On 13th and 14th November, leaders from Russia, India, China and South Africa congregated in Brazil to attend the 11th BRICS Summit “BRICS: Economic Growth for an Innovative Future”. During the Summit they released the Brasilia Declaration, which applauded the council’s efforts in promoting cooperation, trade, and investment among its members in a wide breadth of areas from infrastructure to biotechnology.
The declaration stressed the importance of multilateralism and “bold, coordinated international action” to increase economic growth and sustainability, including investment in digital infrastructure, skills development, basic services, and areas of high potential growth.
Participants also acknowledged the extent to which labour market transformation is being driven by globalisation, technological innovation, demographic change, and other such phenomena, as well as the opportunities and challenges they bring.
Finally, the parties stressed their commitment to making the labour market more adaptable and inclusive.
But the main message of this year’s summit, you ask? Out with protectionism, and in with international cooperation and open trade.
This is a welcome change of heart from Brazilian’s President Jair Bolsonaro – who had previously campaigned for more protected borders – especially when it comes to skills development. An open border and inter-cooperation business policy lends itself to to skills mobility and remote/flexible working. Not to mention, the valuable lessons one can learn from working and studying in different cultures/countries.
As India’s Prime Minister Narendra Modi said:
“member countries of BRICS account for 50 per cent of the world’s economic growth with very low effect of recession on the BRICS countries as they accelerated economic growth. Countries worked upon curbing down the poverty, moreover, achieved milestones in new technology and innovation. It has been 10 years that BRICS nations are working to boost their economies and we must consider it an appropriate platform to consider for our efforts in the future”
One of the examples with which BRICS countries are promoting open trade and business is through visa-free entry and international cooperation. Prime Minister Modi expressed his gratitude to President Bolsonaro and his government for allowing Indians visa-free entry into Brazil.
“We reiterate the fundamental importance of a rules-based, transparent, non-discriminatory, open, free and inclusive international trade.” President Jair Bolsonaro said at the Summit.
Prime Minister Modi also called for developed countries to invest in BRICS. Speaking from India’s perspective, PM Modi emphasised that investors should take advantage of the limitless business possibilities that the country has to offer.
“India is the most investment friendly economy in the world due to political stability, predictable policy and business friendly reforms. By 2024, we want to make India a five-trillion-dollar economy. The infrastructure alone requires an investment of $1.5 trillion.”
PM Modi also called for a solution to nurturing young entrepreneurs in the country:
“I request the private sector to develop an interest in the global investment and business ideologies related to human resources. By connecting young entrepreneurs with initiatives like innovation BRICS Innovation Network, and BRICS Institution for Future Network, we can get strength and pace to our business and innovations.”
Judging from last year’s results, we know that the BRICS countries will take this declaration seriously!
Since last year’s BRICS Summit in Johannesburg, the BRICS Research Group measured each country’s compliance on the commitments stated then. Overall, the commitments on jobs achieved 90% compliance! A good sign for progress on this latest declaration.
“In the economic sphere, BRICS leaders made several commitments for economic co-operation, with a focus on ICT, skills development, open trade and the digital economy. In terms of development, BRICS leaders focused on infrastructure development in Africa, in particular with respect to addressing the infrastructure financing deficit. In addition, the leaders agreed to co-operate in areas such as quota review for the International Monetary Fund, international currency, anti-corruption and international taxation.”
THE BRASILIA DECLARATION On 13th and 14th November, leaders from Russia, India, China and South Africa congregated in Brazil to attend the 11th BRICS Summit “BRICS: Economic Growth for an Innovative Future”. During the Summit they released the Brasilia Declaration, which applauded the council’s efforts in promoting cooperation, trade, and investment among its members in […]