‍The BRICS countries have vowed to deepen cooperation in the fields of economy and trade in order to present a stronger voice on the global stage. 

During the ninth BRICS Summit, Brazil, Russia, India, China and South Africa decided to use all policy tools and strategies for strong, sustainable, balanced and inclusive global economic growth. 

They also launched the BRICS E-Port Network and established the BRICS E-Commerce Working Group in order to provide support in deepening cooperation in politics, economy and culture, Chinese President Xi Jinping said in a speech to the media. 

One of the strong signals that this year’s meeting sent, was deepening South-South Cooperation and global development, he said. 

Sunil Geness, chairman of the deregulation group of South Africa’s BRICS Business Council told CGTN that South Africa looks up to what China has done.

“We see China as a benchmark right now that we will aspire to, with the transitioning of skill sets out of China. I know there is a number of Chinese on the African continent, who are involved in all the infrastructure projects, they are creating connectivity in Africa, that’s what Africa needs right now. You bring to us a cultural experience we all want to be part of, all want to be emulating in future,” he said.

China has been South Africa’s biggest trading partner for the past eight years. 

China’s exports to South Africa increased from 5.77 billion US dollars in 2006 to 12.7 billion US dollars 2016. Now South Africa wants the trade basket to change and for that reason China is cooperating with South Africa in diversifying trade.

The five countries are exploring the possibility of establishing a new PPP Project Preparation Fund, according to the joint declaration.

BRICS countries believe the PPP is an innovative way to bridge the infrastructure investment gap. Government financing can be limited in funding infrastructure projects and the PPP helps the funding problem by providing help from the private sector.

Zhou Liangzhang, chairman of Hexing Electrical Co., Ltd, a listed electrical company based in east China’s Hangzhou, said that the government should encourage more private companies to join the PPP framework. 

“Projects on infrastructure should be done by the state-owned enterprises, and PPP should be joined by private companies more,” he said.

The BRICS not only represent China, but the growth engine of the world, said Wu Baiyi, director-general of the Institute of Latin American Studies at the Chinese Academy of Social Sciences. 

Meanwhile, marine economy and cooperation is also a new area the BRICS economies will look into.  

Together, 40 economy-related documents were agreed on in the joint declaration, covering tax, innovation, resources, poverty alleviation, monetary policy coordination, infrastructure and the environment. 

Ushering in the second decade for the BRICS mechanism, the five economies are set to bring a stronger voice on world matters while representing developing countries. 

Chen Fengying, a senior researcher on the world economy at the China Institutes of Contemporary International Relations told CGTN that, “the world’s issues are the BRICS’ issues. 

“Looking ahead, BRICS cooperation is set to achieve greater development and play an even bigger role in international affairs. Let us set sail from Xiamen…and deliver greater benefits to the people of our five countries and around the world,” President Xi said.