Wang Yi Calls for Reforms in Trade, Finance, and Digital Cooperation to Empower the Global South
In his address to the BRICS Foreign Ministers’ Meeting held in Rio de Janeiro, Brazil, Chinese Foreign Minister Wang Yi highlighted the importance of unity and collaboration among the BRICS countries in enhancing global governance systems. His remarks focused on four key areas of reform to better reflect the collective interests of the Global South.
Wang Yi called on BRICS nations to uphold multilateral trade rules, opposing all forms of protectionism and emphasizing the need to maintain a rule-based multilateral trading system centered around the World Trade Organization (WTO). He urged BRICS countries to actively engage in WTO reform, support its core values, and work toward the restoration of its dispute settlement mechanism. Additionally, he advocated for trade liberalization and easier access to markets within the BRICS bloc.
The Chinese Foreign Minister also underscored the necessity for strengthening global financial governance, advocating for reforms in the international financial architecture. He called for changes in the World Bank shareholding structure and the revision of International Monetary Fund (IMF) quotas to address historical imbalances and better represent the interests of the Global South.
On environmental issues, Wang Yi stressed the importance of pursuing a green transformation. He urged the full implementation of the Paris Agreement and called on developed countries to honor their climate commitments. He also emphasized the need for deeper cooperation within BRICS nations on low-carbon energy transitions to drive sustainable growth. Wang offered strong support for Brazil’s leadership in hosting the 30th Conference of the Parties to the UN Framework Convention on Climate Change (COP30), aiming to advance global climate governance with a focus on justice and cooperation.
Finally, Wang Yi highlighted the need to share digital opportunities to bridge the digital divide. He advocated for the advancement of the UN’s Global Digital Compact to establish common rules for cyberspace. Additionally, he called for improved global governance of artificial intelligence, promoting fairness, safety, inclusivity, and collaborative management. Wang also welcomed BRICS countries’ participation in the 2025 World Artificial Intelligence Conference in Shanghai.
Through these suggestions, Wang Yi reinforced China’s commitment to strengthening BRICS cooperation, focusing on multilateralism, economic reforms, environmental sustainability, and digital collaboration to better serve the Global South’s interests in global governance.