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BRICS Summit in China: Here are today's main highlights from Xiamen

The heads of state from Brazil, Russia, India, China and South Africa converged at Xiamen, China for the BRICS Summit 2017. Here's a glimpse of major issues discussed at the Summit.

BT Online   New Delhi     Last Updated: September 4, 2017  | 20:25 IST
BRICS Summit in China: Here are today's main highlights from Xiamen

The heads of state from Brazil, Russia, India, China and South Africa converged at the port city of Xiamen to attend the 9th BRICS Summit hosted by China. The leaders agreed to push forward on avenues ranging from economic cooperation to anti-terror initiatives. The present leaders also vowed to check protectionist policies in the bloc for the benefit of bloc.

Here are eight issues agreed to in the ninth edition of BRICS Summit in Xiamen:

China promises $80 million
Chinese Premier Xi Jinping promised to pitch in $76 million for BRICS economic and technology cooperation plan and another $4 million to support the projects of the bloc's New Development Bank. Calling on the five nation grouping to forge unity to jointly advance solutions for international peace and development, Xi said the BRICS countries should make economic globalisation open and inclusive, and beneficial to all.

"I wish to announce here that China will launch the economic and technical cooperation plan for BRICS countries with 500 million yuan [about $76 million at the current exchange rates] for the first term to facilitate policy exchange and practical cooperation in economic and trade field," Xi Jinping said.

Join hands to curb corruption: Modi
Indian Prime Minister Narendra Modi pointed out the initiatives taken by his government to curb black money floating around in Indian economy. "We have also stepped up the fight against black money and corruption. Moving forward, using the springboard of our national experiences, BRICS countries can deepen partnership for win-win results," Modi said.
The Summit also saw leaders agreeing to "intensify dialogue and experience sharing and support compiling a compendium on fighting corruption in BRICS countries". It was decided that international cooperation to fight corruption will be strengthened on matters related to asset recovery and culprits sought for corruption.

MoU between NDB and BRICS Business Council
The New Development Bank will now work closely with the BRICS Business Council to facilitate business and trade prospects in the bloc. BRICS Business Council will suggest projects that needs support from the New Development Bank. NDB supports investment in objectives for sustainable development like infrastructure, environment water supply and smart cities.

Prime Minister Narendra Modi pitched for setting up of a BRICS credit rating agency to counter western rating institutions and cater to the financial needs of sovereign and corporate entities of developing nations. In an address at the plenary session of the BRICS Summit, Modi said a separate rating agency would help the economies of the member countries as well as other developing nations.
PM Narendra Modi urges early creation of BRICS rating agency to cater to financing needs of sovereign  and corporate entities of developing countries.

Say no to protectionism
When protectionist policies are on the rise across the world, BRICS leaders agreed to allow economic growth to be shared among the members of the bloc.
"We emphasize the importance of an open and inclusive world economy enabling all countries and peoples to share in the benefits of globalization," the BRICS Declaration said.
It was decided that the trading system will be kept open, transparent, and in accordance to norms laid down by the World Trade Organisation.

Clean energy for all
Underlining the significance of clean energy play, the five countries attending the BRICS Summit agreed to adopt environment friendly energy resources and technologies.
"We will work together to promote most effective use of fossil fuels and wider use of gas, hydro and nuclear power, which will contribute to the transformation toward a low emissions economy, better energy access, and sustainable development. In this regard, we underline the importance of predictability in accessing technology and finance for expansion of civil nuclear energy capacity which would contribute to sustainable development in BRICS countries. We encourage continued dialogue on the establishment of a BRICS Energy Research Cooperation Platform and urge relevant entities to continue to promote joint research on energy cooperation and energy efficiency," stated the Xiamen Declaration of BRICS Summit.

Cooperation for agricultural development
The leaders at BRICS Summit agreed to join hands for agricultural development, considering how well the five constituent countries have worked together in this field.
"We agree to deepen cooperation in the five priority areas such as food security and nutrition, adaptation of agriculture to climate change, agricultural technology cooperation and innovation, agricultural trade and investment, and ICT application in agriculture to contribute to stable global agricultural growth and achievement of Sustainable Development Goals. We welcome the establishment in India of the Coordination Center of BRICS Agriculture Research Platform, a virtual network which will facilitate addressing these priority areas," the Decelaration said.

Blow to terrorism
Leaders at BRICS Summit voiced their concern over threat to peace and stability in South-East Asia due to disturbances by Pakistan-based terror outfits like the Taliban, al-Qaeda and Pakistan-based LeT and JeM.
"We support the efforts of the Afghan National Defense and Security Forces in fighting terrorist organizations. We, in this regard, express concern on the security situation in the region and violence caused by the Taliban, ISIL/DAISH, Al-Qaida and its affiliates including Eastern Turkistan Islamic Movement, Islamic Movement of Uzbekistan, the Haqqani network, Lashkar-e-Taiba, Jaish-e-Mohammad, TTP and Hizb ut-Tahrir. We deplore all terrorist attacks worldwide, including attacks in BRICS countries, and condemn terrorism in all its forms and manifestations wherever committed and by whomsoever and stress that there can be no justification whatsoever for any act of terrorism. We reaffirm that those responsible for committing, organizing, or supporting terrorist acts must be held accountable," the declaration said.

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