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Spotlight: Deepening pragmatic cooperation among BRICS, SCO members help forge community of common destiny

Xinhua, July 3, 2015 Adjust font size:

Chinese President Xi Jinping will attend the 7th BRICS (Brazil, Russia, India, China, South Africa) summit and 15th Shanghai Cooperation Organization (SCO) summit in the Russian city Ufa on July 8-10.

His visit aims to boost pragmatic cooperation among BRICS and SCO member states, conjoin China's and other countries' national development strategies, and forge a community of common destiny featuring all-win situations and a convergence of interests.

CREATING PROMISING BRICS PROSPECTS

During this visit, Xi is expected to propose several initiatives and programs to enhance the partnership among BRICS member states, and plan the future economic cooperation with another four heads of state.

One of the key documents outlining an economic partnership strategy for the BRICS nations will be discussed at the upcoming summit and is expected to be approved.

Since the establishment of the BRICS cooperation mechanism six years ago, the mechanism has shown powerful innovativeness and vitality. It has become a multi-level cooperation frame led by leaders' meetings and a multilateral platform representing the interests of developing nations.

"The growth of BRICS economies as a whole has slowed down, but the BRICS nations, in the long run and in the eye of development, are still the powerhouse of world economic growth," said Wang Youming, a researcher specializing in the study of developing countries at the China Institute of International Studies.

As the leader of all developing countries, the five BRICS nations need to support and help each other, work together, deepen cooperation and achieve more.

Against the backdrop of the world economy's sluggish recovery, all BRICS nations should build a closer partnership and pursue common development and prosperity. There is huge potential for economic cooperation in the BRICS bloc.

It is notable that the BRICS New Development Bank (NDB), which will fund infrastructure projects in the bloc and other developing economies, will be only one step away from official management by appointing a management chief prior to the Ufa summit.

Experts said the establishment of the NDB means the BRICS mechanism has become a reality instead of just being a conception, and will promote the infrastructure construction and sustainable development of the emerging and developing economies.

RATIFYING SCO BLUEPRINT

On the main agenda of the Ufa SCO summit is the ratification of the SCO Development Strategy until 2025, a comprehensive blueprint that covers a variety of issues. The blueprint is of great significance to deepen SCO cooperation in the next 10 years.

It is also expected that attendees will ratify a new cooperation guideline to fight the "three forces" of separatism, terrorism and extremism and sign a border defense accord.

Moreover, progress would also be made at the SCO summit on pragmatic cooperation, such as interconnectivity, trade, investment, production capacity and finance, expansion of the bloc and so on.

China will initiate a series of proposals to support member states' development and call on SCO member states to work together in building the Silk Road Economic Belt.

Dmitry Mezentsev, secretary-general of the SCO, said earlier as China has invited SCO members to participate in the plan, it makes sense for those countries to combine their own economic development plans with the initiative, which is helpful to bring together the strengths of all sides to improve the infrastructure construction of the SCO and beef up regional economies.

The BRICS and SCO blocs are the result of the alliance and self-renewal of developing countries which are meeting their own interests, and are also in line with the world's peaceful development and economic recovery.

It is known to all that the BRICS economies have contributed 50 percent of the world's economic growth over the past 10 years, and their cooperation will be a great boost to the world economic recovery.

The SCO bloc will also play a role. Its practical cooperation will inject fresh impetus into the sound development of the world economy. Endi