Leaders of the BRICS economies meet for a summit in China amid pressure to come up with a concerted response to the threat of Donald Trump's 'America First' protectionist agenda. Tensions over North Korea are also likely to dominate the tone of the talks. Ciara Lee reports.
Brazil, Russia, India, China and South Africa - otherwise known as the BRICS - or emerging economies - meeting in China. And their host got the ball rolling with a fresh injection of funding as the group pledged to fight protectionism. Most of China's 80 million dollar offering will go towards an economic and technology development plan While the rest will go to the group's New Development Bank. With Donald Trump's "America first" pledge, and his threats to pull out of the NAFTA trade agreement Some say now could be the time for the BRICS to step into the limelight. (SOUNDBITE) (English) THINK MARKETS, CHIEF MARKET ANALYST, NAEEM ASLAM, SAYING: "We're going to try and fill this space where we will be the key leaders. I mean BRICS, they have their own version of the World Bank, and they have over four point one billion investment in infrastructure and trade related areas. So I think for the BRICS this is an opportunity not to only increase the crew but also to bank on this this massive opportunity." The announcement from Xi Xinping comes amid questions over China's commitment to the NDB in light of its huge Belt and Road initiative But he insists the BRICS should increase cooperation in sectors from trade and investment, to monetary policy. Overshadowing the summit though - North Korea's sixth and most powerful nuclear test, which came just hours before Xi opened the meeting China's Foreign Ministry has condemned the test, but Xi did not mention it during his 45-minute address. Collectively though, the BRICS said in a draft statement that they strongly deplore Pyongyang's test, But maintain that the issue should only be settled through peaceful means and dialogue.