Stagflation concerns turned into an offensive opportunity… Attempts to unite the camps of developing countries
Opposition to sanctions and promotion of independent economic power cannot be specified in the declaration… It seems like India is trying to balance
(Beijing = Yonhap News) Correspondent Cho Jun-hyung = The BRICS (5 emerging economies of Brazil, Russia, India, China, and South Africa) summit meeting on the 23rd and the unit meetings held before and after the start of the Ukraine War (February 24) have been This can be summarized as the counterattacks of China and Russia, which have been on the defensive.
China and Russia’s diplomatic positions seemed to be shrinking amid the US and Europe’s sanctions against Russia and China’s containment, which regard China and Russia as a de facto ‘one team’. It looks like it’s switched.
In particular, Russia, which had received crossfire from the international community due to the invasion of Ukraine, was able to exercise its right to speak on the multilateral diplomatic stage with the support of its ‘strategic partner’ China.
The background of China-Russia counterattack is the global economic situation that is raising concerns about stagflation (inflation in a recession).
As the Western sanctions against Russia, such as the embargo on crude oil and petroleum products, push up international energy prices and create an economic burden, there are signs of a crack in the unity of the West over sanctions. And the voices of Russia are gradually increasing in intensity.
In particular, China, which claims to be the world’s largest developing country, has actively utilized the BRICS platform as a stepping stone to confront the developed countries of the West by making developing countries that are indirectly affected by war a supportive force even though it has nothing to do with the war.
The five BRICS countries, including China and India, the world’s first and second largest populations, account for more than 40% of the world’s population, 24% of the world’s gross domestic product (GDP), and 16% of trade, respectively.
Not only in terms of size, but no country among member countries has participated in sanctions against Russia, and India, a member of the US-led Quad (a security consultative body of the United States, Japan, Australia, and India), has significantly increased its imports of Russian oil after the start of the Ukraine War. The situation, such as diluting the effect of the West’s sanctions on Russia, seems to have made China and Russia view the BRICS as the best platform to confront the West.
This time, China and Russia are strengthening the unity of the five BRIC countries, which distance themselves from the Western trend toward Russia, while holding a ‘Global Development High-Level Dialogue’ in which other emerging and developing countries participated on the 24th to expand the BRIC’s horizons.
President Xi chanted daily against sanctions, accusing the US of pressure from China and Russia through the rallying of allies as a ‘hegemonic small group act’, while President Putin insisted on establishing an international settlement system among the BRICS member states and forming an independent economic zone.
The ‘Beijing Declaration’, a result of the summit, is evaluated to have cast a check on the West’s attempts to decoupling by emphasizing multilateralism centered on the United Nations and the World Trade Organization (WTO).
In addition, it contains the will to strengthen cooperation between the BRICS countries in economics, trade, finance, politics and security, people-to-people exchanges, and public health, and stipulates a policy to promote membership expansion.
However, the declaration did not include the contents of establishing an angle with the West, such as the promotion of the BRIC-level independent economic zone and opposition to sanctions against Russia, as proposed by the Russian side. This appears to be due to other BRIC member states, such as India, Brazil and South Africa, attempting to balance between China and Russia and the West.
This is similar to Wang Yi’s visit to eight countries, including the South Pacific Islands, by Chinese State Councilor and Foreign Minister Wang Yi from the end of last month to the beginning of this month. China agreed to various cooperation with individual countries on this occasion, but the conclusion of a comprehensive security and economic agreement involving the South Pacific island countries was not achieved. This was also because some countries were trying to avoid a sharp shift towards China between the US and China.
It is expected that three fierce battles will unfold between the Chinese and Russian camps, which heralded the expansion of the BRICS border in the future, and the U.S. and European camps, which are strengthening camp unity through the G7 and NATO summits at the end of this month. The anticipation that the confrontation and competition between the two camps, which some call the ‘New Cold War’, will intensify, weighs on the prospect.
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2022/06/24 17:57 Send