BRICS should be more active in uncertain world amid threats of rising protectionism

BRICS countries can play a more active role in an uncertain world amid threats of rising protectionism, Luan Jianzhang, director general of Research Office of International Department of CPC Central Commission, said during a forum over the weekend in Shanghai.

“When some global organizations are less constructive to the world economy and protectionism is again on the rise, BRICS countries should play their part,” Luan, who is also secretary general of China Council for the BRICS Think Tank Cooperation, said during the 2018 BRICS Think Tank International Conference held at Fudan University.

Huang Renwei, executive vice dean of Fudan Institute of Belt and Road & Global Governance, said BRICS countries  should adapt to changes around the world and interact more with each other to become a stronger force.

“We can’t not deny that developed countries are still dominant, (so) BRICS countries should stay closer to have a louder voice in the global economy,” Huang said.

In 2015, BRICS — Brazil, Russia, India, China and South Africa — set up the New Development Bank, the first global multilateral development bank.

Sarquis J. B. Sarquis, vice president of the NDB, said the bank is funding more infrastructure projects in BRICS countries.

“So far, 22 projects valued at more than US$5 billion have been approved, covering all member countries and main sectors of operation,” said Sarquis.

The bank targets a combined US$30 billion in loans by 2021.