"We are now facing a very difficult situation at the international arena. Even though the global economy is generally growing, we are witnessing the increase in instability and uncertainty. The biggest risk is that some developing countries take protectionist and unilateral measures leading to trade wars and economic blockade. All of this destroys the international trade order and chain of production and this also affects the mutual interests of our countries. Besides, this casts a shadow on peace and stability in the entire world, as well as development," Xi said at an informal BRICS meeting held on the margins of the G20 summit in Osaka.
Xi noted that reforming the World Trade Organization (WTO) would meet the interests of developing countries, adding that BRICS states should reject protectionism and defend the key principles of the organization.
"The WTO reform is based on our mutual interests, mutual interests of developing countries. BRICS member states have close views on this matter, and we should reject protectionist measures and defend key values and principles of the WTO, including a special differentiated approach to developing countries. We should overcome the impasse faced by this organization," Xi said.
Putin on National Currencies in BRICS Transactions
Meanwhile, Russian President Vladimir Putin said that the use of national currencies for transactions between BRICS member state was promising.
"The joint work on introducing the practice of using national currencies of our states for international transactions looks promising," Putin said at the BRICS meeting.
Putin also noted that BRICS meetings traditionally held ahead of G20 summits helped member states coordinate positions and showed the efficiency of the BRICS strategic partnership.
"Our traditional meetings ahead of summits of the Group of Twenty undoubtedly play an important role in forming joint positions on key items of the agenda of these forums. They show that the strategic partnership of the BRICS counties works," he said.
India's Modi Сalls for Boosting Investment in Infrastructure Projects
Indian Prime Minister Narendra Modi called for increased investment in renewable energy sources and infrastructure projects in developing countries.
"It is necessary to ensure that fuel products, oil and gas can be bought at an affordable price. It is of utmost importance for developing countries. It is necessary to invest more in renewable energy resources and infrastructure projects in developing countries," Modi said.
Bolsonaro Says Determined to Increasing the Influence of BRICS
Brazil intends to take efforts toward increasing the influence of the BRICS group, Brazilian President Jair Bolsonaro said.
"Our administration is determined to actively work on increasing the influence of this group," Bolsonaro said at an informal BRICS meeting on the margins of the G20 summit in Osaka.
The Brazilian leader also praised the role of the BRICS bank in cooperation between the member states.