With practical cooperation becoming ever more fruitful, the "gold" content of the BRICS mechanism will continue to increase as the influential bloc starts its second "golden decade," noted Chinese President Xi Jinping on Tuesday.
Chinese President Xi Jinping (C) and other leaders of BRICS countries pose for a group photo before the 2017 BRICS Summit in Xiamen, southeast China's Fujian Province, Sept. 4, 2017. [Photo/China Pictorial]
Xi made the remarks during a press conference right after the conclusion of the BRICS Summit and the Dialogue of Emerging Market and Developing Countries in southeast China's coastal city Xiamen.
Revolving around the theme of "BRICS: Stronger Partnership for a Brighter Future," leaders of the BRICS countries have agreed on the "Xiamen Declaration," reiterating the BRICS spirit of openness, inclusive and win-win cooperation and charted a new blueprint for deepening partnership and practical cooperation in the future, Xi explained during the briefing.
BRICS countries, as influential global players, should increase exchanges and coordination on major issues, push for a fairer and more equitable global order, advance economic globalization and global governance, and strengthen the representativeness of emerging market and developing countries, against shared challenges and global complexities, said Xi while outlining the consensus achieved during the summit.
BRICS leaders also agreed upon further cooperation in economy, trade, politics and security as well as strengthened cultural and people-to-people exchanges, Xi noted.
Coined by former Goldman Sachs economist Jim O'Neill in 2001, the term "BRIC" referred to Brazil, Russia, India and China, four emerging markets with the fastest growth rates and greater potential.
The bloc was further expanded to include South Africa in the mechanism in 2010, hence the acronym was changed to BRICS (literally means gold brick countries in Chinese.)
Refuting claims that the group is losing its luster, Xi told the BRICS Business Forum on Sunday that the BRICS countries are "fully confident" about their growth potential and future outlook despite headwinds that have caused setbacks in growth.
According to official figures, the five BRICS countries are now contributing 50 percent of the world's economic growth and the group has doubled their GDP weighting to 23 percent of the world's total in the past decade.
As BRICS cooperation starts its second decade, leaders agree to further enhance coordination, have routine progress reviews, explore new approaches for BRICS cooperation and increase bonds among the five countries, Xi concluded.
South Africa will assume the rotating chair next year and will hold the 10th BRICS Summit in Johannesburg.