BRICS leaders discuss global economic setbacks

BRICS leaders discussed current global economic challenges on Wednesday with a commitment to overcome them.

At an event for business executives in the Brazilian capital, Brasilia, Russian president Vladimir Putin expressed optimism.

“Due to the double recession we faced, we have seen an increase in protectionist attitudes with problems in customs, but the countries of BRICS have to make an effort for not being dejected by those kind of things. We have to keep the livelihood of our people and improve it”, Putin said.

South Africa’s Cyril Ramaphosa highlighted the impact of the economic crisis on businesses.

“Key countries in the global economy are currently facing slowing growth, complex challenges to their trading relationships or a turn away from the open rules based global trading system to being much more closed and introvert. For business people, these challenges are felt in slowing investment opportunities, mostly costly and a complex trade, and raising uncertainty. I’m confident that the BRICS countries can overcome these challenges”, Ramaphosa said.

Chinese President Xi Jinping said mounting protectionisms and global threats have derailed international trade and investment.

For India’s Narendra Modi, taxation and customs process have become simpler between BRICS. He said that the business environment is becoming more conducive

Leaders of Brazil, Russia, India, China and South Africa underscored the importance of integration aimed at boosting their economic growth.

On Thursday, the leaders will hold plenary sessions and bilateral meetings.

*AP