A Joint Statement was released on the BRICS Leaders Informal Meeting which occurred on the sidelines of the G20 Summit ongoing in Osaka, Japan.
What the statement contains?
- The BRICS governments take note of the priorities chosen by Japan for its standard of living, democratic institutions and for the environment.
- The world economic growth is projected to pick up moderately later this year and further grow in 2020.
- The BRICS countries are committed to transparent, non-discriminatory, open, free and inclusive international trade.
- In the past, the BRICS countries have been the main drivers of global growth and currently represent close to a third of global economic output.
- Even the future projections indicate that the BRICS will continue to account for more than half of global economic growth through 2030.
- The BRICS are committed to the continued implementation of structural reforms that will further enhance their growth potential.
- The BRICS nations call for greater participation of developing countries in the global value chains.
- They also recognize the importance of the linkages between trade and the digital economy and understand the role of data for development.
- The BRICS Contingent Reserve Arrangement (CRA) as a mechanism to forestall short-term balance of payment pressures is being further expanded for member countries.
- The BRICS nations are committed to fighting terror & corruption and strongly affirm their strong commitment to sustainable development.
The BRICS
BRICS is the acronym (short-form) coined for an association of five major emerging national economies of the world: Brazil, Russia, India, China and South Africa. While Brazil, Russia, India and China were the initial members of BRIC, South Africa entered it in 2010 and it became the BRICS. The current chair of the BRICS belongs to Brazil and the next summit (11th) will be held in Brasilia in November, 2019.