Hu calls for stronger partnership in BRICS

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Chinese President Hu Jintao urged BRICS countries to strengthen partnership for common development at the bloc's summit in Sanya on Thursday.

Hu said BRICS cooperation has contributed not only to the economic and social development of five countries, but also to the peace and development of the world.

"We should build on what we have achieved and plan for the future," said Hu at the summit which was attended by leaders of Brazil, Russia, India, China and South Africa.

He urged the five member countries, Brazil, Russia, India, China and South Africa, to stick to the basic principles of solidarity, mutual trust, openness, transparency and common development.

"We should stay firmly committed to the common interests of BRICS countries, step up coordination in the international economic, financial and development fields and strengthen the standing and role of emerging markets and developing countries in global economic governance," he said.

The five countries should also further tap the cooperation potential in economy, trade, health and sister-city relationships, said Hu who chaired the summit.

Hu also called for the reform of international monetary and financial systems, saying that the say and representation of emerging markets and developing countries should be increased.

"We should establish fair, just, inclusive and well-managed international monetary and financial systems to support global economic development and increase the say and representation of emerging markets and developing countries in these systems," Hu said.

"We should set up a a just and equitable international free trade system, oppose protectionism in all its forms, strengthen the multilateral trading regime and push for early attainment of the goals of a development round at the Doha Round negotiation," Hu said.

Hu said the international financial crisis has aroused much thinking and discussion about world economic imbalances.

"In the final analysis, the biggest imbalance in the world economy is the development imbalance between the North and the South and the most fundamental problem in the world economy is the inadequate development of developing countries," he said.

He called on countries to renew commitment to the development of developing countries and promote world economic recovery and growth.

Hu said cooperation mechanisms among emerging market economies represented by the BRICS constitute "a new model" of global economic cooperation and an important way of pursuing multilateralism.

"They can continue to play an active role in boosting cooperation among emerging market economies," he said.

Meanwhile, Hu emphasized the role of the United Nations, saying that being the most universal, representative and authoritative inter-governmental international organization, the UN should always play a central role in international affairs.

The G20 should continue to serve as the premier platform for global economic governance, he said.

He also called for joint efforts to maintain world peace and stability, saying that peace and stability form the prerequisite and foundation for development.

Hu said all countries should abide by the purposes and principles of the UN Charter and bring into full play the central role of the United Nations and its Security Council in "peace keeping, peace making and peace building.

"We should seek peaceful settlement of international disputes through dialogue and consultation," Hu said at the summit.

He said all countries should uphold the principle of "seeking common ground while shelving differences" and respect the sovereignty of other countries.

"Internal affairs of a country should be handled independently by the country itself and international affairs should be managed collectively through consultation by all," Hu said.

"We should be committed to multilateralism and international cooperation, and promote democracy in international relations," he added.

"We should respect the sovereignty of all countries and their right to choose their development paths and models in keeping with the principle of seeking common ground while shelving differences," He said.

The term of BRIC was first coined by Goldman Sachs economist Jim O'Neil in 2001 to group four fast-growing economies -- Brazil, Russia, India and China. South Africa was invited in late 2010 to join the bloc.

The five countries' population made up 42 percent of the world's total and their combined gross domestic product (GDP) accounted for 18 percent of the global GDP in 2010. Their trade volume took up 15 percent of the world's total last year.

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