International solidarity and coordination to maintain world peace, Stability and promote global sustainable development
- Presidents Xi Jinping of China, Vladimir Putin of Russia, Jair Bolsonaro of Brazil, and Cyril Ramaphosa of South Africa were present as Modi delivered the statements.
- Five of the major developing nations in the world are represented by the BRICS (Brazil, Russia, India, China, and South Africa), accounting for 41% of the world’s population, 24% of its GDP, and 16% of its commerce.
- Chinese leader says world must move away from US-led hegemony and towards a ‘future of harmony’.
- Cold War mentality’: China’s Xi denounces ‘abuse of sanctions’
Xi’s remarks at the virtual meeting of the leaders of Brazil, Russia, India, China and South Africa, known collectively as BRICS, reflect China’s tacit backing of Russia in the war in Ukraine and its desire to form an international alliance opposed to the US-led liberal democratic order. Nations need to “reject the Cold War mentality and bloc confrontation, oppose unilateral sanctions and abuse of sanctions, and reject the small circles built around hegemonism by forming one big family belonging to a community with a shared future for humanity”, Xi was quoted as saying by the official Xinhua news agency.
President of the Russian Federation: Russian President Vladimir Putin, meanwhile, blamed “thoughtless and selfish actions of certain states” for the global economic crisis, adding, “honest and mutually beneficial cooperation” are the only way out of the situation. “This crisis situation that has shaped in the global economy [is] caused by the thoughtless and selfish actions of certain states who, using financial mechanisms, essentially shift the blame for their own mistakes in the macroeconomic policy to the entire world,” Putin said.
The Russian leader also said BRICS’ influence globally was “steadily increasing” as the member countries deepened their cooperation and worked towards “a truly multipolar system of inter-state relations”. We are confident that today, as never before, the world needs the BRICS countries’ leadership in defining a unifying and positive course for forming a truly multipolar system of interstate relations based on the universal norms of international law and the key principles of the UN Charter. In this context, we can count on support from many states in Asia, Africa and Latin America, which are seeking to pursue an independent policy.
Treaty proposed to combat all terror finance networks
The BRICS declaration reiterated that terrorism should not be associated with any religion, nationality, civilization or ethnic group. BRICS has called for an expeditious finalization and adoption of the Comprehensive Convention on International Terrorism within the UN framework. President Xi Jinping has urged the BRICS countries to support one another on issues concerning their core interests, practice true multilateralism, and work together to safeguard justice, fairness and solidarity and reject hegemony, bullying and division.
Countering US-led order
China has refused to condemn Russia’s invasion while criticizing sanctions brought against Moscow.
Brics group support dialogue between Russia, Ukraine
Amid simmering geo-political tensions, BRICS nations have supported diplomacy and dialogue between Russia and Ukraine. Three of its members — China, India and South Africa — have abstained from voting on a United Nations resolution condemning Russia’s invasion of Ukraine. India has bought large amounts of Russian oil at a heavy discount, and South Africa abstained in a United Nations vote condemning Russia’s actions.
China has sought to use the BRICS meetings to further its vision of an alliance to counter the US-led liberal democratic world order while expanding its economic and political footprint. That has produced few tangible results, but Xi remains committed to the idea of an alternative and principally authoritarian mode of global governance, investing heavily in countries such as Cambodia while cracking down on civil rights in Hong Kong and boosting its military to assert its territorial claims in the South China Sea and threats to annex Taiwan by force.
‘Irresistible historical trend’
Xi said imposing sanctions could act as a “boomerang” and a “double-edged sword,” and the global community would suffer from “politicizing, mechanizing and weaponizing” global economic trends and financial flows. “Economic globalization is an objective requirement for the development of productive forces and an irresistible historical trend,” Xi said.
Strengthening of trade, engagement of BRICS focal points
BRICS nations agreed to strengthen exchanges and cooperation in trade in services and the engagement of BRICS national focal points, as established in the BRICS Framework for Cooperation on Trade in Services, with the BRICS Business Council. This aims to promote the implementation of BRICS Trade in Services Cooperation Roadmap and relevant documents including the BRICS Framework for cooperation in Trade in Professional Services. It was announced in the summit that BRICS New Development Bank (NDB) has relocated its permanent headquarters building in Shanghai and an NDB’s regional office has opened in India.
Establishment of BRICS Think Tank Network for Finance
BRICS nations decided to establish the BRICS Think Tank Network for Finance. ”We expect it to work independently and provide intellectual support, as and when tasked, for knowledge sharing, exchange of experiences and practices and cooperation on finance issues amongst BRICS countries,” the declaration said.
BRICS expansion
Additionally, China has supported the expansion of BRICS to include other countries. “Bringing in fresh blood will inject new vitality into BRICS cooperation and increase the representativeness and influence of BRICS,” said Xi in his remarks at the summit. China’s Wang said that “to strengthen the solidarity and cooperation between emerging markets and developing countries,” for the first time, officials and foreign ministers of Argentina, Egypt, Indonesia, Kazakhstan, Nigeria, the United Arab Emirates, Saudi Arabia, Senegal, and Thailand, described as BRICS Plus countries, were invited to a May virtual meeting of BRICS foreign ministers. The BRICS joint statement declared the countries were in favor of further discussions about expanding bloc membership but “stressed the need to clarify” the details of the process.
