BRICS expects to shine brighter

16:30, April 13, 2011      

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BRICS, the grouping of the world's major emerging economies, will burnish itself and shine more brightly when it holds its third summit in the southern Chinese city of Sanya Thursday.

Leaders of Brazil, Russia, India, China and South Africa will attend the summit under the banner of "Looking into the Future, Sharing Prosperity," with the meeting to be chaired by Chinese President Hu Jintao.

High on the agenda are the international situation, global economic and financial affairs, development issues and cooperation within BRICS.

The original BRIC, renamed BRICS after South Africa joined the other four nations in late 2010, was first coined as an economic concept in 2001 by Jim O'Neill, a senior Goldman Sachs economist.

Only a decade later, it has morphed from a mere term into an influential group on the ground covering Eurasia, South America and Africa and boasting an arrangement of annual summits and a variety of cooperation initiatives in trade, industry, agriculture, statistics and research among other areas.

The evolution of BRICS displays the rise of the major emerging economies in the world. The mechanism is conducive to their efforts in helping build a fair and reasonable international financial order and solving problems in their development.

The cooperative quintuplet's combined gross domestic product (GDP) accounted for 18 percent of the world total and contributed more than 60 percent to global economic growth in 2010. Trade among the five members grew at an average annual rate of 28 percent from 2001 to 2010 and reached 230 billion U.S. dollars in 2010. It is also widely projected the bloc's total GDP will surpass that of the United States by 2020.

Among the BRICS members, China has been the "world factory" for many years, Brazil is a globally important "raw material base," Russia is an important world "petrol station," India is the world's well-known "office," while South Africa is "Africa's resources reservoir."

Their collective efforts can promote their own economies and the world economy.

Sanya will be South Africa's first BRICS summit. South Africa is the biggest economy in Africa, making up a third of the total economic volume in Sub-Sahara Africa. Its introduction will add an exciting new element to the upcoming Sanya summit, and will add a new flavor to BRICS.

During the summit, BRICS leaders are expected to further build consensus and coordinate their stances on a range of issues, and to explore the orientation and path of more profound cooperation.

More cooperation among BRICS members will boost balanced political and economic development in the world, help combat common challenges facing humanity and add new momentum to global peaceful development.

Source: Xinhua
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