President Xi Jinping has shared his vision for the BRICS cooperation which he believes will enter a second ‘golden decade’ if the emerging-market countries work together to overcome the challenges of weak growth and threats to world peace.
Addressing the BRICS Business Forum in Xiamen on Sept 3, with Brazilian President Michel Temer and South African President Jacob Zuma in audience, Xi said after 10 years a fully-fledged BRICS cooperation framework is taking shape.
With Russia’s Vladimir Putin and India’s Narendra Modi joining in, the leaders of the world’s five major developing countries will chart way forward for the bloc at the ninth BRICS summit scheduled for Sept 3-5.
Xi refuted the assertion that BRICS is losing luster on Sept 3.
He said despite headwinds causing growth setbacks, the BRICS countries are ‘fully confident’ about their growth potential and the future outlook.
BRIC was first coined in 2001 to describe four emerging economies with fast growth and great potential. The concept turned into a formal cooperation framework in 2006. Four years later, South Africa joined. BRIC became BRICS.
Xi said the past decade has seen the BRICS countries making headway in pursuing common development. Their combined GDP grew 179 percent, trade increased 94 percent and urban population expanded 28 percent during the period.
The development of the BRICS countries over the past decade has delivered tangible benefits to more than 3 billion people.
Xi said three important practices of the shared value should be carried forward – treating each other as equals, seeking results-oriented cooperation, and bearing in mind the well-being of the world.
‘Dialogue without confrontation, partnership without alliance,’ Xi summed up the cooperation principle in a simple phrase.
He said the principle has gained growing endorsement and has become a positive energy in the international community.
Source: The Central People’s Government of the People’s Republic of China