BRICS countries embrace another golden decade: Brazilian think tank
Professor José Puppim from the Getúlio Vargas foundation is interviewed by journalist with China Radio International on August 24, 2017. [Photo: China Plus]
With less than ten days to go until the 9th BRICS' summit in the Chinese coastal city of Xiamen, experts at a top Brazilian think tank have outlined what they feel are the challenges for the economic block in the coming year.
Topping the list, uncertainties stemming from global economic sluggishness, is a rise in protectionism in some Western countries, and calls for BRICS to play a bigger role in global governance.
CRI reporter Tu Yun has more.
According to Professor José Puppim from the Getúlio Vargas foundation, the upcoming meeting in Xiamen will signal the start of the next golden decade for the BRICS nations, building on a successful first ten years.
He believes the economic block will play an important role in international affairs.
"In dealing with issues like climate change, BRICS countries, especially China and Brazil have become the primary enablers behind the signatory of Paris Agreement. We saw some western countries held back while BRICS countries actively take the responsibility. China in particular took the lead in the issue while becoming a major advocate for developing new energy," said José Puppim.
The senior expert says the BRICS countries should unite to tackle global affairs and global governance.
And, he believes the cooperation mechanism has brought more opportunities for trade and investment for his country.
"In such occasions as multilateral cooperation, BRICS countries could be more powerful when they get united than each country acts alone. Brazil has got more space for growth globally by expanding the friend circle and trade partnership with more countries beyond the region. On the other hand, Brazil has promoted cooperation with countries from the bloc. China has become the biggest trade partner with Brazil," said José Puppim.
In recent years, the bloc has been trying to make itself more stable and solid by deepening internal cooperation.
On top of economic and trade cooperation, it is seeking to enhance cultural partnerships and people-to-people exchanges.
Evandro Carvalho a senior researcher with Getúlio Vargas foundation, says the past decade has seen closer ties between China and Brazil in bilateral trade and investment.
"During the past year, direct investment from China has reached 12 billion US dollars. This year, up till now, the FDI from China has exceeded 6 billion US dollars. Meanwhile, Brazil's investment into China takes up a quarter of the total investment. Under the framework of BRICS, apart from the economic cooperation, various academic forums, business and youth forums have help us to enhance people to people exchanges," said Evandro Carvalho.
Being the source of more than half of global growth in the past decade, the bloc accounted for 23 percent of the 2016 global economy, almost double their share in 2006.
Recent data from the IMF suggests both China and India could achieve economic growth between 6 and 7 per cent, while Brazil, Russia, and South Africa all are expected to achieve positive growth for 2017 compared with last year.
The group, representing emerging markets and developing countries, is also urged to advance structural reforms, innovation growth and macroeconomic policy coordination to strengthen its competitiveness and bring vitality into global growth and cooperation.
some believe that BRICS countries are faced with tough challenges especially amid increasing uncertainties around the globe, such as anti-globalization and protectionism.
Carvalho points out that the progress of cooperation between BRICS countries will not be held back despite difficulties.
"Five countries of the bloc are faced with some common problems in the process of globalization, urbanization and environmental protection. They are all dedicated to promoting reform in global governance and defend a fair International order. Based on our common interests, the bloc has a broad prospect in terms of future cooperation," said Carvalho.
The ninth BRICS summit will be held between September 3rd and 5th in Xiamen, China.