Chinese Deputy Finance Minister Shi Yaobin asserted that the BRICS member states turned into a power that pushes the international economic growth forward.

These remarks came at a press conference Sunday within the framework of preparing for the BRICS summit that will be launched today with the participation of Egyptian President Abdel Fattah El Sisi along with leaders of China, India, Brazil, Russia and South Africa.

The BRICS member states contributed 50% to the total growth rate of global economy in 2016, he said.

The BRICS is committed to boosting cooperation with international monetary institutions to achieve financial aims reached during the G20 summit, he added.

The BRICS is also committed to building an open economy, said Shi.

Since its inception, the BRICS has expanded its activities in two main streams of work: (i) coordination in meetings and international organization; and (ii) the development of an agenda for multisectorial cooperation among its members.

In relation to the BRICS coordination in international fora and organizations, the mechanism focuses on the economic-financial and political governance spheres.

As to the first, the BRICS agenda prioritized G-20 cooperation, including the IMF reform. 

In the political realm, the BRICS advocate the reform of the United Nations and of its Security Council, aiming for more inclusive representation and a more democratic international governance. Moreover, the BRICS maintain a constant dialogue on the main issues on the international agenda.

Source: MENA