Commentary: BRICS Goa summit heralds more contributions to global governance, growth

The BRICS summit in Goa, India has highlighted a greater role to be played by the emerging-market bloc in the global governance system and growth amid new challenges, with the bloc looking back on over a decade of fruitful cooperation.

Fully aware of its influence on the global stage, the bloc, which groups Brazil, Russia, India, China and South Africa, has pledged continued contributions to the global governance system and growth in a joint declaration from the Oct. 15-16 summit held in the western Indian state of Goa.

To this end, the bloc is expected to work closely with the Group of 20 (G20) major economies on macroeconomic cooperation, innovation, sustainable trade and investment, global financial system reform, an enhanced role of developing countries, and industrialization in Africa and least developed countries, among others.

The moves will serve to continue the momentum built at the G20 summit held in September in the eastern Chinese city of Hangzhou, where the BRICS leaders last met.

While stressing the importance of and staying committed to implementing the G20 Hangzhou summit results, including the G20 Action Plan on the United Nations 2030 Agenda for Sustainable Development, the bloc is also seeking its own further collaboration, encouraged by achievements made in the decade since the setting-up of its cooperation mechanism.

The five BRICS countries have contributed more than half of the global growth in the last decade. In seeking common development, it has worked to upgrade South-South cooperation to unprecedented levels, boasting effectiveness, win-win results, a greater role in the international arena and a larger say of developing countries.

The approval of the first batch of loans by its New Development Bank and the initiation of the BRICS Contingent Reserve Arrangement strengthening global financial safety are recent examples of its lasting vitality.

On top of the latest growth expectations for emerging markets revised up by the International Monetary Fund, they would help dismiss downbeat speculations about the bloc's vulnerability amid increasing uncertainties about the global economic recovery and growing anti-globalization sentiment in Western countries.

"We should contribute to the wisdom and strength of the BRICS countries and jointly seek ways to respond to challenges" posed by a "complicated, severe external environment," Chinese President Xi Jinping told the annual BRICS summit in Goa, while calling for the bloc members to build an open economy and warning against all forms of protectionism.

In proposals put forward, the Chinese leader urged to map out a shared development vision and deepen partnerships within the bloc, while expressing confidence that the bloc will work together to find opportunities to weather the tough times despite challenges.

With a focus on openness and collaboration, Xi's proposals have highlighted a priority for BRICS countries to push forward structural reforms, innovation growth and macroeconomic policy coordination so as to strengthen the bloc's competitiveness and inject fresh impetus into global growth and cooperation.

Safeguarding fairness and justice in the international community should also be on top of the BRICS agenda. Challenges including fighting climate change and terrorism call for the bloc's increased participation as well as a leading role in international efforts to ensure a favorable external environment for the development and growth in each country.

"We believe the BRICS cooperation will forcefully promote world peace, stability and prosperity," Xi said. Endi