14th G20 Summit: BRICS leaders call for financial, trading stability, bridging global imbalances

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Osaka, June 28: BRICS leaders have stressed on Friday over the importance of the global economic environment for “sustained growth” of foreign trade, stating global economic growth seems to be stabilizing, as well as, projected to escalate moderately later this year.

After concluding the informal meeting of BRICS countries on the sidelines of the G20 summit, it issues a joint statement, stating, “However, the strengthening of growth remains highly uncertain, with rising trade and geopolitical tensions, commodity price volatility, inequality, and insufficient inclusive growth, and tighter financial conditions adding to the risk.”

The statement added the global imbalances remain a persistent and large, and require thorough monitoring with timely policy responses. BRICS further stressed the importance of the “favourable global economic environment for sustained growth of international trade”.

In order to exchange their mutual ideas, Indian Prime Minister Narendra Modi, South African President Cyril Ramaphosa, Russian President Vladimir Putin, Brazilian President Jair Bolsonaro, and Chinese President Xi Jinping attended the conference, according to ANI news reports.

The Indian Prime Minister also put forward a 5-point approach to address common challenges facing the world.

They also called for stronger economic resilience, financial stability, and open market besides the coordinated and well-designed small economic policies. The leaders called for adequate investment and structural reforms in human capital aiming at reducing inequality and poverty.

The statement further stated the BRICS leaders also called for promoting innovation and investment; non-discriminatory, fair and open business environments; infrastructure development and financing; and cooperating in PPP (Public-Private Partnerships) via effective competition.

The statement added, “We recognize the importance of the interface between trade and the digital economy. We also affirm the role of data for development.”

BRICS said the WTO (World Trade Organization) dispute settlement process was a crucial pillar of the multilateral trading system and it is vital for the effective and proper functioning of the body.

The statement said, “We remain committed to the preservation of a functioning two-stage binding adjudication system for disputes in the WTO. Recalling the urgency of solving the impasse in the appointment of members of the WTO Appellate Body, we urge that the appellate body selection process be initiated immediately.”

The leaders said financial and illicit money flow, corruption, and ill-gotten money has stashed in international jurisdictions – a global challenge that could heavily impact sustained development and economic growth.

The statement also added the leaders will strive to coordinate their approach and further encourage a stronger global commitment in this regard. They recognize the importance of bolstering cooperation, subject to regional legal systems, in extradition of fugitives, anti-corruption law enforcement, corruption, and economic offenders, and in recovering the stolen assets.

They reaffirm their commitment to support international cooperation in fighting against illicit financial flows, also including cooperation with the FATF (Financial Actions Task Force), the World Customs Organization, including several other similar multilateral systems.

 

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