Chinese President Xi Jinping said that the international community was facing instability, while the biggest risk was posed by the developed countries' unilateralism and protectionism, leading to trade wars, Trend reports citing Sputnik.
"We are now facing a very difficult situation at the international arena. Even though the global economy is generally growing, we are witnessing the increase in instability and uncertainty. The biggest risk is that some developing countries take protectionist and unilateral measures leading to trade wars and economic blockade. All of this destroys the international trade order and chain of production and this also affects the mutual interests of our countries. Besides, this casts a shadow on peace and stability in the entire world, as well as development," Xi said at an informal BRICS meeting held on the margins of the G20 summit in Osaka.
Meanwhile, Russian President Vladimir Putin said that the use of national currencies for transactions between BRICS member state was promising.
"The joint work on introducing the practice of using national currencies of our states for international transactions looks promising," Putin said at the BRICS meeting.
India's Modi Сalls for Boosting Investment in Infrastructure Projects
Indian Prime Minister Narendra Modi called for increased investment in renewable energy sources and infrastructure projects in developing countries.
"It is necessary to ensure that fuel products, oil and gas can be bought at an affordable price. It is of utmost importance for developing countries. It is necessary to invest more in renewable energy resources and infrastructure projects in developing countries," Modi said.