On Sept 5, the emerging-market bloc of BRICS concluded their 9th annual summit hosted by the beautiful city of Xiamen in southeast China’s Fujian Province. Running from Sept 3 to 5 under the theme of “BRICS: Stronger Partnership for a Brighter Future,” the summit saw the signing of a joint declaration on Sept 4, four cooperation agreements and Memorandums of Understanding (MoUs).
Through ten years’ development, the BRICS countries have become a new force in the world economy. Looking forward to the second “golden decade”, the BRICS leaders stressed their resolve to act jointly for development in the Xiamen Declaration.
Enhancing BRICS cooperation
The Xiamen Declaration reviewed achievements made over the past 10 years, recalling increased development and multilateralism fostered by previous summits in Goa in India and Ufa in Russia, especially the fruitful progress of the New Development Bank (NDB) and the initiation of the BRICS Contingent Reserve Arrangement (CRA), institutions that have ensured greater cooperation among BRICS countries.
It is worth mentioning that China will offer 500 million yuan ($76.4 million) for a BRICS economic and technology cooperation plan, and another $4 million for projects at the NDB.
National Currencies
According to the declaration, leaders agreed to establish a bond fund in national currencies in order to contribute to capital sustainability in BRICS member states. They have also agreed to increase the use of national currencies, including in direct investment.
Boosting cooperation in other fields
The five nations also agreed to further boost cooperation in the fields of insurance and reinsurance, taxation reform, customs, and to explore the possibility of setting up a BRICS rating agency based on independent, market-oriented principles.
Sticking to economic cooperation
Despite being confronted by global uncertainties,, the five countries have made remarkable progress in the past 10 years. BRICS countries’ share in the global economy has increased from 12 percent ten years ago to 23 percent in 2016.
The BRICS leaders vowed to confront challenges to seek common development. Chinese President Xi Jinping said that BRICS countries should work to let their economic cooperation have more substance. He proposed that the BRICS countries should advance structural reforms, innovate growth patterns and build up an open economy.
Opposing protectionism
BRICS countries have proved to have a leading role for global economic growth as well as a higher prestige in the world economy. With this newfound standing, BRICS leaders reaffirmed that they remained committed to an open and inclusive world economy and firmly opposed protectionism.
“We will continue to firmly oppose protectionism. We recommit to our existing pledge for both standstill and rollback of protectionist measures and we call upon other countries to join us in that commitment,” the Xiamen Declaration reads.
Facing challenges together
Besides economic issues, the BRICS nations also expounded their stances on international and regional issues of common concern, focusing on terrorism, the liberation of Mosul and the Israeli-Palestinian conflict.
According to the Xiamen Declaration, BRICS leaders condemned terrorism in all forms and said those “committing, organising or supporting” such acts must be held accountable. There are 17 references to terrorism in the 43-page Xiamen declaration.
In the declaration, the leaders stressed that the fight against terrorism must be conducted in accordance with international law.
Concern over the Yemen situation
BRICS leaders also expressed their concern over the crisis in Yemen and called on all parties to cease hostilities and engage in UN-supported settlement negotiations.
Settling the Syrian crisis
The BRICS leaders called for reaching a permanent settlement to the Syrian crisis, stressing that a comprehensive political process is the only solution that will allow Syrians to preserve the sovereignty and independence of their country.
Solving the Israel-Palestine conflict
In the Xiamen Declaration, the BRICS leaders expressed their readiness to offer support to solve the Israeli-Palestinian conflict so as to find a fair and permanent solution to the conflict in the Middle East.
Stronger partnership, brighter future
Undoubtedly, this year’s summit deepens South-South cooperation. Let us hope the BRICS countries of the jaguar (Brazil), the bear (Russia), the elephant (India), the dragon (China) and the springbok (South Africa) will continue to work together in forging a new partnership that is fair, open, and innovative to benefit the welfare of humankind. (The author is secretary of New Horizon Radio Listeners’ Club in West Bengal, India. This article is orginally published on chinadaily.com.cn and is abridged for use here.)