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BRICS summit to focus global governance, sustainable development

(Xinhua)

08:25, March 29, 2012

BEIJING, March 28 (Xinhua) -- The 4th BRICS summit will focus on strengthening global economic governance and cooperation with regards to sustainable development in BRICS nations, experts said Wednesday in Beijing.

Leaders from China, Brazil, Russia, India and South Africa, the five most dynamic emerging economies in the world, gathered in New Delhi for a two-day annual summit under the theme of "Partnership for Stability, Security and Prosperity."

"Continued growth in BRICS countries is the biggest contribution to speeding up global economy recovery," said Liu Guijin, former Chinese ambassador to South Africa and former Special Representative of the Chinese Government on African Affairs.

BRICS countries contribute to around half of the current world growth rate, becoming the locomotive in boosting global growth.

Liu Guchang, executive director of China Foundation for International Studies, said current global economic governance system dominated by developed countries has been increasingly "contradictory" to the changing landscape of global power.

Western countries often use the system to hinder the development of emerging economies and developing countries, he said.

"Therefore, strengthening global governance has become an urgent need for BRICS nations, which will also bring confidence for global economy recovery and growth," Liu said.

Liu Guijin said the BRICS countries need to discuss how to strengthen cooperation in sustainable development to realize more balanced growth, as it is a common challenge for the world.

It should be a key focus during the summit especially against the backdrop that some developed countries are reluctant to provide financial and technical aids to developing countries in this field, Liu said.

But strengthening cooperation among BRICS nations does not necessarily mean a confrontation with developed countries, he said, stressing that the bloc opts for an open and transparent cooperation.

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