Editorial | BRICS voice loud and clear on free trade
- Pledges by five nations at Brazil summit are not only good for their economies, but also good for globalisation in the face of US protectionism
While a small number of issues remain to be settled before the RCEP is signed, hopefully early next year, the BRICS nations have just concluded their 11th summit in Brazil, at which they affirmed their commitment to their Partnership on New Industrial Revolution. This is a deal to boost trade and investment among themselves launched at their 10th summit in South Africa last year.
Renewed pledges to develop this strategy are not only good for their own economies but consistent with their support for a multilateral trade regime.
At the closing ceremony of last week’s summit in Brasilia, also attended by the leaders of the other BRICS members, President Xi Jinping said “protectionism and bullying” were harming international trade and investment. He said the BRICS nations should also push a “new round of technological and industrial revolution” in the face of new global changes.
Xi and other Chinese leaders keep reminding the international community that an outward looking China offers opportunities for the rest of the world.
Given that China is the world’s second-biggest economy, India the sixth, Brazil the eighth, Russia the 11th and South Africa the 33rd, BRICS is an ideal platform to exploit this potential.