Hu calls for stronger partnership among BRICS members

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

( L to R) India's Prime Minister Manmohan Singh, Russia's President Dmitry Medvedev, China's President Hu Jintao, Brazil's President Dilma Rousseff and South Africa's President Jacob Zuma arrive for a joint news conference at the BRICS Leaders Meeting in Sanya, Hainan province April 14, 2011.[Photo/Agencies]

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.

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"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.