In a world of economic brutality including the never-ending Middle East war-for-profit, the BRICS ‘Delhi Declaration’ is a welcome offer of global expansion in a “Partnership for Global Stability, Security and Prosperity“ through Trade and Aid rather than Shock and Awe.
Last month’s Summit was “conducted in an atmosphere of cordiality and warmth and inspired by a shared desire to further strengthen our partnership for common development and take our cooperation forward on the basis of openness, solidarity, mutual understanding and trust”.
In summary, the 50 resolutions include details of a cooperative global economic structure – A New World Order – that lists concrete measures with which to tackle every aspect of the world’s ills:
The Declaration begins by taking the bull by both horns, addressing “a faltering global recovery made more complex by the situation in the Euro Zone; concerns of sustainable development and climate change…”
What is BRICS?
BRICS is “… a platform for dialogue and cooperation amongst countries that represent 43% of the world’s population, for the promotion of peace, security and development in a multi-polar, inter-dependent and increasingly complex, globalizing world.”
The organisation makes no mention of arms or regime changes, revealing rather a latticework of Western Austrian Economic School Free Trade principles peering out at us and smiling with Eastern inscrutability.
“Coming, as we do, from Asia, Africa, Europe and Latin America, the transcontinental dimension of our interaction adds to its value and significance.
‘We envision a future marked by global peace, economic and social progress and enlightened scientific temper… ‘We are concerned over the current global economic situation.
“While the BRICS recovered relatively quickly from the global crisis, growth prospects worldwide have again got dampened by market instability especially in the Euro Zone. The build-up of sovereign debt and concerns over medium to long-term fiscal adjustment in advanced countries are creating an uncertain environment for global growth…
“Further, excessive liquidity from the aggressive policy actions taken by central banks to stabilize their domestic economies have been spilling over into emerging market economies, fostering excessive volatility in capital flows and commodity prices…
“The immediate priority at hand is to restore market confidence and get global growth back on track. We will work with the international community to ensure international policy coordination to maintain macroeconomic stability conducive to the healthy recovery of the global economy…
“We believe that it is critical for advanced economies to adopt responsible macroeconomic and financial policies, avoid creating excessive global liquidity and undertake structural reforms to lift growth that create jobs…
“We recognize the importance of the global financial architecture in maintaining the stability and integrity of the global monetary and financial system. We therefore call for a more representative international financial architecture, with an increase in the voice and representation of developing countries and the establishment and improvement of a just international monetary system…
“W are… concerned at the slow pace of quota and governance reforms in the IMF (and) call upon the World Bank to give greater priority to mobilising resources and meeting the needs of development finance while reducing lending costs and adopting innovative lending tools…
“We have considered the possibility of setting up a new Development Bank for mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries…
“Brazil, India, China and South Africa congratulate the Russian Federation on its accession to the WTO. This makes the WTO more representative and strengthens the rule-based multilateral trading system. We commit to working together to safeguard this system and urge other countries to resist all forms of trade protectionism and disguised restrictions on trade.
“We agree on fundamental principles of transparency, inclusiveness and multilateralism. We intend to invest in improving its traditional activities of consensus-building, technical cooperation and research on issues of economic development and trade.
“We wish to see (Middle East)S countries living in peace and regain stability and prosperity as respected members of the global community.
“We agree that the period of transformation taking place in the Middle East and North Africa should not be used as a pretext to delay resolution of lasting conflicts but rather it should serve as an incentive to settle them, in particular the Arab-Israeli conflict…”
More resolutions in a similar spirit to the above can be found in the full text of the Declaration AVAILABLE HERE.