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The BRICS leader agreed that global trade and cooperation is threatened by protectionist measures [PPIO]
This was the first major BRICS meeting for Brazilian President Jair Bolsonaro and South African President Cyril Ramaphosa, who replaced their predecessors since the last BRICS Summit in Johannesburg.
The leaders meet at a time of tense global politics: The G20 is sure to discuss the recent war footing between Iran and the US, on the one hand, and the trade war of attrition between the US and China.
BRICS leaders are likely to raise the importance of multilateralism ad a means to overcome trade protectionism, as espoused by US President Donald Trump.
“The global economic situation cannot but raise concerns. It is indicative that international trade is no longer the driving force of economic growth and is carrying an increasingly heavier burden of protectionism, politically motivated restrictions and barriers,” Russian President Vladimir Putin told his BRICS counterparts.
“BRICS can and must play a more influential role in global finances, insist on continuing the IMF reform and strengthening authority of emerging economies and developing countries in the fund,” he added.
For his part, Chinese President Xi Jinping presented to his counterparts a three-tier economic proposal to expand BRICS cooperation in the face of the global economic protectionism.
Xi stressed BRICS countries should make joint efforts to improve global governance and uphold multilateralism, and called on BRICS members to enhance practical cooperation.
Indian Prime Minister Narendra Modi started off by congratulating Blosonaro for his recent election win, as well as Ramaphosa.
Modi’s party – the Bharatiya Janata Party (BJP) – recently won in elections in India.
“The synergy between BRICS countries can lead, to some extent to the resolution of the side effects of unilateral decisions. We have to keep on emphasizing for reformed multilaterism in international financial and business institutions and organizations for the necessary reforms,” Modi said in response to grow global trade inequality.
The informal BRICS meeting was chaired by Bolsonaro.
Ramaphosa, meanwhile, focused on a decade of BRICS achievements but also charted the way forward.
“The BRICS countries are increasingly recognised as an influential formation in reinforcing the principles of transparency, inclusiveness and compatibility within the multilateral trading system,” he said.
“There is also much scope to expand the value of trade between BRICS countries,” he added.
The BRICS Post with inputs from Agencies
