The leaders of Brazil, Russia, India, China and South Africa also called for increased trade between the countries.
China is currently involved in a trade dispute with the United States and President Xi Jinping told the summit in Brazil: “Protectionist and bullying counter-currents bring shocks to international trade, adding to downward pressure on the world economy.”
Russian President Vladimir Putin made some gloomy predictions about global growth rates, citing International Monetary Fund forecasts, but that the BRICS are doing their best to fend off the trend. He also blamed politically motivated protectionism for the downturn.
“The BRICS countries are making considerable contributions to support growth,” he said.
“The global economy has been influenced by the wide usage of unfair competition in trade, unilateral sanctions, including those that are politically motivated, and protectionism is flourishing.”
Indian Prime Minister Narendra Modi used the platform to announce his country’s pans to be a $5-trillion (€4.55-trillion) economy by 2024, up from 2.6 trillion in 2018.
jsi/rc (Reuters, AP)
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