The BRICS countries are creating conditions for the rebalancing of world economy, said Roberto Jaguaribe, former Brazilian ambassador to China, ahead of the BRICS Summit to be held in Xiamen early September.

“The upcoming BRICS Summit to be held in Xiamen is of great significance as it will consolidate and improve BRICS countries’ position in global governance system,” Jaguaribe, now president of the Brazilian Trade and Investment Promotion Agency (Apex-Brasil), told the People’s Daily in a recent interview.

He furthered that the development course of the BRICS mechanism in its first decade revealed the increasing importance of the emerging markets on the international arena.

One big change in today’s world structure is the rise of the developing world represented by BRICS members, Jaguaribe noted, adding that the profound changes of global landscape must be reflected in global governance system.

BRICS cooperation, according to the former ambassador, follows a trend that the emerging markets are required to play a bigger role and utter a stronger voice on international affairs.

The global governance order has undergone significant changes with the rising influence of developing countries, especially BRICS members, he noted, explaining that emerging markets are now playing a more vital role than before in key international negotiations.

“Amid such backdrop, the bloc could contribute to more consensus and closer collaboration among emerging markets,” he stressed.

“The BRICS countries play an important part in boosting world diversification and addressing unbalanced wealth distribution,” Jaguaribe said, believing that the imbalance that has been restraining the international community could be corrected, which has been proved by the efforts made by developing countries and emerging markets.

As today’s world is facing increasing uncertainties brought by unprecedented transformation, it is more necessary for BRICS countries to promote the reform of global governance system and cope with challenges together based on the spirit of openness, inclusiveness, cooperation and win-win results, he pointed out.

Placing ardent expectations on the upcoming summit, Jaguaribe suggests BRICS countries enhance cooperation and play their due roles. “This summit will once again improve the execution of the BRICS countries,” he added.

BRICS cooperation will embrace its another “golden decade” in Xiamen of China, the bloc presidency of this year. Having served as the Brazilian ambassador to China, Jaguaribe has a deep understanding of the Chinese politics and economy.

Praising the crucial role played by China in the BRICS bloc, he stressed that the country’s rapid economic development has injected substantial energy into the world growth for a long time.

“China is not only the locomotive of BRICS members, but also the engine of global economic growth,” he explained.

China has also made key contributions to global trade and globalization of sharing economy by acting as a cornerstone in the global economic system with a strong sense of responsibility, Jaguaribe said.