The first summit of the BRIC Group (Brazil, Russia, India, China), will take place in mid-June 2009, in Yekaterinburg, Russia.
According to Wikipedia, the term BRIC is an acronym, which
was first coined and prominently used by the bank holding company Goldman Sachs in 2001.
Goldman Sachs argued that, since these states they are developing rapidly, by 2050
the combined economies of the BRICs could eclipse the combined economies of the
current richest countries of the world. Goldman Sachs did not argue that the BRICs
would organize themselves into an economic bloc, or a formal trading association, like
the European Union has done.
Wikipedia notes, however, that "there are strong indications that the "four BRIC coun tries have been seeking to form a "political club" or "alliance", and thereby converting "their growing economic power into greater geopolitical clout".
BRIC foreign ministers met last year in Russia, where Russia, India, China and Brazil "vowed to turn their four-way group into a powerful instrument for changing the world." (see report by The Hindu) This report contains interesting statements made to the press by the participants about the meetings. Here is an example:
Mr. Lavrov said it was only natural that the BRIC grouping had taken shape. “We are the world’s fastest growing economies, we have many common interests in the globalised world and share many views on how to build a more democratic, fair and stable world.”
“We are changing the way the world order is organised,” echoed Brazil’s Foreign Minister Celso Amorim.
S. Venkitaramanan, a commentator from India had a word of caution on the future of BRIC. He stated the following in his opinion article on the website of the Hindu Business Line>
We cannot rush to celebrate the coming of the BRIC. Many unforeseen factors can intervene. Wars and pestilence cannot be ruled out. Recurrence of an epidemic like SARS or AIDS can do great damage to the growth of countries. Russia can self-destruct by overexploitation of its resources and internal intrigues among the new elite.
Further, economies like China can go overboard with their exuberance, overstraining their financial system. Above all, the scenario of richer countries tolerating the growth of poorer nations depends on the continuance of an open trading system in which the US and Europe accept the growing inroads of China's manufacturers (and India's software warriors). Protectionism is still a dangerous portent, which has to be avoided.
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