Bright prospects for BRIC
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Second, the BRIC statement indicated that the four countries will coordinate their standpoints, strengthen unity and face financial crisis together to take the lead in economic recovery. During the global recession last year, China and India both displayed good momentum in economic growth. Russia and Brazil also recovered fast.
Brazilian President Luiz Inacio Lula da Silva said recently that the BRIC countries have been drawing international attention for their strong economic growth these past years. Since 2003, trade among these four countries has increased fivefold. This is the main reason why the four economies account for 65 percent of overall global economic growth, and why they are becoming the main hope for global economic recovery.
Third, BRIC countries are moving toward institutionalization. BRIC summits are expected to be held in the next two years in India and China. Financial ministers and bank governors of the four countries have also met frequently before the G20 summit and the annual meetings of the World Bank and the International Monetary Fund to coordinate their positions and set out common claims. Similarly, BRIC countries' agricultural ministers held a meeting recently to sign a treaty on strengthening cooperation in their field. All these show that the institutionalization of BRIC is ongoing and areas of cooperation among the four countries have been enlarged.
Fourth, the number of BRIC members may grow. It is generally accepted that BRIC represents the large-scale rise of developing countries in the new era. But it is also a pity the BRIC bloc does not include African members. Fortunately, the BASIC bloc members (Brazil, South Africa, India and China) were present in last year's climate change conference in Copenhagen. Objectively speaking, BRIC is a bloc of emerging powers without South Africa, while BASIC is a bloc of developing countries without rapidly rising Russia. If the two blocs can cooperate in some form, their representation and influence will be increasingly strengthened.
One day before the second BRIC summit, Brazil will hold a pre-summit meeting with India and South Africa. Brazil's president is expected to hold a state banquet to greet the leaders of the BRIC countries as well as the leader of South Africa. The move may indicate the possibility of greater cooperation for the regions.
Admittedly, the future of the BRIC bloc is closely connected with the changing situation of contemporary international forces, which may be a variable factor. Currently, the BRIC countries should be aware of hostile forces in developed countries that may employ ideological differences and historical problems to sow dissension and discord among the grouping. BRIC countries should also coordinate their positions to fight trade protectionism together and enhance unity to protect the overall interests of developing countries. Similarly, the four countries should stay focused and give top priority to the overall situation.
They should continue to promote dialogue and cooperation in a step-by-step, active, pragmatic, open and transparent manner. This will enable the BRIC bloc to hold more international influence and make great contributions to the establishment of a "more democratic and fair multi-polar world".
The author is a Beijing-based researcher on international studies and a former Chinese diplomat.
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