Johannesburg, Aug 23 (PTI): The new wave of protectionism and the subsequent impact of unilateral measures that are incompatible with WTO rules undermine global economic growth and development, South African President Cyril Ramaphosa said as he opened the 15th BRICS Summit on Tuesday.

Ramaphosa joined Prime Minister Narendra Modi, Brazilian President Lula Da Silva and China's Commerce Minister Wang Wentao -- who spoke on behalf of his President Xi Jinping -- on stage. Russian President Vladimir Putin delivered his address virtually after the leaders met for the BRICS Business Forum Leaders Dialogue.

"The changes that have taken place in BRICS economies over the past decade have done much to transform the shape of the global economy. However, the new wave of protectionism and the subsequent impact of unilateral measures that are incompatible with WTO rules undermine global economic growth and development," Ramaphosa said.

The President said BRICS needed to reaffirm its position that economic growth must be underpinned by transparency and inclusiveness.

"It must be compatible with a multilateral trading system that supports a developmental agenda. We require a fundamental reform of the global financial institutions so that they can be more agile and responsive to the challenges facing developing economies," Ramaphosa said, citing the New Development Bank (NDB), established by BRICS countries in 2015, as leading the way in this regard.

"Since its formation, (the NDB) has demonstrated its ability to mobilise resources for infrastructure and sustainable development in emerging economies without conditionalities," he added.

Ramaphosa said BRICS economies have emerged as powerful engines of global growth.

“Yet the rapid economic, technological and social changes underway create new risks for employment, equality and poverty in many BRICS countries. We, therefore, call on the business community to join hands with us to identify solutions to these and other challenges affecting our respective economies," he told the gathering of several hundred captains of industry attending the Summit.

The president also highlighted the opportunities that BRICS countries have to contribute to and participate in Africa's growth story.

"This can be achieved through greater cooperation in areas such as infrastructure, agriculture, manufacturing, new energy and the digital economy," Ramaphosa said.

Da Silva promised huge increases in infrastructure development opportunities in Brazil, which he said would be of interest to investors from BRICS countries.

Putin decried the role of some countries in exploiting markets, but did not name any specifically.

"It important that this forum focuses on such pressing issues as increasing volatility in stock, currency, energy and food markets, coupled with strong inflationary pressures stemming from, inter alia, the irresponsible large-scale money emission by a number of countries seeking to mitigate the effects of the pandemic, which has led to the accumulation of private and public debt," Putin said.

Modi said that despite the volatility in global makes, India would soon become a five trillion-dollar economy.

"There is absolutely no doubt that in the coming years, India will be the growth engine of the world," Modi said.

"The reason for this is that India has turned crises into opportunities for growth and development," he added.

Wentao said the world today has become a community with a shared future.

"What people in the various countries long for is definitely not a new Cold War or a small exclusive bloc. What they want is an open, inclusive, clean and beautiful world that enjoys social security and a common prosperity. Such is the advantage of historic logic and the trend of our times," Wentao said.

The BRICS Summit will continue on Wednesday and conclude with a focus on Africa on Thursday. PTI FH TIR TIR

(This story is published as part of the auto-generated syndicate wire feed. No editing has been done in the headline or the body by ABP Live.)