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  • Jul 24, 2014
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BRICS

BRICS (an acronym for Brazil, Russia, India, China and South Africa) refers to an association of leading emerging markets. South Africa was added in 2010. 

CommentInsight & Opinion

How they see it

The BRICS summit in South Africa

PUBLISHED : Sunday, 31 March, 2013, 12:00am
UPDATED : Sunday, 31 March, 2013, 2:08am

1. Gulf News

Making real progress on increasing economic co-operation between the BRICS (an association of leading emerging economies Brazil, Russia, India, China and South Africa) is going to take significant political will, which may not be there. All are feeling the effects of the global financial crises and all have to deal with growing inequality and social tensions, corruption and poor governance, as well as the need for far-reaching political and economic reforms … The intention to launch a BRICS development bank is a clear shot across the bows of the IMF and World Bank … It may prove a more efficient, politically acceptable way for China to use its substantial foreign reserves to invest in other BRICS countries and Africa. (Dubai)

 

2. Hindustan Times

BRICS suffers from two obvious political problems. One is the economic preponderance of China. Not only is China as economically large as all the other members combined, it is the largest trading partner of almost all of them. In contrast, the remaining BRICS nations have minimal economic relations with each other … This is why BRICS struggles to come up with a substantive agenda. A BRICS bank is still many years in the making, but is already crippled by concerns it will become the multilateral bank of Beijing because of China's deeper pockets. New Delhi, having proposed the idea, now drags its heels for fear it will be subsidising Chinese soft power with Indian taxpayers' money. (New Delhi)

 

3. China Daily

Among the many initiatives that were approved by the BRICS countries at the end of the summit, the creation of a development bank, the founding of a foreign reserve pool and the establishment of a business council … are not just instrumental to the bloc's healthy growth, they are also good news for the rest of the world … China has played a constructive role in the bloc and is willing to make more contributions to improving global economic governance, promoting the democratisation of international relations and gearing up world economic development. … [Western countries'] concerns and suspicions are unnecessary, and bad-mouthing the group will only squander the opportunity for positive interaction. (Beijing)

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