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Letters | Brics bloc needs a unifying theme like the Belt and Road Initiative
- Readers discuss how the group including China and India can reach its potential, fear of animals, social media’s role in the death of a whale, and litter bins in Hong Kong
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Following its first summit meeting in 1975, the Group of 7 has directed the world economy through institutions such as the World Bank and International Monetary Fund. However, it lost much of its sheen during the 2008 financial crisis. In comparison, the Brics countries – Brazil, Russia, India, China and South Africa – now hold more economic influence than they used to.
The 15th Brics summit will take place later this month in Johannesburg. The Brics countries already represent more than 30 per cent of global gross domestic product, measured in purchasing power parity. According to the summit host’s Brics ambassador, 22 nations have formally requested membership in the bloc while a similar number have made informal requests.
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Yet, some commentators have suggested that developing countries would be better off if the Brics disbanded rather than expanded. Some members of the G7, particularly the United States and Japan, are undertaking projects aimed at curtailing Chinese influence. What are their apprehensions about the bloc?
China on its own has spent more than US$2.3 trillion in overseas investment and construction since 2005. In contrast, the Brics-led New Development Bank (NDB) has invested US$32.8 billion since 2015, with projects restricted to the five member countries. Meanwhile, India has extended 306 lines of credit for developmental assistance to 65 countries.
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The NDB is not achieving the combined potential of the Brics because the bloc lacks a unifying theme. There are calls for a Brics currency, but this would take time to develop. The bloc must find a rallying point soon to spur development in the Global South.
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