BRICS economies are not fading (2)

Only by cooperation can the BRIC countries have a brighter future

At present, the world economic situation still seems not optimistic. The fiscal cliff in the United States, the debt crisis in the Eurozone, and the financial regulatory measures in Europe and America all added uncertainty to world economic recovery. What should the BRIC countries do in order to maintain stable and rapid economic development?

"We already have a good basis for cooperation," Vice Finance Minister Zhu Guangyao said, "What we need to do is strengthen the coordination in macroeconomic policies, including regulations in fiscal, monetary, financial and other aspects; enhance pragmatic cooperation, such as speeding up the process of construction of the Development Bank of the BRIC Countries; jointly promote the reform of the international financial system; and keep a high degree of vigilance, help each other, and jointly overcome the difficulties in the context of rising trade protectionism in some countries."

Huo Jianguo, president of International Trade and Economic Cooperation Institute, Ministry of Commerce said that the BRIC countries have a huge potential for cooperation.

Taking the area of trade for example, he said: "During the 10 years from 2001 to 2010, trade between the BRIC five countries reached an average annual growth rate of 28 percent, up 15 times in scale, reaching the amount of 230 billion U.S. Dollars. However, in terms of absolute value, the volume of trade among the five countries is small and accounts for only three percent of global trade, much lower than the proportion of 15 percent which the total foreign trade of the five countries accounts for in global trade."

"Of course, the BRIC countries are all relatively fast growing and naturally have competitions against each," Huo said. "But we want to reach a consensus and mutual trust, and hope that such competition is mutually beneficial and with tolerance. Our aim is to make the pie bigger and to achieve common development."

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