BRIC - Brazil, Russia, India, China

I. Introduction:

1. Concept of BRIC (Brazil, Russia, India and China) was first articulated by Goldman Sachs in 2003.

2. BRIC Concept adopted by the Four Countries as Part of Foreign Diplomacy:
Analysts point out that the concept of BRIC was adopted by the four countries - Brazil, Russia, India and China - as part of their foreign diplomacy, particularly with reference to their reservations towards some of the policies defended by the US at international fora.

3. Economic Potential of BRIC - Four Countries Compliment Each Other:

Goldman Sachs report "Dreaming with BRICs:

The Path to 2050", which focused on the economic potential of BRICpoints out that the four countries fully complement each other.

India and China are strong in manufacturing, while Brazil and Russia could become the major raw material suppliers to the first two.

Russia is one of the largest producer of hydrocarbons and Brazil of bio-fuel, while India and China are major importers of energy resources for their growing economies.

Brazil, like Russia is politically closer to Venezuela, a major oil producer .

Russia, India and China are more acceptable to the Central Asian | raw material| tigers with immense energy resources.

By 2050, the economies of the four BRIC countries could disturb the pecking order of the rich countries, according to the Goldman Sach report.

Collectively the wealth of the BRIC countries would outstrip that of the G-6 countries (the US, the UK, France, Germany, Japan and Italy).

II. First Stand Alone Meeting of the Foreign Ministers of BRIC (Yekaterinburg (Russia) May 16, 2008):

1. Agenda for the Meeting - Economics and Cooperation at the Multilateral Fora
2. Joint Communiqué:

Need for Building a More Democratic International System:
The Joint Communiqué on the BRIC meeting emphasised on the need for building a more democratic international system founded on the rule of law and multilateral diplomacy with the UN playing the central role.

Problems of Poverty, Hunger and Diseases could be solved within a Just Global Economic System:
The Communiqué stressed that the acute problems of poverty, hunger and diseases could be solved only if due account is taken of the interests of all nations and within a just global economic system.

Call for Resolving Disputes through Political and Diplomatic Efforts:
The Communiqué also called for resolving disputes through political and diplomatic efforts.

Call for Adopting a Cooperative Approach to International Security:
The Communiqué called for adopting a cooperative approach to international security that would factor in the concerns of all and address them in a spirit of dialogue and understanding.

Agreement on the Need for Multilateral Efforts to Prevent Arms Race in Outer Space:
The BRIC meeting also agreed on the need for multilateral efforts to prevent an arms race in outer space. Russia proposed that India and Brazil co-sponsor a draft treaty banning weapons in outer space which Russia and China tabled at the UN in 2007.

3. Next Meeting of BRIC and RIC to be held concurrently in 2009.

4. Significance of the First Standalone BRIC Foreign Ministers Meeting:

A.Institutionalised BRIC along the Lines of RIC:
The first standalone meeting of the BRIC Foreign Ministers on May 16, 2008 at Yekaterinburg in Russia, institutionalised the BRIC forum on the lines of RIC (Russia, India and China). The Foreign Ministers of BRIC agreed to hold regular meetings.

B.Call to Transform BRIC into a Powerful Instrument for Changing the World:
The BRIC nations - Brazil, Russia, India and China - vowed to transform their group into a powerful instrument for changing the world. Russia called on BRIC to provide collective leadership to the world to promote the establishment of informal mechanism for collective leadership by the leading countries of the world.

C.BRIC a Unique Combination of Mutually Complementary Economies and Platform to Promote Energy and Food Security:
India’s External Affairs Minister Pranab Mukherjee described BRIC as a unique combination of mutually complementary economies and platform to promote energy and food security, fight terrorism and reform global political and financial bodies.

D.BRIC to Support Global Stability and Development:
Russia’s Foreign Minister Sergei Lavrov pointed out that BRIC would work to support global stability and ensure uninterrupted and manageable global development.

E.BRIC Countries - Fastest Growing Economies and Common Interests:
Mr. Lavrov also pointed out that BRIC group had taken shape as the four countries were the world’s fastest growing economies, had many common interests in a globalised world and shared many view on how to build a more democratic, fair and stable world.

F.BRIC and RIC could Eventually Merge:
Russian Foreign Minister Sergei Lavrov said that in view of the BRIC and RIC meetings he could assert with confidence that the groups’ evolution in the natural course of things would be reflected in the forms of their organisation. Analysts feel that BRIC and RIC could possibly merge into a single group.

 

 

 

 

 

 

 

 

Published date : 10 Aug 2009 02:01PM