WNAM MONITORING: Chinese President Xi Jinping on Monday said economic globalization was an “irresistible trend of history,” stressing multilateralism, amid tariffs from US President Donald Trump.
Addressing a virtual BRICS summit, hosted by Brazil, Xi called for upholding multilateralism to “defend international fairness and justice,” according to a transcript of his speech released by the Chinese Foreign Ministry.
“Hegemonism, unilateralism, and protectionism are getting more and more rampant,” Xi said, stressing that the “trade wars and tariff wars waged by some countries severely disrupt the world economy and undermine international trade rules.”
His remarks came as tariffs and protectionist trade measures imposed by the Trump administration have roiled international markets as Washington seeks bilateral trade deals, including one with Beijing.
“We should… safeguard the international system with the United Nations at its core and the international order based on international law, so as to cement the foundations of multilateralism,” Xi said.
Calling for upholding “openness and win-win cooperation to safeguard the international economic and trade order,” the Chinese president said: “Economic globalization is an irresistible trend of history.”
“We should promote a universally beneficial and inclusive economic globalization, place development at the heart of our international agenda, and ensure that Global South countries participate in international cooperation as equals and share in the fruits of development,” he added.
Pointing out that the BRICS nations account for nearly half of the world’s population, around 30% of global economic output, and one-fifth of global trade, Xi urged the bloc to work “more closely.”
Stressing that Beijing stands ready to work with BRICS countries, Xi urged the bloc to “leverage our respective strengths, deepen practical cooperation, and make our business, financial, scientific and technological cooperation.”
The BRICS bloc was initially formed by Brazil, Russia, India and China, with their first summit held in 2009. The alliance later expanded to include South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates.
