The leaders of the Brazil, Russia, India, China, and South Africa (Brics) grouping of countries met informally on the sidelines of the G20 summit currently under way in Hangzhou, China, on Sunday.

The leaders exchanged views on a wide range of global political, security, economic, and global governance issues of importance and mutual concern, a statement issued by Brics said.

Cognisant of global growth problems, the leaders recognised that Brics countries were confronted with new problems in their respective economic growth. In this regard, they recognised that the economic growth prospects and momentum of Brics countries would continue to be a critical engine for global economic growth.

They underlined the importance of further strengthening Brics strategic partnerships guided by principles of openness, solidarity, equality, mutual understanding, inclusiveness, and mutually beneficial cooperation, the statement said.

“The leaders underlined the importance of establishment of a just and equitable international order based on international law.”

They congratulated and supported the Chinese G20 presidency for 2016 and expressed full confidence in the successful outcomes of the Hangzhou summit. They appreciated the emphasis by the Chinese presidency on the development agenda. They encouraged G20 members to strengthen macroeconomic cooperation, promote innovation, robust and sustainable trade, and investment growth.

“The leaders held wide-ranging discussions on the G20 summit agenda and agreed to pursue issues of global and mutual interest to the Brics countries at the G20. They reiterated their commitment to enhance dialogue and co-operation with other emerging market economies and developing countries. They stressed the importance to foster an innovative, invigorated, interconnected, and inclusive world economy to usher in a new era of global growth and sustainable development. They expressed expectation that with the Hangzhou summit, the G20 will embark on a new journey for a strong, sustainable, balanced, and inclusive economic growth.”

The leaders agreed that the global economic recovery remained uneven with significant downside risks. In this regard, they underlined the significance of macroeconomic policy coordination among G20 member countries, including avoiding negative-spillovers and achieving strong, sustainable, and balanced growth. They agreed that G20 members needed to focus on the implementation of respective national growth strategies.

“The leaders recognised that innovation is a key driver for mid- and long-term growth and sustainable development. In this regard, they welcomed the G20 blueprint on innovative growth.

“They underscored the centrality of [the] WTO [World Trade Organisation] as the cornerstone of a rule-based, open, transparent, non-discriminatory, and inclusive multi-lateral trading system and the continued need for development to be at the centre of the work of the WTO. They reaffirmed their commitment to strengthen the role and negotiating function of the WTO and expressed concern at rising protectionism in the context of declining global trade and concurred to strive to facilitate market inter-linkages and an inclusive, rules-based and open world economy.

“The leaders emphasised the importance of an expedited implementation of the outcomes reached by the Ministers of Trade in Bali and Nairobi and called upon all WTO members to contribute to the early ratification and timely entry into force of the Trade Facilitation Agreement.”

The leaders stressed that corruption, illicit cross-border financial-flows, and ill-gotten wealth derived from illegal activities, stashed in foreign jurisdictions, adversely impacted institutional capacities and effectiveness and called for enhanced co-operation and effective measures among G20 economies.

They supported placement of sustainable development high on the G20 agenda and in this context reaffirmed their commitment enshrined in the 2030 Agenda for Sustainable Development, the Addis Ababa Action Agenda on Financing for Development, and the Paris Agreement on Climate Change.

The leaders strongly condemned the heinous acts of terrorism that continued to disrupt global peace and security and undermine social and economic confidence. They expressed deep sympathy and support to the innocent victims of terror acts and condemned recent terrorist attacks in various cities of the world.

They reiterated their wholehearted commitment to the fight against terrorism in all its forms and manifestations, with the United Nations playing a central role. They stressed that there could be no justification, whatsoever, for any acts of terrorism, whether based upon ideological, religious, political, racial, ethnic, or any other justification. They emphasised the need for a united global effort to combat terrorism in accordance with norms and principles of international law, including the UN Charter.

“The leaders reiterated the importance of international cooperation in countering this threat and in this regard recommitted to strengthen co-operation among Brics countries and with other nations,” the statement said.