BRICS mechanism conducive to cooperation among developing countries, says UN economist

GENEVA: The BRICS mechanism plays a key role in promoting cooperation among developing countries and emerging markets against the background of global geopolitical turmoil, said a United Nations (UN) senior economist, Xinhua reported.

The BRICS countries have become an important force in the world economic landscape, and their development experience is worth learning for the Global South countries, said Liang Guoyong, a senior economist with the United Nations Conference on Trade and Development, in a written interview with Xinhua.

Cooperation in various fields among the BRICS countries has continued to deepen, and economic and trade exchanges between BRICS countries and other developing countries have continued to expand, Liang said, adding that the increasing international trade, investment, as well as scientific and technological exchanges have provided important opportunities for the economic development of all parties concerned.

He said that the cooperation mechanism among the BRICS countries has transcended specific regions and become a core mechanism for cooperation among emerging economies, playing a positive role in building a more inclusive global economic and trade system.

In the future, cooperation among the BRICS countries in new areas such as digital economy, artificial intelligence, cross-border payments and logistics will enable the mechanism to play a greater role in promoting international economic and trade cooperation, he added.

The appeal of the BRICS mechanism lies in the expanding influence of its members in the global political and economic system, while the mechanism offers an effective way for members to strengthen economic and trade exchanges and promote economic development, he said.

Liang expressed his belief that under the current situation, in order to promote economic and trade cooperation among developing countries and enlarge the development pie, it is necessary to give full play to the international cooperation mechanisms at all levels, especially BRICS.

He said that the primary reason why South-South cooperation has once again become the focus of global attention in recent years is the increasing strength of the Global South countries, as South-South trade has accounted for nearly 40 percent of global trade.

Also, South-South cooperation has become the main driving force for developing countries to strengthen cooperation in areas such as trade, investment and infrastructure construction, and the BRICS countries, including China, play an important role in this, he added.

The expert said that China has become the world's largest trading country and the largest exporter and the second-largest importer in goods trade, and its growing imports have provided an important driving force for the economic growth of other developing countries.

At the same time, as one of the world's largest foreign investors, China has provided important support for the industrialisation and economic diversification of low-income countries, said Liang.

In the past decade, the China-proposed Belt and Road Initiative and the establishment of financing institutions such as the Asian Infrastructure Investment Bank and the New Development Bank have effectively promoted economic and trade cooperation among developing countries, he said.

Looking ahead, the economist said China will continue to play an important role in promoting the globalisation process, stimulating world economic growth, and facilitating the implementation of the United Nations 2030 Agenda for Sustainable Development.

-- BERNAMA

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