Powering the world

Fourth BRICS summit in Delhi: expectations and ambitions

Written by Zhang Yan | Published: March 28, 2012 3:30:21 am

The Fourth BRICS Leaders Summit,with the theme of Partnership for Global Stability,Security and Prosperity,will be held in New Delhi,India from March 28 to 29,2012. Leaders of BRICS countries will gather together to have an in-depth discussion on global governance and sustainable development,and cooperation among the BRICS members.

The summit comes at a time when the international situation is undergoing complex and profound changes and the global economic recovery is still facing many uncertainties. The entangled sovereign debt crisis in some European countries and financial problems in the United States,coupled with turbulence in the Middle East and North Africa,have made further negative impact upon the world economy.

Against such a backdrop,the BRICS countries have been working together to fight against the adverse effects caused by the crisis and tide over the challenges with cohesion. It is heartening to see that BRICS countries in general have maintained a steady and relatively fast growth of their respective economies. With BRICS regarded as the powerhouse of the world economy,the international community places high hopes on them to help realise an early recovery for the world economy. A good economic performance by the BRICS not only brings tangible benefits to their own people,but also contributes positively to the long-term development of the world economy. No doubt,the positive outcome of the BRICS Summit will surely have a good impact on the world economy. The international community has every reason to expect the summit to produce fruitful results in this regard. Moreover,BRICS countries have a shared aspiration to uphold international law-and-order and promote the democratisation of international relations.

Thanks to individual and joint efforts,the BRICS have made rapid progress in economic and social development in recent years. They have played a crucial role in tackling the global financial crisis and taken the lead in world economic growth. Today,the five countries account for 42 per cent of the global population,make up 18 per cent of the world GDP and 15 per cent of the world total trade volume. Their contribution to the world economic growth rate has exceeded 50 per cent. Economic and trade cooperation has become an important feature of the cooperative relations among the five countries. China’s trade volume with its BRICS partners reached US$ 287 billion in 2011. Mutual investments are also increasing rapidly. BRICS countries boast the world’s largest markets. Each has its competitive edges in different areas. Some are blessed with abundant natural resources,while others are strong in manufacturing,IT,biotechnology,telecommunication and aerospace. They can complement each other in many ways and hold out great potential for win-win economic cooperation.

The BRICS have also coordinated and cooperated closely to improve global economic and financial governance. They have been working jointly to resolve the issues related to food and energy security,the Doha Round of trade negotiations,climate change,sustained and green development,the Millennium Development Goals,and especially the reform of international financial institutions. With their growing economic weight and greater contribution to the world,BRICS countries call for more say and better representation at the IMF,World Bank and other international financial institutions in order to reflect the reality of the changing world. Though there exists resistance,the BRICS must press on for their legitimate right and defend the interests of all developing countries. A more fair and democratic international economic and financial order cannot be achieved without the participation and cooperation of BRICS countries.

Of course,the BRICS are confronted with challenges in their national development. They are all facing similar historic tasks of improving the well-being of their people,restructuring their economic structure,ensuring a stable and sustainable economic and social development and achieving inclusive and balanced development for all.

It took around 10 years for the BRICS to grow from a concept to reality. The BRICS have achieved a lot since their first summit held in Russia and made substantial contributions to revitalising the world economy. The BRICS mechanism has become a significant platform for dialogue and cooperation among emerging economies. It follows the principles of openness,transparency,solidarity,mutual assistance,cooperation and common development. Only through close and meaningful cooperation among BRICS countries on the basis of equality can common prosperity come true.

China and India are active members of BRICS. Over the next few days,India will play host to the Leaders Summit. We hope this summit will further implement the Action Plan of the Sanya Declaration of the Third Summit held in Sanya,China and intensify the cooperation in the fields of economy and trade,finance,health,agriculture,science and technology,so as to bring more concrete benefits to the people of BRICS countries.

Apart from the summit,Chinese President Hu Jintao and Indian Prime Minister Manmohan Singh will hold bilateral talks which will surely give a strong impetus to our already good neighbourly and strategic cooperative partnership and take our bilateral relations to new heights.

I sincerely wish the Fourth BRICS Leaders Summit a great success. China will work together with India and other BRICS partners to make unremitting efforts to build a harmonious world with durable peace and common prosperity.

The writer is the Ambassador of the People’s Republic of China to India,express@expressindia.com

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