BRICS to Play Role in Global Governance

Added On August 8, 2017

In less than 30 days, the ninth BRICS summit will be held in China's coastal city of Xiamen.

The organization's role in global governance, a faltering economic recovery and setbacks in globalization will be the greatest concern.

The event will bring together the leaders of Brazil, Russia, India, China and South Africa in Xiamen from September 3rd to 5th.

The "gold bricks countries" -- a Chinese translation of BRICS -- represent emerging markets and are the voice of the world's developing countries.

Strong economic growth means BRICS are now key players in the world economy and in global governance.

Together, the five accounted for 23 percent of the 2016 global economy, almost double their share in 2006. The five have been the source of more than half of global growth in the past ten years.
As the holder of the BRICS presidency this year, China is hosting the series of meetings which usually precedes the leaders' summit.

Trade ministers have met in Shanghai and agreed to unite against protectionism and to do all they can to ensure the survival of the multilateral trade system.

In late July, a BRICS security meeting was held in Beijing, with discussions on global governance, anti-terrorism, the internet, energy, national security and development.

In June, finance ministers and central bank governors agreed to strengthen cooperation in several fiscal and financial areas, including the BRICS New Development Bank and regulatory collaboration.

Economists said with the progress of the past ten years and a more inclusive attitude, BRICS are prepared not only for the Xiamen summit, but for another golden decade to come.