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Strengthen partnerships to formulate new blueprint for BRICS countries

Editor: Li Kun 丨CCTV.com

07-08-2015 15:05 BJT

By Gu Jianjun, post doctorate of Central Compilation and Translation Bureau

President Xi Jinping on July 8-9 is attending the 7th BRICS Leaders Meeting in Ufa, capital of Russia’s Bashkortostan Republic. At last year’s summit in Fortaleza, Xi proposed making a new cooperation blueprint based on experience which was to develop a closer, more comprehensive and solid partnership among BRICS countries. During this Ufa summit, China will be further devoted to the cohesion of the BRICS bloc, drafting a new cooperation blueprint and deepening pragmatic cooperation.

Firstly, China will participate in the formulation of economic development schemes and new cooperation blueprints for BRICS countries. BRICS countries account for 42 percent of the world’s population and 26 percent of the world’s land. Delivering 27 percent of the world’s total economic output and contributing more than 50 percent of global economic growth in 10 years, BRICS countries have become an important powerhouse for global economic recovery and sustainable growth.

However, after 10 years’ golden development, BRICS countries generally face a phase of deceleration and adjustment. But in the long run, the cooperative potentiality in the BRICS is still huge. It is particularly necessary to build a closer partnership and seek mutual prosperity in the adverse situation.  

One of the key documents outlining an economic partnership strategy will be discussed at the summit, which decides the development of BRICS countries for many years. In addition, the BRICS New Development Bank is going to officially operate, with a contingent reserve arrangement very possibly launched. Both will provide strong support for the economic development of BRICS countries and prevention of financial crises. 

China will also strengthen multilateral and bilateral cooperation with four other countries including China-Russia energy cooperation, currency swap as well as economic and trade cooperation with Africa. By transforming advantages in natural resources, human resources and market resources for each country into an economic advantage, China aims to achieve winning results.

Secondly, BRICS countries will strengthen their partnership and draw a cooperation roadmap. As nations of a certain economic scale and rapid economic development in recent years, BRICS nations are confronted with similar problems in international economics, politics and social interactions. They share the same stance on many international issues, have the same demands for reform of the world political and economic system and seek to build a more balanced global governance system.

For example, all BRICS countries object to requirements unfavorable to the growth of their emerging economies in world trade and climate change negotiations, calling for a world economic recovery led by financial reforms. They expect diversification of world politics and economics.

Common interests continuously inject vitality into the BRICS cooperative mechanism. BRICS countries have formed a multilevel, comprehensive cooperation framework in various fields and borne the fruits of pragmatic cooperation. For example, BRICS countries boosted reform of the World Bank and International Monetary Fund in 2010, endowing developing countries and emerging market economies more say.

With the theme of this year’s event “BRICS partnership: A powerful factor for global development,” the 7th summit aims to promote the transformation of the BRICS cooperation mechanism from a dialogue forum to a strategy mechanism with complete form and function involved in key international political and economic issues. The formal operation of the BRICS New Development Bank marks the change from concept to entity with cooperation. 

As an important BRICS member, China actively promotes the mechanism to be pragmatic, proposes strengthening partnership and has facilitated approval of the BRICS Countries Economic Cooperation Partnership Strategy at the Ufa summit so as to establish a community of common destiny. China has boosted a more normal, systematic and in-depth cooperation mechanism and seeks to lift the status of BRICS countries in the world.

A rapidly growing and well-run BRICS cooperation mechanism will instill positive energy for world peace and economic development. Along with the strengthening partnership and maturing cooperation mechanism, BRICS countries will play more important roles in international political and economic affairs.

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.


 

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