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China's Xi urges BRICS nations to work towards peace in the Middle East

· CNBC Top News

China's Xi urges BRICS nations to work towards peace in the Middle East

The BRICS bloc should work towards a peaceful resolution to the conflict in the Middle East, Chinese President Xi Jinping said, adding that his country is willing to play a key role.

"The situation in the Middle East and the Gulf region continues to evolve in a complex manner. This conflict has caused severe losses to the people of the region and is not in the common interest of the international community," Xi said in a speech at the BRICS Summit in New Delhi on Saturday.

"All relevant parties should adhere to the direction of a political solution and promote a permanent and comprehensive ceasefire. We must attach importance to addressing the root causes of the problems," Xi said in a Google translation of a transcript of the speech provided by the Chinese government.

Xi added that the Palestinian question has always been at the core of the Middle East issue and stressed the importance of implementing the so-called "two-state solution" with Israel.

"China is willing to work with BRICS members to play its due role in achieving peace and tranquility in the Middle East and the Gulf region," Xi said.

China is Iran's biggest trading partner, and a key customer of Tehran's energy exports.

The Trump administration imposed a tough new wave of economic sanctions against Iran last month. The Treasury Department's measures, dubbed "Operation Economic Outcast", aim to sever Iran's financial connections around the world.

Treasury Scott Bessent suggested at the launch of the operation that China would not be exempt.

While energy prices soared in the wake of the conflict, economists say China has helped prevent them rise even further due to years of stockpiling and its subsequent pullback of oil purchases.

President Donald Trump is slated to host Chinese leader Xi Jinping at the White House later this month.

BRICS was established in 2009 as a counterweight to Western dominance and originally comprised ​Brazil, Russia, India, China and South Africa. It eventually grew to include Egypt, Ethiopia, ​Indonesia, Iran and the United Arab Emirates.