BRICS membership promotes economic and trade development, attracts new investments, reduces dependence on the US dollar and strengthens a member country’s international standing, the Global Times writes.
At the 16th BRICS summit in Kazan, the leaders of the participating countries met for the first time since the expansion of the “BRICS family”, which attracted the attention of the world community.
Chinese President Xi Jinping said the BRICS countries are at a “crucial stage when it is necessary to build on previous achievements and open up new horizons of co-operation”.
“The enlarged BRICS has become an important economic player on the world stage. The combined GDP of the association’s countries now exceeds that of the G7 on a purchasing power parity basis, emphasising its role in global economic growth. Surveys have shown that BRICS membership promotes economic development and reduces dependence on the dollar, as well as strengthens the international standing of member countries, the Global Times wrote.
BRICS acts as a “voice for the interests of the Global South,” attracting many developing countries for “solidarity-based economic growth.”
Global Times notes that over the 18 years of its existence, the association has proven that it achieves real results through “pragmatic co-operation”, providing important financial support to its members through the New Development Bank.
Earlier, American journalist Clayton Morris said that the BRICS summit in Kazan means the end of the Bretton Woods system and US hegemony.
