Shaping the future, BRIC by BRIC
Published: 21 June, 2009, 08:37
Edited: 16 March, 2010, 23:20
L to R: Presidents Luiz Inacio Lula da Silva of Brazil, Dmitry Medvedev of Russia, Hu Jintao of China, and Indian Prime Minister Manmohan Singh (AFP Photo / RIA Novosti / Kremlin pool / Vladimir Rodionov)
(16.5Mb) embed videoTAGS: Meeting, Politics, Currencies, Russia and the global economy, Economy, Finance
The time has come for Brazil, Russia, India and China to play a central role in a new global economy. That was the message of the debut summit of the so-called BRIC group, hosted in Yekaterinburg this week.
As the BRIC countries strengthen their positions, other emerging markets are looking forward to joining the alliance in order to build a stronger global economy.
Brazil, Russia, India and China are the world's biggest emerging markets – and the financial crisis has only strengthened their resolve to play a key role in shaping the financial world.
“I think it is certainly a beginning of the group, more for consultation and co-ordination of political positions. But I think we are a common-interests group so there are many things in common that we can explore in terms of co-operation,” proclaimed Brazil Foreign Minister Celso Luiz Nunes Amorim in an exclusive interview to RT.
Hopes are high, and the leaders say their very first summit proved an even bigger success than they'd imagined.
“I think that the boost of development of the BRIC countries – Brazil, Russia, India and China – will continue to have a strong impact on the world’s economic development, industrial capacity and global security. The BRIC summit must create conditions for a much fairer world order and solve global problems” proposed Russian President Dmitry Medvedev.
It seems not only member states share this enthusiasm. Goldman Sachs analyst Jim O'Neill, who originally coined the term BRIC back in 2001, also believes the alliance will flourish, while the world economy contracts, and other countries are already allegedly looking to join.
“I've heard various proposals on who might join BRIC. Usually the countries mentioned are South Africa, Mexico and Indonesia. I think that only one country is more or less seriously considered – this is South Africa, which actually could add some value to BRIC, and some people even joke that then it would actually become BRICS which we often say instead of BRIC,” commented Ivan Safranchuk, political analyst of the Moscow State University of International Relations.
But the media are placing Indonesia as the top contender, after its presidential election in July.
In the meantime, the four countries express discomfort with Washington's financial stewardship – and the world's dependency on the US Dollar. Hence there is a proposal to turn towards national currencies or create a new reserve one.
“A supranational global currency for the world is a really complicated issue. Unity is needed on this, and more countries involved. We have repeatedly spoken about this in the framework of the G20, that through a system of the International Monetary Fund – considering the amount of money the IMF is distributing – we will be witnessing the emergency of a supranational currency used for international settlements,” said Dmitry Medvedev.
This was BRIC's first official get-together, with more already planned. But the main goal seems to have been to show that there is more cementing BRIC countries than just ambitions.
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I think the BRIC idea is a brilliant idea. The USA and Europe inspired WTO should have some competition. For too long they have not had any competition. Regulations proposed and enforced by the WTO almost saw South Africa going down the drain like the rest of Africa, however this government was too clever for them and is economically in a much stronger position. I see Russia is also following this route of not joinig the WTO this is sooooooo clever. Be cautious of those people. The WTO rules and regulations are all designed to benefit Europe and USA. The rest of the world must suffer.
Biloxi - Yes I like the word TEAM, a new world team, rather than the 'its my ball, and unless I am captain, we don't play' approach of the west. The team relies on an equal partnership of strong individuals (nations) working together, with a common interest, maintaining the truly free market, but each looking after their own responsibilities in an autonomous fashion. Medvedev, et al. need to make sure this happens and prevent a block forming. We don't need a new block, we need a new team based approach, inclusive of anyone who wants to trade, without all the self interested empire restrictions and controls, that are present within the biased and unfair trading forums of today. A world fit for countries, not countries fit for the US. Only in this truly free environment, will we finally see a reduction in global fear among nations, the fear that ultimaletly manifests itself in conflict. The bottom line today, is that nations with resources, or non US profitable positions, live in imminent fear of US attack. That isn't a market, that's a mafia orgaised crime syndicate! BRIC needs to help fix this, by enabling a market for everyone as equal players, as simple as the old model of opening up a market stall. Not under pro US or anyone elses sanction. We all know what a free market is, so let's have one!
It is now appropriate than something serious be set-up to replace the failed US controlled imperialist system which has always functioned on blackmail, false dreams and submission. Since I started commenting on RT I have wished to see that association of decent countries to become a reality and initiate a new World-Order. Let us be positive and hope for the following generations a brighter future ! Sincerely... Jean-Claude Meslin