility and obligation by any means necessary. Remove the completely, permanently. Kick out their internet, their dollars, their products, their front groups and shills – all of it.

    There is no other way. They will destroy themselves in time. Do not ever come to their aid. They will never learn, trust me.

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