Xi Jinping Stresses Multilateralism Amid US Trade Tensions

Chinese President Xi Jinping emphasized the importance of multilateralism and economic globalization at a virtual BRICS summit on Monday, calling for international fairness and justice. In the face of tariffs and protectionist trade measures imposed by the US Trump administration, Xi urged nations to defend the international economic and trade order, highlighting the need for a universally beneficial and inclusive economic globalization. The BRICS nations, accounting for nearly half of the world's population and a significant portion of global economic output and trade, were urged to work more closely together and leverage their strengths to deepen practical cooperation.

Key Takeaways:

• Xi Jinping stressed that economic globalization is an "irresistible trend of history," emphasizing the importance of multilateralism and international cooperation to promote global development and fairness.
• The Chinese President called for upholding openness and win-win cooperation to safeguard the international economic and trade order, emphasizing the need for Global South countries to participate in international cooperation as equals and share in the fruits of development.
• Xi urged the BRICS nations to work more closely together, leveraging their respective strengths to deepen practical cooperation in areas such as business, finance, science, and technology.
• The BRICS bloc, initially formed by Brazil, Russia, India, and China, has expanded to include seven additional countries, and Xi stressed the importance of their combined economic and demographic weight in promoting global development.
• Xi emphasized the need to defend international fairness and justice, which he said was being threatened by the growing trend of hegemonism, unilateralism, and protectionism.
• The Chinese President warned that tariffs and protectionist trade measures imposed by some countries, including the US Trump administration, have severely disrupted the world economy and undermined international trade rules.

Statistics:

• The BRICS nations account for nearly half of the world's population, around 30% of global economic output, and one-fifth of global trade.
• The combined economic output of the BRICS nations is rapidly growing, with a significant potential to drive global economic development.
• The US Trump administration's tariffs and protectionist trade measures have imposed significant disruptions on international trade, with the value of trade affected exceeding billions of dollars.
• The BRICS nations have diversified their economic relationships, with significant trade ties with other major economies, including the European Union, Japan, and South Korea.

Sources:

• Xinhua, China's state-run news agency. (No date)
• Chinese Foreign Ministry. (No date)
• Anadolu Agency. (No date)
• 2009 Summit of the BRICS countries: "A New Partnership for Global Development."