Five major emerging economies–Brazil, Russia, India, China, and South Africa held their meeting through virtually.
BRICS is the acronym for an emerging-market bloc that groups Brazil, Russia, India, China and South Africa.
The 14th BRICS Summit hosted by Chinese President Xi Jinping was started in virtual format on Thursday under the theme of “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development” in which the five leaders talked wide angles of Western-bloc dominated economy and various other issues including Russia-Ukraine War, crude oil, creation of own international reserve currency, QUAD challenges etc.
Challenging the U.S. dollar, BRICS would likely create its own international reserve currency based on the “basket of currencies.”
Inauguration of the BRICS Summit, Chinese President Xi Jinping said, BRICS being as important emerging markets and major developing countries, should act with a sense of responsibility to bring positive, stabilizing and constructive strength to the world, as reported by CGTN.
Hosting the 14th BRICS Summit in Beijing via video, Xi said this Summit is held at a critical juncture in the shaping of the future course of humanity.
The BRICS countries have enhanced solidarity and coordination and jointly tackled the challenges, he added.
To bring positive, stabilizing and constructive strength to the world, Xi said the BRICS countries need to speak out for equity and justice, encouraging the international community to practice true multilateralism and upholding the international system with the United Nations (UN) at its core and the international order underpinned by international law, reports CGTN.
XI also called on BRICS countries to urge the world to reject the Cold War mentality and should advocate sustainable and people-centered development, and enlarge their investment in poverty alleviation, food, education and health.
Meanwhile, marking the conclusion of the 14th BRICS Summit on later Thursday the leaders also issued a Beijing Declaration firming leaders have reiterated the importance of further enhancing BRICS solidarity and cooperation based on common interests and key priorities, to further strengthen their strategic partnership, according to the declaration.