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Friday, September 8, 2017

What the BRICS Summit Accomplished

The BRICS Summit in Xiamen allowed the bloc to become a cohesive group, focused on economic development and creating a niche for itself, Dr. Srikanth Kondapalli, Chairman and Professor in Chinese Studies at the Centre for East Asian Studies, Jawaharlal Nehru University, told valdaiclub.com.

“The BRICS grouping tried to create a niche for itself at a time when de-globalising trends are catching up (including TPP and climate change proposals revoking). The BRICS calling for EMDCs (emerging markets and developing countries) to be part of the BRICS conglomeration suggests that they wish to carve out a place in this field so that they can absorb the economic shocks, if any, in future,” Dr. Kondapalli told valdaiclub.com in written comments.

According to Kondapalli, BRICS also reaffirmed its focus on creating a "just, fair and equitable" international order, at a time when unilateral actions, particularly by the United States are increasing. He also noted that the summit focused on how policy coordination among BRICS countries can restructure outmoded political and economic institutions and global governance structures.

“The Xiamen declaration mentioned about the IMF quota reform by 2019 and coordination on macro-economic policies under the G20 process. The BRICS reiterated the UN Charter, resolution of disputes peacefully and observed, ‘no country should enhance its security at the expense of the security of others,’” he added.

Dr. Kondapalli also noted that BRICS reiterated its commitment to the Contingent Reserve Arrangement and noted progress in this regard as providing macro-economic stability, particularly in cross-border financial flows.

“The Xiamen meeting comes at a time when the global financial crisis effects are still pervasive. A major part of the deliberations at Xiamen was on terms of domestic economic stabilization measures. A number of suggestions were made at this forum to rejuvenate the national economies of the BRICS. Self-help and coordination efforts were stressed at this meeting, including fulfilling the SDGs, Agenda 2013, anti-corruption, promoting innovation, ICTs, and so on. These suggest to the priority being overcoming of the current economic downturn globally,” Dr. Kondapalli concluded.

Source: valdaiclub.com