Brazilian president hails BRICS mechanism for advancing global economic development

China

Brazilian president hails BRICS mechanism for advancing global economic development

2025-07-06 16:13 Last Updated At：07-07 00:37

Brazilian President Luiz Inacio Lula da Silva emphasized the significant contributions of the BRICS cooperation mechanism to global economic development and multilateralism at the opening session of the BRICS Business Forum 2025 on Saturday.

The forum, held in Rio de Janeiro, brought together participants to deliberate on topics including sustainable economic development, food security, energy transition, and digital economy of BRICS countries.

Lula stated that 40 percent of the global GDP is contributed by BRICS countries, with the overall GDP growth of BRICS countries reaching four percent in 2024, significantly exceeding the global average of 3.3 percent.

The Brazilian president said the BRICS mechanism will make more contributions to the world.

"As global protectionism is on the rise, emerging economies should jointly defend the global multilateral trading system and reshape the international financial architecture. The BRICS cooperation mechanism will continue to provide guarantees for a better life for the people," Lula said.

Lula also spoke highly of the significant contribution of the New Development Bank (NDB) to the international financial system.

Five BRICS countries -- Brazil, Russia, India, China and South Africa -- established the NDB in 2014. Headquartered in Shanghai, the NDB officially began operations in 2015 to fulfill its mission of mobilizing resources for infrastructure and sustainable development projects in BRICS member nations, as well as other emerging-market economies and developing countries.

The 17th BRICS Summit is being held Sunday and Monday in Rio de Janeiro. As the rotating chair of the bloc, Brazil is hosting the summit under the banner of "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance".

China publishes Pinglu Canal estuary chart, completes navigation aids

China on Monday officially released the nautical chart of the Pinglu Canal estuary and completed installation of navigation aids, marking the full rollout of the canal's maritime safety system as the 134‑km waterway prepares to open this month.

Meanwhile, the installation of navigation aids in the estuary section of the canal has been fully completed, signaling that the maritime safety guarantee system is now fully in place.

The canal in south China's Guangxi Zhuang Autonomous Region, starts at the mouth of the Pingtang River in Hengzhou City, passes through Luwu Town in Lingshan County and runs along the Qinjiang River into the Beibu Gulf.

The 134.2-km canal is a major project along the country's New International Land-Sea Trade Corridor, a strategic route linking China's inland regions with ASEAN and other global markets. The project began construction on Aug 28, 2022, and is expected to become operational this month.