Commentary: BRICs dialogue conducive to global economic governance

09:15, April 16, 2010      

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Leaders of the world's four major emerging countries convene their second summit in Brasilia on Thursday to renew calls for reforming international financial institutions so as to avoid a recurrence of the global financial crisis.

A week ago, Brazilian President Luiz Inacio Lula da Silva said the upcoming BRIC (Brazil, Russia, India and China) summit will call for reforms of the International Monetary Fund (IMF) and the World Bank (WB) to ensure a "democratic and balanced global governance" for the economic recovery in developing countries.

"We call for sweeping reforms for developing countries to have an active voice in defining their own future," Lula said.

At a time when global recovery is weak and financial reforms are urgent, the summit will send a message that the BRIC quartet of emerging economic powers have a strong will to strengthen dialogue and cooperation, and work together to promote global economic governance and safeguard the overall interests of the developing countries.

The summit will not only bring benefits to the four countries themselves, but will live up to the expectations and interests of the international community.

The BRIC countries take different paths of development in light of their specific national conditions. But they all have a considerable influence on global affairs and are the major driving force behind global economic growth.

The impressive performance of China and other BRIC countries in the crisis has given a fresh impetus to efforts to strengthen global economic governance.

Under the current global economic circumstances, leaders of the four countries meet again with the aim to enhance dialogue and cooperation, coordinate their stances, expand strategic consensus and join hands to push forward global economic governance, which will undoubtedly help efforts to demand a greater voice for the BRIC quartet and the developing world as a whole in global financial governance.

And it will also help promote multi-lateralism, achieve comprehensive and sustained global economic growth and promote reforms of the international economic and financial systems in a fairer and more rational manner.

Looking back on the not-to-distant past, BRIC was a mere economic and academic concept just a decade ago. But now, cooperation among the four countries is deepening and their influence is expanding with each passing day.

The global financial and economic crisis has laid bare the flaws of the present economic and financial systems, making it a top priority to improve the global economic governance. The emergency of the situation has served as a catalyst for the setting up of the BRIC summit, a platform for a new type of cooperation between them.

And the BRIC leaders are using their summit diplomacy to strengthen coordination and cooperation in strengthening global economic governance, which conforms to the calls of the developing world for reforms of the international economic and financial systems and for greater representation and a bigger say in the sphere of global economy and development.

The BRIC summit is open, transparent and pragmatic. And Russian Ambassador to China Sergei Razov said, the BRICs is seeking to foster harmonious international relations rather than draw new demarcations.

In fact, other groups of emerging countries, as well as the BRICs, have also been carrying out similar multilateral diplomacy in their development.

In recent years, groups like the IBSA Dialogue Forum (India, Brazil, South Africa), the BASIC (Brazil, South Africa, India, China ), the VISTA (Vietnam, Indonesia, South Africa, Turkey, Argentina) and the five leading developing countries (China, India, Brazil, South Afirca and Mexico) have enhanced high-level dialogues and pragmatic cooperation.

Groups of emerging countries have taken a more active part in improving global economic governance.

Despite their different modes and paces of of development, the world's emerging powers including China, all follow the principles of mutual respect and understanding and win-win cooperation.

This consensus has made people more optimistic about future global economic governance and more confident about the prospects of establishing a fairer and more equitable international economic and financial order. It has also raised expectations of a harmonious world fearing lasting peace and common prosperity.



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