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BRIC dialogue and cooperation to promote international economic recovery
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14:26, June 15, 2009

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First BRIC Summit to discuss major issues - special

The Brazil-Russia-India-China (BRIC) summit meeting will soon be held in Yekaterinburg, Russia. Scholars and officials in Brazil, Russia and India recently stated in interviews with the People's Daily that dialogue and cooperation among the BRIC's four significant emerging market countries, will not only benefit the development of their own economies, but will also contribute to the early recovery of the world economy.

Brazil's Minister of Strategic Affairs Roberto Mangabeira Unger noted that the BRIC summit meeting will explore a number of significant issues to promote the development of multilateralism as well as the early recovery of the international economy.

In respect of coping with the current international financial crisis, Mangabeira said that reforming the international financial system is a long-term process. At present, the international community is holding discussions on issues such as the world's reserve currency, and some countries will attempt to adopt local currencies as settlement currency for bilateral trade so as to facilitate and advance trade contacts with other countries and overcome the impact of the international financial crisis on trade. It is a worthwhile attempt.

Addressing the issue of coping with global climate change, Mangabeira noted that the concept of sustainable development should be stressed in solving this problem, and environmental issues should not be used as an excuse to restrain the economic and social development of emerging market countries.

He believes that the development of second and third generation renewable energies is a subject of common interest for the BRIC, and he hopes more emerging market countries will participate in the development and utilization of this type of new energy.

In particular, the BRIC should help African countries develop renewable energy to advance their economic and social development.

Mangabeira added that world peace and security is a universal issue concerning the human race. Emerging market countries should play a greater role among international multilateral institutions to improve the representation, efficiency and vitality of the international multilateral mechanism, and thus such countries can play a positive role to preserve the sovereignty of all countries as well as world peace.

Mangabeira stressed that the BRIC has a unique advantage in terms of territory area, population and natural resources. These four countries have all achieved rapid growth in recent years. The BRIC should take more responsibility within the international community and exert greater influence.

Victor P Bulgakov, vice director of the Far East Branch of the Russian Academy of Sciences, said that the rapid economic growth and huge development potential of the BRIC have attracted the attention of economists all over the world. Since the world's major developed economies are in economic recession, the international community has a higher expectation of the economic development of the BRIC.

Bulgakov noted that dialogue and cooperation among these four countries will not only benefit their own development, but also help the world economy overcome the negative impact caused by the financial crisis as early as possible.

The dialogue and cooperation are in line with the common interest and universal expectation of the international community. These four countries are engaging in the reconstruction of the world’s economic order in a responsible manner.

Vyacheslav S. Panfilov, deputy director of the Institute of Economic Forecasting under the Russian Academy of Sciences, told People’s Daily that the four countries have a large volume of energy output and energy consumption, and are rich in resources and manufacturing capacity. Certain members even maintain leading positions in the field of information technology.

That implies that the economies of these four countries are complementary to a great extent and have huge cooperative potential. Given the extensive area and massive population of these four countries, strengthening cooperation among them will not only benefit them, but also contribute to the early recovery of the world economy.

Mohan Guruswamy, chairman of New Delhi-based Centre for Policy Alternatives said that amid the global economic recession, the four countries of the BRIC have all showed a strong ability to weather the crisis. Their remarkable economic performance and optimistic expectation of future growth have both played a significant role in stabilizing the world economy and realizing early global recovery.

Guruswamy noted that although the impact of the international financial crisis on the Indian economy began to appear in the second half of 2008, and India's economic growth rate lowered to 6.7 percent in the previous fiscal year, the Indian government's adoption of measures such as a successive lowering of interest rates and the launch of two sets of economic stimulus plans have achieved good results.

Various statistics for April this year revealed some signs of recovery in India's economy. For example, the industrial growth rate in April reached 1.4 percent, almost double the growth rate of the previous two months.

In addition, the considerable pickup of the Indian stock market implies that market confidence is being restored.

India's Foreign Secretary Shivshankar Menon recently said that the economies of these four countries are full of energy and vitality, and will play medium and long-term important roles in the international economic system.

Against the backdrop of the international financial crisis, close cooperation among the four countries is especially important, and will play an important role in preserving economic stability and driving the development of the world economy.

By People's Daily Online


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