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Keynote by H.E. Ambassador Wu Hailong at the Conference on EU and Emerging Powers

Professor Defraigne, Your Excellencies, Ladies and Gentlemen,

Good afternoon!

First, I want to thank Professor Defraigne and the Madariaga - College of Europe Foundation for inviting me. I'm very pleased to have this opportunity to meet with Commissioner De Gucht and other ambassadors to exchange views on emerging powers and global governance.

In the end of March, BRICS countries held the fifth Summit in Durban, South Africa. During the Summit, BRICS countries have coordinated positions on major regional and international hotspot issues of common interest, promoted new progress in practical cooperation, and reached important agreement on improving global economic governance, resolving global development problems, and building partnership between BRICS and African countries.

BRICS has already transformed from an economic concept to a platform of dialogue and cooperation for BRICS and other emerging countries. BRICS as a whole has become an important participant to global governance.

BRICS countries together make 30% of global land space, 43% of the world population, around 20% of the world economy, and 15% of global trade. In 2012, BRICS have recorded 2.2 trillion US dollars of growth to the world economy, contributing 50% to world economic growth. In the next few years, growth rate of BRICS countries will remain above the global average and will contribute over 60% to global GDP growth. BRICS have already become an important engine for world economic recovery and sustainable growth.

During the international economic and financial crisis, BRICS countries have fully demonstrated the spirit of shared destiny to avail the difficulties, making an effort to helping the world put behind the adverse impact of the crisis. BRICS countries have supported the strengthening of macroeconomic policy coordination, actively provided capital infusion for the IMF, promoted the reform of the international monetary and financial system, and worked for a multilateral trading regime based on WTO through trade and investment liberalization and facilitation. BRICS countries have made active contribution for the realization of the Millennium Development Goals and carried out intensive cooperation with other developing countries. During the Durban Summit, as a favorable complementary establishment to the current multilateral and regional financial institutions, BRICS have decided to establish a development bank and an emergency foreign exchange reserve so as to effectively support the development of BRICS and other developing countries and to help prevent financial crisis.

BRICS countries are committed to meeting global challenges through cooperation. And BRICS are willing to build understanding and trust with other countries and use consultations on an equal footing and practical cooperation to seek solution to such challenges as climate change, environment protection, security of food, energy, and water, and other issues that concern public welfare and economic and social development.

Having said these, it is important to understand that the cooperation mechanism for BRICS is still at its early stage. There are still works we need to do to improve the mechanism, content, and depth of the cooperation. We are also faced with problems and challenges in our cooperation. Due to the geographical diversity of BRICS, member countries are different in terms of economic development level, social and cultural traditions, and political system. On the other hand, BRICS countries face many same or similar problems and share aspirations for equality and a greater say on lots of international political and economic problems. In my view, these commonalities and differences will not become an obstacle for our cooperation. I'm confident that BRICS cooperation will produce more achievements going forward.

Ladies and Gentlemen,

The international community should view and support BRICS cooperation from a long term and strategic perspective. World prosperity cannot happen without the development of emerging and developing countries. There will be no world peace and stability without security of emerging and developing countries. These countries have a constructive influence on the global structure. We must understand that a sound cooperation mechanism among BRICS can produce positive energy for world peace, stability, and economic growth. As a positive gesture, both the World Bank and the IMF have openly welcomed and expressed willingness to cooperate with the BRICS Development Bank and Emergency Foreign Exchange Reserve.

We have noticed that some people in the west worry that BRICS will challenge the existing international political and economic order. What has happened in the past suggests that the emergence of new things are oftentimes the results of the unreasonable or outdated establishments. BRICS is not set to challenge the international political and economic order, but to participate in, partner with, and promote for better global governance.

The emergence of BRICS is consistent with the trend of a multipolar world. A multipolar world is conducive to joint response to global challenges. Cooperation of BRICS is not exclusive, still less targeted against third parties, but transparent, open, and inclusive. A case in point for such openness and inclusiveness is that during the Durban meeting, BRICS have held the first Dialogue Meeting with African leaders. In the future, BRICS will continue to cooperate with other regional and international institutions, and work together to promote world economic growth, improve global governance, and tackle global challenges.

The European Union is a major power in the global structure. In this connection, the cooperation between the EU and emerging countries on global governance bears particular significance. Since both sides advocate for a multipolar world, oppose unilateralism, uphold the role and authority of the UN, and since both share common concerns on economic growth, energy, environment and climate change, there is enormous prospect for EU-BRICS cooperation.

The China-EU comprehensive strategic partnership is an important component to EU's cooperation with emerging major powers. Increasingly, China and the EU share greater common interest on issues that concern mankind survival and development. We have noticed that President Barroso and other EU leaders have emphasized on the UN General Assembly and other occasions that the EU calls for effective multilateralism, advocates that the UN institutions should play a leading role in global governance, and believes that G20 should be used as an important platform for policy coordination. The Chinese side also subscribes to these positions. We will strengthen communication and cooperation with the EU side on economic governance, climate change, energy security, nonproliferation, and the Iranian nuclear issue, work together to improve global governance, and make greater contribution to world peace, stability, and development.

Thank you!

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