Chinese President Xi Jinping calls on the other member-countries of BRICS to resist the undulating effects of trade protectionism and anti-globalization, and instead promote an "open world economy" that will benefit not only its immediate constituents but the rest of the world as well.
A declaration signed on July 26 at the 10th BRICS summit in Johannesburg, South Africa reinstates the unified vision of the emerging economic countries Brazil, Russia, India, China and South Africa, to create a "predictable trade environment" in the face of the continuing threats brought by US-China tariff war.
"We reaffirm the centrality of the rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system, as embodied in the World Trade Organization, that promotes a predictable trade environment and the centrality of the WTO," as specified in the BRICS declaration cited over at BBC.
The formal communiqué further underscores the significance of building an "open world economy" which is seen as a major factor in "enabling all countries and peoples to share the benefits of globalization."
The agreement went on to call members of WTO to not simply adhere on the rules of the organization but to also honor its commitment in the "multilateral trading system" that it has long been seeking to establish.
Present during the signing are the leaders of the BRICS states including President Cyril Ramaphosa of South Africa, China's Xi, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and Brazilian President Michel Temer.
The meeting also welcomed non-member states like Turkey, in the person of Turkish premier Tayyip Erdogan.
"We must work together...to safeguard the rule-based multilateral trading regime; promote trade and investment, globalization, and facilitation; and reject protectionism outright," Xi said during his keynote address.
According to the Chinese leader, who is now closing in to conclude his multi-state visit to the African continent, the trade war should be avoided at all cost because "there will be no winner."
In what is considered to be an implied message to the Trump administration, Xi went on to say that "those pursuing economic hegemony" will just hurt themselves in the long run.
In the same event, Beijing announced that it will be hosting the first China International Import Expo which will be held in Shanghai this coming November, a report from Xinhuanet reads.
The forum, which is expected to receive participation from over 130 countries and almost 3,000 companies worldwide, will be an opportunity for the world to access the growing Chinese market.
