BRICS countries have warned of persistent downside risks to the global economy ahead of a G20 Summit in Germany.
Leaders of Brazil, Russia, China, India and South Africa, Michel Temer, Vladimir Putin, Xi Jinping, Narendra Modi and Jacob Zuma, met on Friday in Hamburg, Germany ahead of the G20 Summit.
At the meet, Chinese President Xi Jinping called on the BRICS countries “to promote common development and push for more international support for African countries”.
In Hamburg, BRICS nations have raised concerns over the pace of the global economic recovery.
“Facing uncertainties in the world economy, major economies should enhance macroeconomic policy coordination and avoid negative spillovers to emerging market economies,” a joint BRICS communique said.
Talks focused on enhancing the voice of developing countries at global forums like the G20.
“We stress the importance of upholding a more inclusive, balanced, and open world economy, creating an enabling environment for the development of EMDCs, encouraging human resource development and increasing people-to-people links, so that the benefits of globalization can be shared equally by all countries and peoples,” the BRICS statement said.
Outside on the streets of Hamburg, thousands of international protesters and activists have taken to the streets to protest against rising inequality.
The global economic situation hasn’t improved since the group last met in India last year during the 8th BRICS Summit.
U.S. President Donald Trump and other world leaders will meet during the July 7-8 summit of leaders of the world’s 20 biggest economies in Hamburg.
Trade protectionism, climate change and terrorism will be among the thorny issues discussed at the summit.
On Friday the BRICS countries urged the G20 to back the implementation of the Paris climate deal in stark contrast to the response from the Trump administration in the US.
They also pledged to fight protectionism.
“We firmly support a rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system, implementation and enforcement of existing WTO rules and commitments and oppose protectionism,” the BRICS communique said.
The BRICS countries have launched a $100 billion development bank, with its headquarters in China and with India holding its first rotating presidency.