BRICS Goa Declaration pledges enhanced role

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By – SAnews.gov.za-Xinhua

Pretoria – The emerging-market bloc of BRICS, which groups Brazil, Russia, India, China and South Africa, are looking to play a bigger role in and contribute more to the global governance system.

On Sunday, after the eighth BRICS summit that was held in the western Indian state of Goa, BRICS issued the Goa Declaration.

President Jacob Zuma, Chinese President Xi Jinping, Russian President Vladimir Putin, Brazilian President Michel Temer, Indian Prime Minister Narendrea Modi attended the summit, which was held under the theme “Building Responsive, Inclusive and Collective Solutions”.

BRICS members expressed satisfaction with the approval of the first batch of loans by the New Development Bank (NDB), particularly in the renewable energy projects in BRICS countries.

They also noted the NDB’s issuance of the first set of green bonds in RMB (Chinese currency), as well as the initiation of BRICS Contingent Reserve Arrangement (CRA) that has strengthened the global financial safety net.

Noting that BRICS countries represent an influential voice on the global stage, the leaders extended gratitude to UN Secretary-General Ban Ki Moon for his contribution in the past 10 years and congratulated Antonio Guterres on his appointment as the next UN chief, pledging continuous support for the world body.

UN’s 2030 Agenda

On the UN’s 2030 Agenda for Sustainable Development, the declaration urged developed countries to honour their commitments to achieve 0.7 percent of gross national income commitment for official development assistance to developing countries, adding that those commitments play a crucial role in the implementation of the sustainable development goals.

The five BRICS leaders also welcomed the G20 Action Plan on the 2030 Agenda adopted during the Hangzhou Summit and committed to its implementation by taking bold transformative steps through both collective and individual concrete actions.

The bloc pledged to enhance consultations and coordination on the G20 agenda, especially on issues of mutual interest to the BRICS countries, and promote issues of importance for the emerging market and developing economies.

The BRICS countries will continue to work closely with all G20 members to strengthen macroeconomic cooperation, promote innovation, as well as robust and sustainable trade and investment to propel global growth, improve global economic governance, enhance the role of developing countries, strengthen international financial architecture, support industrialization in Africa and least developed countries, and enhance cooperation on energy access and efficiency, according to the document.

International Monetary Fund (IMF)’s reform

On the International Monetary Fund (IMF)’s reform, the bloc reaffirmed its commitment to a strong, quota based and adequately resourced IMF.

Noting that borrowed resources by the IMF should be on a temporary basis, the BRICS countries said they remain strongly committed to supporting the coordinated effort by the emerging economies to ensure that the 15th General Review of Quotas, including the new quota formula, will be finalized within the agreed timelines.

The declaration welcomed the inclusion of the RMB into the Special Drawing Rights currency basket and urged advanced European economies to meet their commitments to cede two chairs on the Executive Board of the IMF.

Security front

On the security front, the bloc strongly condemned the recent attacks against some BRICS countries, and strongly condemned terrorism in all its forms and manifestations, while stressing that there can be no justification whatsoever for any acts of terrorism, whether based upon ideological, religious, political, racial, ethnic or any other reasons.

The bloc agreed to strengthen cooperation in combating international terrorism both at the bilateral level and at international fora, and called on all nations to adopt a comprehensive approach in combating terrorism.

Environment protection

On environment protection, the BRICS countries welcomed the Paris Agreement and its imminent entry into force.

They urged developed countries to fulfil their responsibility toward providing the necessary financial resources, technology and capacity building assistance to support developing countries with respect to both mitigation and adaptation for the implementation of the Paris Agreement.

They also emphasized that the comprehensive, balanced and ambitious nature of the Paris Agreement reaffirms the principles of the UN Framework Convention on Climate Change, including the principle of equity and common but differentiated responsibilities and respective capabilities, in light of different national circumstances.

10th anniversary

This year marks the 10th anniversary of the BRICS cooperation mechanism, which gathers the world’s five major emerging economies.

The bloc’s members have seen their cooperation growing over the past decade, especially the establishment of the NDB and the CRA in 2014.

Despite economic headwinds in the BRICS countries and external scepticism about whether the bloc is losing its power over recent years, the IMF said earlier this month in its latest issue of World Economic Outlook that in emerging market and developing economies, the 2016 growth will accelerate for the first time in six years.

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