The ongoing BRICS summit in China's southeastern seaside city of Xiamen is a unique opportunity for leaders to discuss global challenges and coordinate their actions within and outside global institutions, Bangladeshi experts said Monday.[Special coverage]
At the opening ceremony of the BRICS Business Forum on Sunday, Chinese President Xi Jinping urged the bloc of five major emerging economies to promote the building of an open global economy, and advance trade and investment liberalization and facilitation.
The experts said Xi's call for trade liberalization and an open world economy is a step in the right diction which the BRICS countries -- Brazil, Russia, India, China and South Africa -- must pursue.
These five countries, representing 44 percent of the world's population and 23 percent of global gross domestic product, have every possibility to be a game-changer for billions across the world, they added.
While addressing the BRICS summit on Monday, Xi called on BRICS countries to fight protectionism and advance the reform of global economic governance.
Rashed Al Mahmud Titumir, chairman of Unnayan Onneshan, a think-tank, told Xinhua Monday that the summit provides a unique forum where "these non-OECD leaders can discuss global challenges and coordinate their actions within and outside global institutions." He was referring to the Organization for Economic Cooperation and Development.
"BRICS (countries) are now playing a far more important role in the global economy. But they have not yet managed to get their act together," said Titumir, also a professor of Economics at Bangladesh's top Dhaka University.
"The Chinese leadership in financing mega infrastructure projects by her own and through the Asian Infrastructure Investment Bank (AIIB) indicates its broader commitment of shared prosperity amongst nations," he added.
He expressed the belief that "other countries need to follow suit to enhance multilateralism."
For decades, the professor said, resources have been monopolized by developed nations, leaving the developing world lacking infrastructure and social development.
MS Siddiqui, a professor at Dhaka's Daffodil International University,noted the Chinese president called on the international community at the the World Economic Forum this January in Davos, Switzerland, to stick with globalization.
"I think this is in right direction," he said.
He also expressed the belief that the BRICS mechanism, the New Development Bank and the China-proposed Belt and Road Initiative have given China added responsibility to lead the world not only in economic development but also geo-political issues.
The Silk Road Economic Belt and the 21st Century Maritime Silk Road, known as the Belt and Road Initiative, was proposed by China in 2013 with the aim of building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes.
To support the initiative, China has established the AIIB and the Silk Road Fund.
