BRICS leaders vowed on Monday to enhance policy coordination amid anti-globalization trends and urged developed nations to take responsible steps while making macro-policy changes.
"Despite external challenges, all five members have been taking steps to implement reforms and have been on the track of recovery," China's Finance Minister Xiao Jie said at the BRICS Finance Ministers and Central Bank Governors' Meeting in Shanghai on Monday.
He discounted remarks by those who say the BRICS countries - Brazil, Russia, India, China and South Africa - are trapped by economic woes from their reliance on export-oriented growth. Xiao said China and other BRICS members have the potential to play a greater role in supporting global economic recovery.
While implementing reforms to support domestic growth, the members need to strengthen policy coordination amid the growth of anti-globalization sentiments, and fend off risks created by policy changes in other countries, he said.
"We urge developed nations to make responsible policy changes," Xiao said.
Enhanced policy coordination took place after the US Federal Reserve's quarter-point increase in short-term interest rates last week, and China's central bank has not taken immediate steps to follow suit.
The five BRICS countries decided to further align their views on other key issues such as taxation coordination and building public and private partnership cooperation frameworks, according to a document released after the meeting.
The bloc also pledged to unswervingly oppose trade protectionism, according to Marcello Estevao, secretary of internal affairs at Brazil's Ministry of Finance.
He said financial cooperation within BRICS will help address external challenges.
In the meantime, BRICS economies should strengthen cooperation in other arenas such as climate change, according to Vice-Minister of Finance Shi Yaobin.
"Multilateral institutions have a greater role to play in continuing to push the global accord forward, including efforts such as mobilizing climate finance," said Shi, referring to the New Development Bank established by BRICS members to promote infrastructure and sustainable development projects.