Posted by: in News on Apr 14, 2011
The BRICS Ministers (Brazil, Russia, India, China and South Africa) of economy and trade, on Wednesday, formed a liaison group in order to amplify cooperation between the member states. This blog entry explains the main purpose of the BRICS union and their potential future impact on the global economy.
The main outcome of the meeting of the internal BRICS members on Wednesday in China was to set the framework that allows intensifying business relations and the cooperation among the five member nations. The joined GDP of all five nations amounted to 18% of the global total last year and added over 60% to the global economic growth.
The Indian Commerce and Industry Minister Anand Sharma underline the importance to improve the sectors of food safety, agriculture as well as high-end manufacturing between the five countries in order to use the BRICS agreements’ full potential.
BRICS represents an influential, model cooperation between developing countries that already emancipated themselves to be emerging, economic superpowers. Especially India and China are witnessing aspiring economic export growth in the industry segments of outsourcing and manufacturing.
According to economy analysts at the Center of Globalization Studies at the China Institutes of Contemporary International Relations, the BRICS agreement and the new liaison group might significantly add to improvements of the global North-South problematic.
On Wednesday, the Prime Minister of India, Manmohan Singh, the President of South Africa, Jacob Zuma, the Chinese State leader President Hu Jintao and Russian President Dmitry Medvedev met in Sanya, China. Brazilian State leader, President Dilma Rousseff, already visited The Republic of China beforehand.
Critics of the South-East Union argue that the BRICS might form an anti-West bloc that is politically motivated to oppose the Western industrial nations. According to BRICS officials, the main agenda is to improve trade relations and cooperation in the future and to strengthen developing economies on the global market