BRICS representatives call for freer global market against protectionism

In the face of global uncertainties and anti-globalization sentiment, representatives at the BRICS summit on Wednesday called for concerted efforts by developing countries to promote a freer global market and a fairer economic order. “One of the main tasks for BRICS cooperation is to eliminate barriers in trading and investment and make our economy more open,” Sergey Katyrin, president of the Chamber of Commerce and Industry of Russia, told Xinhua on the sidelines of the three-day summit held in southeast China’s coastal city of Xiamen. His remarks are in line with the BRICS spirit of openness, inclusiveness and win-win cooperation reaffirmed in the BRICS Leaders Xiamen Declaration issued following the meetings of the five major emerging markets on Monday. “We emphasize the importance of an open and inclusive world economy enabling all countries and peoples to share in the benefits of globalization,” the declaration said, noting that the five countries -- Brazil, Russia, India, China and South Africa -- will “continue to firmly oppose protectionism.” It also urged the world to guard against “inward-looking policies” and tendencies affecting global growth prospects and market confidence. Chairman of South Africa BRICS Business Council, Iqbal Surve, believed that protectionism emerged mainly in the developed world “does not make any sense” as globalization is an irresistible and irreversible trend of the times. “The world has been integrated with technologies, languages and global standards. Going back to protectionism is immature and selfish,” Surve said. Considering the setback against integration, he said the BRICS should be better used to promote opening up and development in countries. Global efforts towards a freer market have been undermined by the “America First” strategy prompted by U.S. President Donald Trump, who has demanded renegotiations of the 23-year-old North American Free Trade Agreement (NAFTA) with Canada and Mexico, aiming to reverse huge trade deficits and curb the outflow of manufacturing jobs. Xinhua

News

BRICS representatives call for freer global market against protectionism