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8 Jun, 2015 22:57

​BRICS should strive towards single market, promote tools for global economy control – China

​BRICS should strive towards single market, promote tools for global economy control – China

The BRICS countries should move toward a single trade and economic market, as well as looking to create and promote projects and tools for global economy control, Zhang Dejiang, a member of the Chinese National People’s Congress said.

In a difficult and rapidly changing international situation the BRICS countries should stand together against all sorts of challenges, stimulate the vitality of their economies and improve competitiveness, Dejiang, who is the chairman of the Standing Committee of the National People’s Congress (NPC) said, at the first parliamentary forum held by the BRICS on Monday.

“We must strive for moving towards the creation of a single market in trade and economic cooperation, the creation of a multi-level mechanism of currency agreements, new infrastructure projects and strengthening cooperation on the basis of the people’s support. The key tools here include the BRICS Bank and the BRICS reserve currencies pool,” said Dejiang, according to RIA Novosti.

He believes that the production structures of the BRICS countries complement each other well and that the “potential for cooperation is great.” Dejiang also expressed confidence that the upcoming BRICS summit in Ufa will help strengthen ties and open up new opportunities.

READ MORE: BRICS summit in Russia to launch New Development Bank & currency pool - Putin

The NPC member said that the joint efforts by the BRICS members over the last couple of years have helped to improve cooperation within the group, according to Regnum news agency.This has helped to contribute to more sustainable and balanced economic relations, as well as strengthening the world order and preserving peace.

Dejiang noted that the world is currently undergoing major and profound change and that the dependence on the member states is “increasing and deepening.”

“At the same time we can see that the development of mankind is facing challenges: a financial crisis, international and security issues, problems of peace and co-development,” he said. “The solution to these problems is long way ahead.”

READ MORE: GDP of BRICS could surpass G7 in 2-3 years - senior Duma MP

He praised the BRICS countries for helping to create a more balanced environment, despite the fact they have encountered difficulties along the way. The Chinese delegate also mentioned that this was a process that would continue to move forward. The members need tolerance and openness to cooperate with each other, seek common development and join their efforts to preserve peace worldwide, he added.

On Monday, Moscow hosted the first parliamentary-level forum of the BRICS group, where representatives from the member states discussed the key issues in global politics and economics.

The BRICS nations account for more than 40 percent of the world's population and about 30 percent of the world’s GDP. Aleksey Pushkov, Russia’s State Duma Foreign Relations chief, predicted the GDP of the BRICS countries may surpass that of the G7 within two or three years, as it has already hit $32.5 trillion.

Russia expects to launch the BRICS development bank as well as a currency reserve pool worth another $100 billion at the oraganization’s July summit in Ufa.