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Print Edition> World
UPDATED: April 24, 2010 NO. 17 APRIL 29, 2010
A Harmonious Quartet
BRIC nations voice shared concerns over global issues at their second summit
By YAN WEI
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Future plans

In the face of both "rare opportunities" and "severe challenges," the BRIC countries need to chart a future course for their cooperation, Hu said at the summit. In this respect, he noted, political trust, practical cooperation in diverse fields, institutional development, win-win results, openness and transparency are of pivotal importance.

At the summit, Hu called on the BRIC nations to take the lead in laying a more solid foundation for global economic recovery by enhancing coordination in macroeconomic policies. The BRIC countries, he added, should also encourage other parties to address imbalances in the global economic governance structure, while increasing the representation of emerging markets and developing countries in international financial institutions.

At the same time, said Hu, they should promote trade liberalization, properly handle trade disputes, oppose protectionism and promote the establishment of an open and a mutually beneficial multilateral trading system. The alliance, he added, should work to improve the international financial regulatory system by expanding the scope of regulation while identifying regulatory responsibilities.

The BRIC countries should also call on the international community to redouble its efforts to pursue development while respecting different models of development that countries have practised, based upon their actual conditions. Industrialized countries in particular, Hu said, must honor their commitments to assisting developing nations, debt relief, market access and technology transfers to help developing countries achieve economic growth.

Hu also said that China will host the third BRIC summit next year.

Hu's words, said Wang Yizhou, Associate Dean of the School of International Studies at Peking University, demonstrated hopes for deepened cooperation between the BRIC nations.

Despite the dramatic rise in their economic clout in recent years, emerging countries have yet to play a leading role in many international forums, he said. Against this backdrop, there is a driving need for BRIC nations to work together on international issues.

Wang also voiced his belief that BRIC cooperation remains at an early stage, and thus the four countries will need decades to realize their long-term objectives.

A growing partnership

During their talks on April 15, Hu and Brazilian President Luiz Inacio Lula da Silva agreed to further advance bilateral ties. Hu had planned on paying state visits to Brazil, Chile and Venezuela after attending the second BRIC summit. But when a devastating earthquake struck China's Qinghai Province on April 14, he decided to cancel visits to Chile and Venezuela and return home to direct disaster relief efforts.

Before his departure, Hu told Lula that both the Chinese and Brazilian governments should encourage their businesses to invest more in each other's countries in areas such as energy, mining, agriculture, industry and infrastructure development.

China is also willing to cooperate with Brazil in oil exploration and in developing new energy resources such as bio-fuels.

In terms of cooperation with regards to science and technology, Hu recommended that both sides collaborate closely in the China-Brazil Earth Resources Satellite program, under which the two jointly develop and operate Earth observation satellites.

In addition, China will launch a "Month of Chinese Culture in Brazil" later this year, while Brazil will stage a "Month of Brazilian Culture in China" in 2011 to promote cultural and people-to-people exchanges.

During Hu's visit, China and Brazil also signed the 2010-14 Joint Action Plan, as well as 15 other documents concerning areas such as trade, culture and product quality inspection.

China is Brazil's biggest trading partner, second biggest export market and second biggest source of imports. Two-way trade, according to China's official statistics, reached $42.4 billion in 2009.

 

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