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Brazil, Russia, India, China, and South Africa, accounting for about 40% of the world's population and nearly a quarter of its production, think that it's a good thing. it's time to change the way things work.
At the Johannesburg Summit, the BRICS countries declared that they wanted a fairer and more representative world order in diplomacy and trade, just as China, the largest member, faced with billions of dollars in additional US fees. They also call for reforms at the United Nations, the United Nations Security Council and the International Monetary Fund to better represent developing countries and call on members of the World Trade Organization – including the United States – to comply with the rules of the WTO. "They are not only rebalancing the current world order, but challenging that order," said Friday Lyal White, director of the Johannesburg Business School of the University of Johannesburg. "Each of these countries can not do it alone, but together they are a force to be reckoned with.It is a decisive but progressive change."
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Chinese President Xi Jinping has been the instigator of trade multilateralism His US counterpart Donald Trump has intensified trade tensions by threatening to impose tariffs on all exports of the Asian economy. This could derail a global recovery that is already losing momentum as economic growth is weaker than expected in Europe and Japan, as financial markets seem to be satisfied with rising risks, warned the International Monetary Fund on July 16th.
Emerging economic powers, first identified by Goldman Sachs Asset Management's former president, Jim O'Neill, are tenths since their leaders began to meet and the first since the prospect of a real global trade war. Bloomberg.com: Putin's football ball for Trump had a transmitter chip, Logo says
EM Coalition
"The BRICS summit has been extremely successful for China in terms of building a coalition of Emerging markets seeking to defend the current multilateral trade Martyn Davies, Managing Director of Emerging Markets and Africa at Deloitte, said over the phone. "What we saw, is the development of a program for these countries because there has never been a program before. We have never seen the BRICS speak of liberalized trade as a grouping or coalition, but now trade is foremost. "
Russia is pushing for better trade relations between its counterparts in the club," said President Vladimir Putin, "All countries are committed to strengthening their cooperation in the field of energy and developing new technologies.
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China is committed to investing $ 14.7 billion in public business d & # 39, electricity and logistics.The commitments are the largest yet of the Asian nation in South Africa, whose electricity producer is running out of money as it cleans governance issues "" Are you going to say no to investments and loans that are badly needed? " "China will become the most dominant economy in the world.It's the rules of the game on a global scale – South Africa must learn to play."
China has significantly benefited from joining a regulated and liberalized multilateral regime when it became a member of the WTO in 2001, Davies said. Most of China's growth has been export-dependent – of course, it will defend that and bring other countries to the same stage, "he said. these coalitions in the BRICS directed against belligerency and the erratic nature of US trade policy. "
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Read China, The BRICS push to change the world order bloomberg.com [19659014]
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