Published: Sun, July 29, 2018
Global | By Craig Ferguson

BRICS emerging economies reaffirm support for multilateral trade under WTO rules

BRICS emerging economies reaffirm support for multilateral trade under WTO rules

Xi is on an official state visit to South Africa ahead of the 10th summit of the BRICS nations - Brazil, Russia, India, China and South Africa - that begins in Johannesburg on Wednesday.

The rapid adoption of mobile telecommunications in Africa and other parts of the developing world, for example, demonstrated how innovation can ignite sudden bursts of development, he said.

Russian President Vladimir Putin, who had a controversial meeting with Trump last week, echoed the calls for closer ties among BRICS members and for stronger trade within group.

Tomorrow, President Lungu will be among several African leaders that will attend the 10th Brazil, Russia, India, China and South Africa (BRICS) summit outreach dialogue session in Johannesburg. "A global trade war should be rejected because there will be no victor".

Trump has slapped levies on goods from China worth tens of billions of dollars, as well as tariffs on steel and aluminum from the EU, Canada and Mexico. If you look at Russian economy it's really limping.

This is according to political analyst Somadoda Fikeni who yesterday said investment deals would provide much-needed jobs for many people. "We underscore the importance of an open world economy".

"It has the potential to solve numerous social problems we face." he said during the BRICS summit in Johannesburg. "When will this government show the 56-inch chest and red eyes and have the courage to raise the issues concerning security and nation's borders?...the 132 crore people of the country want to know", Congress chief spokesperson Randeep Surjewala said. At the same time, he said it is hard to say what effect this will have amid growing inequalities, a fast changing society and human values.

Xi said that as major emerging market economies, as well as vindicators and contributors of the current worldwide order, China and India should strengthen bilateral cooperation, while exploring a new model for regional cooperation, upholding multilateralism, championing economic globalization and striving for a more just and rational global order, Xinhua reported.

Analysts say United States trade policy could give the group some renewed momentum.

"I welcome business leaders from other BRICS and African countries to attend the Expo", Xi said.

The BRICS approach is informed by the need to deepen, broaden and intensify relations within the grouping and among the individual countries for more sustainable, equitable and mutually beneficial development.

"The worldwide community has again reached a new crossroads".

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