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BRICS summit to focus on global developments, financing and cooperation: senior diplomat

04-02-2011 22:23 BJT Special Report:The Third Meeting of BRICS |

BEIJING, April 2 (Xinhua) -- An upcoming summit of emerging economic powers will focus on global developments, financing and cooperation the attending countries, a senior Chinese diplomat said in Beijing on Saturday.

The meeting of BRICS, or Brazil, Russia, India, China and South Africa, will be held in Sanya on south China's tropical island of Hainan Province on April 14.

Chinese President Hu Jintao will chair the meeting, with Brazilian President Dilma Rousseff, Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh and South African President Jacob Zuma in attendance, Assistant Foreign Minister Wu Hailong said during a briefing in Beijing.

South Africa is the newest member of BRICS, and is considered to be at the same stage of economic development as the group's other members.

Wu said the third BRICS meeting will send a signal of confidence, solidarity and cooperation to the international community.

The BRICS leaders will hold small-group and full-range talks and meet the press as a team. President Hu will also host a luncheon for them, Wu said.

President Hu will deliver a speech at the meeting, Wu added. The speech will elaborate on China's views of the current global economic situation and major issues, he said.

President Hu will also hold bilateral meetings with other leaders to discuss bilateral ties and international and regional issues of common concern, Wu said.

A document expected to be released after the summit will sum up BRICS countries' consensus on the global economy, international financial issues and developmental affairs.

The establishment of a cooperative mechanism among BRICS countries is the inevitable result of the rise of these countries, as well as a necessary mechanism for the further development of their economies, Wu said.

Wu cited several figures to show the important roles that BRICS nations currently play in the world economy. Their combined GDPs accounted for 18 percent of the global GDP in 2010, Wu said, while their combined populations accounted for 40 percent of the world's total population.

Trade volume for BRICS countries has also shot up year to year, with an average annual growth rate of 28 percent from 2001 to 2010, Wu said, adding that the total volume of trade among BRICS countries reached 230 billion U.S. dollars in 2010.

Hailing BRICS' increasingly important role in the world economy, Wu said that cooperation among member countries will help to boost the world economy and bridge cooperation between developing countries and developed ones.

Such cooperation conforms with the interests of the five states and the global community as a whole, he said.

"It's open, transparent and inclusive, and will stick to the principle of unity, cooperation and mutual benefit," Wu said.

China hopes that all member countries can reach a consensus on tackling global challenges and strengthening coordination on global issues.

"With same or similar concerns and standpoints on important global issues in economics, finances and development, the BRICS countries have the basis for broadening cooperation," Wu said.

China also expects BRICS countries to change the world's economic governance by enhancing their coordination in regards to reforming the international monetary system, halting price fluctuations in bulk commodities and making effective strides toward positive climate change and sustainable development, he said.

Wu also praised the achievements of BRICS countries over the past five years.

BRICS leaders have maintained regular meetings, exchanged views and coordinated their stances on major international issues, Wu said.

BRICS nations also cooperate in the form of security meetings, foreign ministry meetings and unofficial meetings between permanent envoys from multinational organizations, Wu said.

BRICS countries have maintained close coordination on international economic and financial issues, such as the Doha Round negotiations and the reform of the international financial system, Wu noted, adding that the meeting mechanism used by BRICS' Finance Ministers and Central Bank Governors was founded under the framework of the Group of Twenty.

BRICS countries have also cooperated in more specific areas and industries such as agriculture, public health and scientific research and development, Wu said.

Wu also said during the briefing that the five countries will hold a trade ministers' meeting on the sidelines of the BRICS meeting.

Replying to a question regarding the possible establishment of a secretariat for the BRICS summit, Wu said it will depend on the development of the BRICS mechanism and will be up to the member states to decide.

Commenting on some countries' desire to join BRICS, Wu said the group is open and transparent, but any enrollment must be decided through a group consensus following a thorough discussion by the member countries.

"China is open to the enlargement of the BRICS mechanism," Wu said.

Editor:Xiong Qu |Source: Xinhua

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