Economy

Xi urges fellow BRICS countries to reject go-it-alone trade

Xi urges fellow BRICS countries to reject go-it-alone trade”

China's President Xi Jinping Wednesday opened BRICS summit of emerging economies in South Africa's main city, Johannesburg, with a warning that the world is facing a choice between cooperation or confrontation.

After all, while the BRICS still emphasize the importance of multilateralism, it is clear that they are not wedded to the current global order.

The Trump administration's trade war with China, the world's second-largest economy, and other major trading partners has given focus to the summit to rally support for what Xi called "common prosperity". Yes, permanent membership of the United Nations Security Council gives China and Russian Federation distinct advantages over most other countries.

The five countries' GDP is now more than 90 per cent the size of USA output. Since 2013, China has established the Asian Infrastructure Investment Bank (AIIB), launched the Belt and Road Initiative (BRI), and proposed expanding BRICS into a "BRICS Plus" - with China presumably at its head.

The Brics nations would "reiterate their own domestic agendas at this meeting as well as commit to more trade and investment among these countries", she said. It has signed agreements with African countries with no nuclear tradition, including Rwanda and Zambia, and is set to build a large nuclear plant in Egypt.

Bowen Media's source also commented on contemporary thinking in the North Korean leadership, saying that the situation in North Korea is becoming more confusing, with economic liberalization, reforms and economic development becoming increasingly spoken about at the high level. - PTI Meets XI at Brics summit Modi met Chinese President Xi Jinping to discuss furthering the friendship between India and China. The court ruled in 2016 that China's colonization of much of the South China Sea was illegal, a ruling Beijing insisted on ignoring.

It called upon the global community to establish a genuinely broad worldwide counter-terrorism coalition and support the UN's central coordinating role on the issue.

At the BRICS summit, South African President Cyril Ramaphosa also expressed concern about "the rise in unilateral measures that are incompatible with World Trade Organization rules" and are especially damaging to developing countries.

US President Donald Trump has imposed billions of dollars of tariffs on Chinese goods to retaliate for what he says are unfair practices that have resulted in a huge trade imbalance.

The BRICS is a grouping of emerging economies and their summit is being held at the Sandton International Convention Centre.

South Africa is interested in realizing a large-scale nuclear project with Russian Federation.



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