'We are honored by the invitation to this expanded BRICS meeting. 'It is important that BRICS countries support each other on issues concerning core interests, practice true multilateralism, safeguard justice, fairness and solidarity and reject hegemony, bullying and division,' Xi said.Īrgentine President Alberto Fernandez confirmed his desire for the country to join the bloc.

These efforts are aimed at jointly tackling the largest challenges that lie ahead.Īt the summit, Xi pointed to the value of cooperation. Underscoring the themes Xi highlighted, multiple undertakings have been launched under the BRICS cooperation framework this year, including the Initiative on Enhancing Cooperation on Supply Chains, the Initiative on Trade and Investment for Sustainable Development, and the Strategy on Food Security Cooperation, among others. This is particularly important now, as the 'combination of the COVID-19 pandemic and the Ukraine crisis has resulted in disruptions to global industrial and supply chains, sustained hikes of commodity prices, and weaker international monetary and financial systems', the analyst said.

'The force that holds (the BRICS) together is not ideology nor politics but the identification of shared interests, especially for development.' In his remarks, Xi called on the BRICS to expand coordination and cooperation at the current crossroads of history, said Eduardo Klinger Pevida, the director of the Center for Analysis and Studies on China and Asia and a member of the Academy of Sciences of the Dominican Republic. And observers note that these nations working together are well-positioned to contribute to multilateral cooperation. The calls at the event resonated with the members of the grouping: Brazil, Russia, India, China and South Africa. 'It is important that BRICS countries support each other on issues concerning core interests, practice true multilateralism, safeguard justice, fairness and solidarity and reject hegemony, bullying and division,' said Xi. Įxperts take heart from leaders' summit championing cooperation, developmentĪ summit of leaders of the BRICS nations has set the stage for greater and more visible efforts by the grouping to support global cooperation and boost development and innovation, analysts say.Īt the summit last week, Chinese President Xi Jinping said the five nations need to work together to uphold solidarity and global tranquillity, maintain cooperation to boost development and tackle challenges together while continuing to innovate and uphold openness and inclusivity to pool their collective wisdom.

Aerial photo taken on Jshows the headquarters building of the New Development Bank (NDB), also known as the BRICS bank, in East China's Shanghai.

Briqs bank