The intensification of economic cooperation among BRICS countries will be one of the key topics of the upcoming bloc summit in Xiamen, Alexei Voskresensky, Director of the Centre for Comprehensive Chinese Studies and Regional Projects, told valdaiclub.com.
According to Voskresensky, this is also confirmed by the choice of the city for the summit.
“Representatives of BRICS countries will visit southern China, the part of China that was a locomotive for the country’s economic growth in the past 30 years, and which has higher economic growth than on average across the country. It is in Southern China that the main processes of intensification in the Chinese economy are taking place. Accordingly, the key issues for discussion will be about increasing the scale and pace of mutual investment. Most of all, in sectors with the greatest added value and innovative potential, broadening cooperation in telecom and new technologies,” Voskresensky said.
How BRICS+ Format Can Become an Alternative Track for Globalization
As the developed world is increasingly leaning toward protectionism, the emerging nations seem to take the lead in shaping the contours of an alternative globalization with BRICS serving as the backbone of these processes. The BRICS+ paradigm, which can make the process of global economic integration more inclusive and comprehensive, was discussed at a Valdai Club event in Moscow on July 19.
An intensive exchange of views on an array of international issues will also take place, Voskresensky noted.
“The broadening of BRICS countries’ participation in global trade from 11 to 16 percent shows that trading ties of the bloc are actively growing. This gives hope that if Russia is able to improve conditions for conducting business in the country, then, supported by cooperation with BRICS countries, it would be able to improve its positions in trade,” Voskresensky concluded.