09-11-2012, 12:12 PM
The World Needs Better Economic BRICs
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BRICS
• The BRIC designation was first coined by Jim O’Neil of Goldman Sachs in a 2001 paper titled “The World Needs Better Economic BRICs.” The BRIC countries have since gone on to meet and seek out opportunities for cooperation in trade, investment, infrastructure development and other arenas.
• BRIC countries are distinguished from a host of other promising emerging markets by their demographic and economic potential to rank among the world’s largest and most influential economies in the 21st century (and by having a reasonable chance of realizing that potential)
(Vast land area, Challenges related to economic and social integration ,Desire to make the international order more representative, Possibility of cooperation in many areas)
• Together, the four original BRIC countries comprise more than 2.8 billion people or 40 percent of the world’s population, cover more than a quarter of the world’s land area over three continents, and account for more than 25 percent of global GDP.
• Now, things have changed to such an extent, that the prediction has been moved closer to year 2025.
• From 2000 to 2008, the BRIC countries’ combined share of total world economic output rose from 16 to 22 percent. Together, the BRIC countries accounted for 30 percent of the increase in global output during the period.
• The manner in which leaders in the troubled euro zone recently pleaded with these markets for funds to help alleviate the sovereign debt crisis marks yet another definitive step in the transition of economic power from ‘west’ to ‘east’.
Aim
Through their membership in the WTO, they can ensure that the needs and demands of the developing world are met on an equal par witht hose of the developed and industrialised world.
China and India, being close neighbours, are trading more than ever before. Also, all the BRICs have taken the global economic crisis, as a means to make better their relationships with the poorer developing world. For instance, all the four BRICs have significantly increased their contributions, financially, to the African continent
BRIC SUMMIT
The agenda of BRICS meetings has considerably widened over the years to encompass topical global challenges such as international terrorism, climate change, food and energy security, international economic and financial situation
1st BRIC June 16, 2009 Russia : he summit's focus was on means of improving the global economic situation and reforming financial institutions, and discussed how the four countries could better co-operate in the future.[10][11] There was further discussion of ways that developing countries, such as the BRIC members, could become more involved in global affairs.[11]