BRICS Summit calls for a truly multilateral world based on an alternative economic order : Peoples Dispatch

The 14th BRICS summit was held virtually by China on Thursday, June 23. At the end of the summit, the member countries jointly denounced hegemonic practices and called for the establishment of a true multilateral and democratic world order with greater participation of emerging and developing countries. countries in making global economic decisions.

The summit was attended by Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Chinese President Xi Jinping, South African President Cyril Ramaphosa and Brazilian President Jair Bolsonaro via video conference. It was followed by a high-level dialogue on global development.

board statement issued at the end of the summit spoke about “expanding and strengthening the participation of emerging markets and developing countries (EMDCs) in international decision-making and rule-setting processes”.

Multilateralism and democracy in global governance

Speaking on the eve of the summit meeting, Chinese President Xi Jingping warned against some countries trying to dominate the world and forcing others to follow their dictates using their “leading position in the international financial and monetary system.” He denounced the use of unilateral sanctions to “politicize the global economy and turn it into one’s tool or weapon” by countries like the US. Suffering for all”.

during the summit Address, Xi urged BRICS members to cooperate and pool their technological know-how and economic resources to create an alternative to Western-dominated global economic governance and “jointly face challenges in poverty reduction, agriculture, energy, logistics and other fields”.

Despite the fact that the BRICS countries represent around 25% of the world’s total GDP, 40-45% of the world’s population and 16% of world trade, they have been the recipients of the hegemonic practices used by the US China noted that in its bid to dominate the world economy, the US violated its WTO commitments and imposed trade restrictions on China. It has also imposed several rounds of sanctions on Russia following the latter’s attack on Ukraine, and has tried to force countries like India to follow its sanctions regimes.

Although the BRICS joint statement did not talk about sanctions on Russia and trade restrictions on China, it did ask to “avoid unilateral and protectionist measures that go against the spirit and rules of the WTO.”

The joint statement also reiterated the need to reform the UN to make it more representative and democratic, and emphasized the need to revive the rules-based international order that is not governed by the interest of one country or bloc.

main agenda

The BRICS summit was organized at a time when the world economy is trying to recover from the impact of COVID-19. Most of the world is also facing high inflation, causing an unprecedented rise in the prices of basic goods, including food and energy. COVID-19 has also raised the dire need for cooperation in the production of vaccines and the provision of health services. The BRICS members underlined the need to address these problems and stated that the answer lies in greater South-South cooperation.

In order to share the benefits of technological advances and pool resources for common development, the BRICS members agreed to expand and include more countries under the BRICS+ format. In recent years, BRICS has tried to involve countries such as Argentina, Nigeria and the United Arab Emirates, among others, and has plans to increase participation in the future.

BRICS members also agreed to work to create global regimes for public service delivery, vaccine production, COVID-19 relief and other health-related issues. The decision to take initiatives to work in the field of vaccine development for poorer countries like South Africa has become more important after the Western-dominated WTO rejection to access a TRIPS exemption as required by more than 100 developing countries.

Noting that “some countries try to expand military alliances to seek absolute security, value bloc-based confrontation by forcing other countries to choose sides and seek unilateral dominance at the expense of others’ rights and interests,” Xi called on BRICS members to support each other. and “reject hegemony, harassment and division”. He proposed launching a Global Security Initiative (GSI) to create “a new security path that features dialogue over confrontation, partnership over alliance, and win-win over zero sum.”

The BRICS countries agreed to include the United Arab Emirates, Bangladesh, Egypt and Uruguay as new members of the Shanghai-based New Development Bank, and also to open its branch in India. The bank will provide easy loans to developing countries under the Contingent Reserve Agreement. BRICS members also agreed to strengthen alternatives to the SWIFT banking system to end Western hegemony.

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