October 03, 2022
KCNA Ministry of Foreign Affairs (EN)

Multipolarization of International Economic Relations Further Stepped up

Date: 07/08/2022 | Source: Ministry of Foreign Affairs (EN) | Read original version at source

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Today, multipolarization of international economic relations is actively pushed forward in the international arena.

At the 14 th BRICS Summit hosted by China from June 23 to 24, the member states agreed to strengthen the expanded cooperation in overall fields including politics, security, the economy, finance, exchanges among people on the principles of improved relations and reciprocity. They also adopted and issued Beijing Declaration.

At present, BRICS member states have become strong forces as they account for 41% of the world population and 24% of the world’s GNP. Iran, Egypt, Argentina and other countries are also desirous of joining BRICS.

Concerning this, a German newspaper reported that the Western values and hegemonic stand have become the major factors in uniting the BRICS member states. It continued that the economic relations of BRICS will be continuously expanded in the future.

This shows that BRICS, a cooperational organization of emerging economic states, is playing a great role in realizing the multipolarization of international economic relations by challenging the U.S.-led unipolar economic system.

This is not all.

Meeting of Eurasian Inter-Governmental Council was recently held in Minsk participated by the government leaders of the Eurasian Economic Union (EAEU) members and the government leaders of Cuba and Uzbekistan, the observers of the EAEU.

At the conference, the basic rules for coordinating the export of individual product were set and the consensus of opinion was reached on establishing the infrastructure of “east-west” and “north-south” transportation within the Union and organizing the committees which deal with the cooperative production and localization in high-tech sectors and primary industrial sectors.

Meanwhile, practical measures were discussed at the 17 th Meeting of the Shanghai Cooperation Organization Forum to further develop cooperation in the fields of politics, security and the economy. The African Union is also taking measures to accelerate trade within the continent since the advent of the African free trade zone. These are the signs of active multipolar movement in the regions.

The reality attests to the fact that multipolarization of the international economic relations is the irresistible trend of the times and that any high-handedness, arbitrariness, threats and blackmailing of the U.S. and the West, aimed at maintaining their unipolar economic system, cannot deter the unity and cooperation of the developing countries.

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