Chinese President XI Jinping urged the BRICS safeguard free trade from the emerging trend of protectionism. He also called the group to continue its effort reform the governance of major world institutions. Xi was speaking at the meeting of the BRICS heads of states meeting at Hangzhou where the G20 leaders makes their first meeting in China.
The Chinese President has already emerged as the iconic leader among leaders from the largest economies of the world with China showing symptoms of firm voice in world political and economic arena in recent years.
The BRICS leaders usually assembles before the G20 meeting.
This time also, Xi has demanded the group to raise their voice for reform in global economic governance.
He stressed that the five countries should work to safeguard the position of multilateral trade system as the key channel, jointly build an open world economy and oppose all kinds of protectionism and exclusionism. The BRICS should ensure that all countries will be equal in terms of development rights, opportunities, and rules, – the Chinese President has said.
A fresh element in Xi’s remark is his request for safeguarding trad and open economy set up. Interestingly, last one year witnessed continuous attempts in the West to retreat from advanced trade liberalization. China sees this protectionism trend practice by others is detrimental to its interest though Beijing is increasingly engaged in protectionism.
Change in the governance structure of the world institutions especially the IMF and World Bank is a major demand of the BRICS group. Similarly, this is the area where the BRICS members have a common voice as well.