According to the Chinese president, some countries have launched trade and tariff wars one after another, seriously disrupting the global economy and undermining international trade rules. In his speech, Xi Jinping made three proposals to address the situation.
The Chinese president called for the strengthening of multilateralism, emphasizing the preservation of a UN-centered international system and order based on international law. He added that global governance must be made more democratic and that greater representation must be ensured for the countries of the global South so that the international community can more effectively address common challenges.
He also spoke out in favor of maintaining an open global economy, recalling that globalization is an irreversible historical trend. He emphasized the preservation of the WTO-centered multilateral trading system and the rejection of all forms of protectionism. He added that developing countries must participate equally in international cooperation and benefit from globalization.
Emphasizing the importance of solidarity and cooperation, the Chinese president recalled that the BRICS countries represent nearly half of the world's population and about 30 percent of the global economy. According to Xi, the closer the cooperation, the more effectively they can deal with external challenges. China is ready to work with other member states to implement the global development initiative, strengthen the "One Belt, One Road" program, and deepen practical cooperation in the areas of trade, finance, and technology.
The current BRICS summit was convened at the initiative of Brazilian President Luiz Inácio Lula da Silva.
