Brazilian President Jair Bolsonaro said his administration will make active efforts to strengthen the Brics—a group of countries made up of Brazil, India, China, Russia, and South Africa. “Count on the dedication of our government in making cooperation among us stronger and stronger,” the president said on Friday (Jun 28), during an informal meeting at the Intex Conventions Center, in Osaka, Japan.
As an example of this cooperation, Bolsonaro named the creation of the New Development Bank. “I mention the New Development Bank as a successful example of cooperation among the Brics. Bringing it closer to the private enterprise and making sure it meets the funding needs of infrastructure is a priority in our administration.”
The Brazilian president went on to say that the gathering of group members plays a key role in finding solutions to international conflicts. Since the financial crisis of 2008, he argued, Brics countries have cast light on the role of great emerging powers, crucial for the stability and prosperity of the global economy.
Bolsonaro said that, in his government, Brazil has restated its support for the multilateral trade system as it understands that it is important for the development of the world economy. “The persistence of protectionist approaches and disloyal economic practices is the source of commercial tension and poses a risk to the stability of international trade rules,” he declared.
He discussed Brazil’s stance regarding the overhaul at the World Trade Organization (WTO). “We’re thoroughly willing to keep contributing to the reform at the World Trade Organization and to build a balanced agenda for negotiations. The reduction of distorting measures in agricultural trade is still a priority and an urgent task for developing countries.”
Joint statement
After the meeting, Brics leaders released a joint statement including the recognition of innovation as a the key driving force of development, and reiterated their commitment to maximizing the benefits of the digital world and emerging technology, also for the people in rural and remote regions. “We encourage joint efforts to share good practices on internet-driven poverty alleviation and digital transformation of the industrial sector,” the text reads.
Also stressed was the need for a reform at the WTO, which, among other things, should preserve the organization’s central principles and consider the interests of all members, including development countries with lower relative development. The WTO’s agenda must be balanced and discussed in an open, transparent, and inclusive manner, the statement also said.
