Xi, Modi display bonhomie during BRICS Summit

Source: The Hitavada      Date: 05 Sep 2017 08:53:37



By Priyanka Tikoo,

XIAMEN, (China),

China to provide USD 76 million for a BRICS economic and technology cooperation plan and another USD 4 million to support the projects of the bloc’s New Development Bank

THE BRICS Summit began on Monday with a group photograph of leaders of the five countries and was preceded by a rare bonhomie between Prime Minister Narendra Modi and Chinese President Xi Jinping, who had warm handshake with the prime Minister ahead of the restricted meeting of the grouping.

Modi was the third leader to reach the convention centre, venue of the 9th BRICS Summit in this port city of China and was followed by Russian President Vladimir Putin. Modi is also scheduled to hold a bilateral meeting with Xi on Tuesday.

The Summit will be the first gathering when the leaders of Brazil, Russia, India, China and South Africa will meet after New Delhi and Beijing decided on “expeditious disengagement” of their border troops in the disputed Doka La area on August 28 after over a two month standoff between them.

During his speech, Xi announced that China will provide USD 76 million for a BRICS economic and technology cooperation plan and another USD 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 USD 76 million at the current exchange rates] for the first term to facilitate policy exchange and practical cooperation in economic and trade field,” Xi said at the opening of the plenary session at the BRICS Summit in Xiamen.

Xi also said China will contribute USD four million for the New Development Bank (NDB) setup by the BRICS countries.
The money was meant for project preparation facility to support the business operation and long-term plans of the bank, he said.

“We need to make the international order more just and equitable. Our ever closer ties require that we five countries play more active in global governance. Without our participation, many pressing global challenges cannot be effectively resolved,” he said. On the broader future role for BRICS (Brazil, Russia, India, China and South Africa), Xi said the grouping should speak in one voice and jointly present solutions to issues concerning international peace and development.

“This meets the expectation of the international community and will help safeguard our common interests,” he said.
“We should remain committed to multilateralism and basic norms governing international relations, work for new type of international relations and foster peace and stable environment of all countries,” Xi said.
“We need to advance the reform of the global economic governance, increase the representation and voice of the emerging markets and developing countries and inject new impetus to advance efforts to address the development gap between north and south and boost global growth,” he said.