BRICS see cooperation potential in trade and investment: Brazilian official

Brazil's ambassador to China says he's expecting closer ties between BRICS countries and the sustainable growth of the bloc, which brings together Brazil, Russia, India, China and South Africa in trade and development co-operation.

The official spoke ahead of the 9th BRICS summit in Xiamen, China.

CRI's reporter Gao Junya can tell us more.

2016 marked the tenth anniversary of the establishment of the BRICS mechanism. In the first decade, the bloc contributed over 50 percent of the global economic growth.

There are high hopes for the next ten years, being kicked off in the Chinese seaside resort of Xiamen.

Brazilian Ambassador, Marcos Caramuru de Paiva, says the city is an important business hub helping to connects more countries and regions together.

"I think the BRICS meeting which will be held in Xiamen sends out a signal that the "Belt and Road " initiative proposed by Chinese president Xi Jinping refers to not only the land route or just the rejuvenation of the ancient silk road, but a larger picture. The maritime route will connect more countries with each other."

The ambassador points out that the countries within the bloc have worked together well to get over difficulties during the economic crisis and become a major force for global recovery.

"Ten years has passed since the cooperation of bloc started, as well as the global economic crisis which occurred in 2008, directly affecting many mature economies in the world. Among the members of the bloc China has been playing a critical role in global economy. Though China has seen slower economic growth, it still keeps a growth rate of around 6.5, a critical contribution to the global growth. Brazil and South Africa were worst hit by the crisis. Brazil has gradually recovered from the crisis by working with other countries especially China. Or in other words, we have found a broader platform for cooperation amid difficult times."

The ambassador adds that the two countries have achieved fruitful cooperation in trade and investment in the past few years.

And that cooperation has expanded into financial sector.

Marcos notes that many Chinese banks have established branches in Brazil including the Bank of China, Industrial and Commercial Bank of China, as well as China Development bank.

China's ride-hailing company Didi Chuxing and State Grid Corporation of China, an electric power giant, have also set up businesses in Brazil.

Marcos suggests that with the mechanism becoming increasingly mature, multilateral cooperation among member countries will be expanded into more areas.

The ambassador says a major task for the BRICS countries in the near future is the implementation of agreements on the BRICS New Development Bank, the establishment of an Academic league and the exploration of new cooperation areas.

"The main task for BRICS countries for the moment is the implementation of necessary agreements relating to the BRICS New Development Bank. With the efforts of the five countries, the bank has been operating smoothly. Secondly, I'm very concerned about the establishment of a university network among BRICS countries. The project has attracted huge attend among teachers in universities from the member countries. We will invite some students to study here. Finally, we have started to promote projects in some new areas like the cooperation between ports. "

The ambassador also notes that the major challenging facing BRICS countries is the implementation of necessary policies to boost sustainable growth, suggesting the potential for economic and trade cooperation remains tremendous.

For CRI, this is Gao Junya.