United, the BRICS countries are still strong
- By Feng Xingke
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E-mail China.org.cn, July 8, 2015
The current slowdown in the BRICS economies will not be an obstacle for cooperation, but an opportunity to foster unity amid closer cooperation, which in turn will make a continuous contribution to world peace, stability and development.
The emerging economies, led by the BRICS countries, have showed robust growth momentum since the start of the 21st century. They have contributed more than 50 percent to global economic growth over the past 10 years despite the impact from the 2008 international financial crisis. The BRICS are now the new engine of global economic growth, taking pride of ending the history of domination of the world economy by developed economies.
The BRICS countries are beneficiaries of the current international order, which is still in the grip of Western countries and is unfair, arbitrary and outdated for the emerging economies. The BRICS bloc's rise calls for a fairer and more reasonable international order.
During the Ufa Summit, BRICS leaders will exchange views on the U.N. post-2015 development agenda, climate change talks, and reform of the IMF among other major international issues.
BRICS countries are playing a bigger role in global economic governance. Also at the Ufa Summit, a new arrangement will be made for the operation of the BRICS' New Development Bank (NDB) along with its emergency reserve fund, a milestone in cooperation among BRICS countries. The NDB's establishment shows that the BRICS cooperation has a solid foundation and effective execution power. The bank itself is not only an institution to fend off financial risks in BRICS countries, but is also a driving force for further cooperation.
Currently, all the BRICS countries are actively changing their development mode, restructuring their economies, stabilizing the finances, and promoting innovation to seek growth. In the long-term view, a temporary slowdown helps to achieve such objectives. In the meantime, the BRICS countries will continue to be the driving force of global economic growth. The current Ufa Summit will show the world how BRICS cooperation will shine.
The writer is the deputy secretary-general of BRICS Economic Think Tank.
The article was written in Chinese and translated by Chen Boyuan.
Opinion articles reflect the views of their authors only, not necessarily those of China.org.cn
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