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BRIC Countries
Special> BRIC Countries
UPDATED: June 29, 2009 NO. 26 JULY 2, 2009
Bricking a Regime
By DING ZHITAO
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When Goldman Sachs created the acronym BRIC in 2001, neither the economists nor the rest of the world imagined that Brazil, Russia, India and China would finally sit together to build up a substantial platform one day. As the heads of state of the four BRIC members assembled for their first-ever summit in Yekaterinburg of Russia on June 16, some hailed the newborn, while others worried about what it will grow into.

Those uneasy feelings may be natural, from the perspective of international relations. None of the BRIC members is a Western power, but developing countries and emerging economies. They demand reform of the existing international system, which mainly caters to the interests of the old powers.

The BRIC countries are indeed big, accounting for 42 percent of the world's population and contributing one third of the world's growth since 2000. But collaboration within BRIC is transparent and does not target a third party. Their cooperation is basically economic in nature.

At their summit, BRIC leaders discussed the global economic crisis, reforms in international financial institutions, international trade, food security and climate change. The new framework provides an effective platform of coordination and cooperation for the emerging economies.

Again according to a Goldman Sachs report, the BRIC countries are now leading global economic growth; by 2050, their economic aggregate may exceed half of the world total. If the economists' prediction is true, these fast-growing emerging economies will drive the future of the world economy. Coordination among the BRIC members will be essential to stabilizing the world economy, which is struggling in a spreading financial crisis.

The BRIC countries are the engines of the developing world. Developing countries provide markets with sustainable growth among all markets in the world. In this regard, the BRIC members are promising, and can make their due contribution to the world economy. Meanwhile, speaking on behalf of the vast number of developing countries, BRIC will help to make the world a more balanced one.

If BRIC cooperation creates a reasonable balance against the dominance of developed countries, that is good news for the world. After all, imbalance in the world economic order would eventually result in a crisis.

Brick by brick, the BRIC countries are working toward this goal. The world should discard its fears and applaud their efforts.



 
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