Size matters. Brazil, Russia, India and China are the world’s four largest emerging economies, as together they represent 40 percent of the world’s population and 20% of the world’s GDP. “As their economies grow, so does their political clout.” If BRIC countries aim to be the voice of the developing world, it is inevitable that they will have counterbalancing the influence of the Group of Seven Industrialized Nations.
Good timing. The BRIC summit comes ahead of a G20 meeting later this month in Washington. What better time to influence the first league players?
The Summit declaration ranged from advocating the need for restructuring the global economy, to evolving common positions on climate change, energy, trade, terrorism, agriculture and reform of the United Nations.
Monetary system. “We also believe there is a strong need for a stable, predictable and more diversified international monetary system,” the Summit statement continued. A clear warning against the global domination of the US dollar as the world’s standard reserve currency.
Opportunity for more business. China and Brazil have signed several trade agreements on the sidelines of the summit in Brasilia. The deals are aimed at boosting trade and energy co-operation between the two states and include a pact to build a Chinese steel plant in Brazil.
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