BRICS summit: Xi urges bigger voice at IMF for emerging nations

Chinese President Xi Jinping

Chinese President Xi Jinping

Xi Jinping also calls for the building of an open world economy, supporting a multi-lateral trade mechanism, pushing for the Doha Round negotiations to protect the legitimate interests of emerging market economies and developing countries, and ensuring that every country can enjoy equal opportunities, rules and rights in international economic and trade activities.

President Xi Jinping voiced confidence in the future of the BRICS cooperation mechanism and called for deepening partnership within the emerging market bloc.

The BRICS countries are facing some challenges in their respective development, but they still enjoy huge development potentials and the upward trend won’t change, Xi told the 7th BRICS (Brazil, Russia, India, China, South Africa) summit in the southwestern Russian city of Ufa yesterday.

“The more difficulties we face, the more confidence we must have,” he said.

He noted that any progress is not made along a straight line, but with twists and turns.

In his keynote speech, Xi called on BRICS countries to build a four-pronged partnership – safeguarding world peace, boosting common development, promoting diversified civilization and strengthening global economic governance.

On safeguarding world peace, Xi urged the BRICS countries to firmly oppose any attempts and actions that deny, distort and fabricate the history of the WWII and jointly safeguard the results of the WWII victory and international justice.

“Forgetting history means betrayal,” Xi said, adding that the BRICS nations should draw lesson from history and abandon the Cold War mentality and zero-sum game to jointly safeguard world and regional peace and stability.

He also asked those nations to jointly guard against and combat all forms of terrorism and speed up building mechanisms on anti-drug cooperation.

In addition, Xi said the willful use or threat of use of sanctions in handling international relations do not help solve problems.

On boosting common development, Xi said the BRICS countries should forge a community of shared interests and build a closer economic partnership.

Xi called on the BRICS nations to push forward the construction of the headquarters of the BRICS New Development Bank and an African regional center, so as to put them into use and achieve early results as soon as possible.

He added that the five nations should enhance coordination and cooperation to safeguard the common interests of emerging markets and developing countries on major international development issues, including the post-2015 development agenda and climate change.

On promoting diversified civilization, Xi said BRICS nations should take an open and inclusive attitude, carry out dialogues and exchanges with other countries and international organizations, and strengthen solidarity and cooperation with other emerging markets and developing countries so as to boost the power of the bloc and improve its representation and influence.

On strengthening global economic governance, Xi urged the BRICS countries to push for IMF reforms by expanding the representativeness and raising the voice of the emerging market economies and developing countries.

BRICS countries should work together to elevate their position and role in the global governance system, and push the international economic order to conform with the historical trend of rising influence of emerging economies and developing countries, Xi said.

He called for building an open world economy, supporting a multi-lateral trade mechanism, pushing for the Doha Round negotiations to protect the legitimate interests of emerging market economies and developing countries, and ensuring that every country can enjoy equal opportunities, rules and rights in international economic and trade activities.

The president also called on BRICS countries to strengthen cooperation in information security, internet management and immigration issues.

When discussing global political and economic issues with other BRICS leaders, Xi called for building a new type of global development partnership and urged the developed countries to take due responsibilities to help developing countries strengthen their capabilities for development, thus narrowing the South-North gap and enhancing South-South cooperation.

He also proposed building a new type of state-to-state relationship with win-win cooperation at the core. The BRICS countries should resort to peaceful development and not impose their will on others, he said.

Multilateralism must be firmly followed, the outcomes of the victory of the WWII must be treasured, and the purposes and principles of the UN Charter must be safeguarded, he added.

Xi suggested that the BRICS countries make endeavors to win the support of many more countries for the NDB, the Contingent Reserve Arrangement, the Belt and Road Initiative, the Asian Infrastructure Investment Bank and the Silk Road Fund, thus providing momentum for world economic growth and the international financial and monetary system reforms.

When discussing cooperation among the BRICS countries, Xi said that all sides should implement the significant initiatives they have made, such as the NDB and CRA, and show the bloc’s strong execution.

In addition, Xi called on the BRICS nations to smooth the alignment of the BRICS Economic Partnership Strategy with the development strategies of each member state, tap their respective strengths and potential, and carry out innovation and production capacity cooperation so as to enhance the solidarity and competitiveness of the bloc.

He also urged BRICS nations to pursue justice and democratization of international relations, insist on common but differentiated responsibilities, and support the sustainable development goals set by the United Nations to increase the charisma of the emerging market group. – www.thestandard.com.hk

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