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4 September 2017
 |
| BRICS (The Total Investment & Insurance Solutions) |
Five major emerging economies opened a summit Monday to map out their
future course, with host Chinese President Xi Jinping calling on them to play a
bigger role in world governance, reject protectionism and inject new energy
into tackling the gap between the world's wealthy and developing nations.
"We need to make the international order
more just and equitable," he told the leaders of Brazil, Russia, India and
South Africa in his opening address. "Our ever closer ties with the rest
of the world require that our five countries play a more active role in world
governance. Without us, ... many challenges cannot be effectively resolved." The Total Investment & Insurance
Solutions
Xi said they should "speak with one
voice" to jointly present their solutions to global problems and safeguard
their common interests. The Total
Investment & Insurance Solutions
He also called on his BRICS partners,
Brazilian President Michel Temer, Russian President Vladimir Putin, Indian Prime
Minister Narendra Modi, and South African President Jacob Zuma to oppose a
growing tide of protectionism across the world. The leaders are holding their
annual summit in the southeastern Chinese city of Xiamen through Tuesday. The Total Investment & Insurance
Solutions
BRICS was formed as an association of
fast-growing large economies about a decade ago to advocate for better
representation for developing countries and challenge the Western-dominated
world order that has prevailed since the end of World War II. It soon achieved
agreement to increase the share of voting rights for emerging markets in world
financial bodies the International Monetary Fund and World Bank. It has also
started operating its own development bank. The Total Investment & Insurance Solutions
Xi wants BRICS to play a more important role
in international affairs, even as some observers suggest its power is waning
given rivalry between China and India and the economic woes of Brazil, Russia
and South Africa.
"BRICS country cooperation is not a
talking shop but a task force that gets things done," Xi said in a speech
to BRICS business leaders Sunday. "Our goal is to build a big market of
trade and investment, promote smooth flow of currency and finance, improve
connectivity of infrastructure and build close bonds between the peoples." The Total Investment & Insurance
Solutions
The five nations all broadly support free
trade and oppose protectionism, although China in particular has been accused
of erecting barriers to foreign competition as its own companies buy up others
overseas. But Xi has positioned himself as a champion of globalization at a
time when his U.S. counterpart Donald Trump is renegotiating the North American
Free Trade Agreement and pulled the U.S. out of a planned trade deal with
Pacific nations.
Yet clear political and economic differences
exist among the BRICS countries. They range from democratic to autocratic, with
some maintaining heavy government control over the economy and civil society.
And the economies of Brazil, Russia and South Africa are driven largely by raw
material exports and have been hit by slumping commodity prices, while China
and India are oriented more toward manufacturing and services.
Trade within BRICS is also heavily in favor
of China, the world's second-largest economy and a key driver of sustained
world economic growth. The Total
Investment & Insurance Solutions
Suggesting disagreements lie ahead in Xiamen,
South African President Jacob Zuma said that despite a doubling of his nation's
trade with BRICS countries from $15 billion in 2010 to $31.2 billion in 2016,
it had been "inequitable."
"The character of trade has been highly
inequitable," he said in remarks to the BRICS Business Council on Sunday.
"Exports from South Africa have been driven particularly by raw materials.
This dominance of raw material exports has adversely impacted South
Africa." The Total Investment
& Insurance Solutions
He called on the other BRICS nations to
invest in supply and development programs in Africa and skills development and
technology transfer, and engage in projects "that would support inclusive
development and equal partnerships."
He also called on the New Development Bank,
which was created by BRICS in 2014 and started operating last year, to lend
more to Africa. The Total Investment
& Insurance Solutions
Xi told the other leaders on Monday that they
had "yet to fully tap the potential of BRICS cooperation." The Total Investment & Insurance
Solutions
Of the $197 billion outbound investment made
by BRICS in 2016, only 5.7 percent was within the five countries, he said,
calling for more cooperation in finance, connectivity, sustainable development,
innovation and industrial cooperation. The
Total Investment & Insurance Solutions
A meeting between Xi and Indian Prime
Minister Narendra Modi is due to take place Tuesday. Last week, the two
hurriedly concluded a 10-week border stand-off over disputed land in the
Himalayas, which was their most serious confrontation in decades, to smooth the
way for Modi's participation in the summit. The two greeted each other smiling
and with a firm handshake at Monday's welcoming ceremony.
Some observers say admitting other countries
to BRICS would answer some of its problems. While no formal progress is
expected on that at this summit, China has invited the leaders of Egypt,
Guinea, Mexico, Tajikistan and Thailand to attend a dialogue with the BRICS'
presidents and prime ministers on Tuesday.
On Sunday, Xi met on the sidelines with
Russian President Vladimir Putin and discussed North Korea's latest nuclear
test — its sixth and most powerful yet, which has cast a shadow over the summit
hosted by Pyongyang's only major ally, China. The official Xinhua News Agency
said they agreed to "appropriately deal with" it, without
elaborating. The Total Investment &
Insurance Solutions
Putin also spoke to Japanese leader Shinzo
Abe by phone after arriving in Xiamen on Sunday, and urged restraint in
responding to North Korea's claim to have set off a hydrogen bomb test,
according to a Kremlin spokesman.
Xinhua also reported that Xi and Putin had
agreed to enhance military cooperation between China and Russia.The Total Investment & Insurance
Solutions
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