Ways to cement Brics
To strengthen Brics, the bloc first has to improve trade and investment between its members
The economic muscle of the Brics group of nations is rising to nearly a third of global gross domestic product (GDP), yet members of the bloc, other than China and India, are likely to receive a declining share, new research shows. At the 10th Brics Summit, hosted by SA in Johannesburg last week, members Brazil, Russia, India, China and SA pledged co-operation to promote peace and strengthen a fairer political and international order and promote inclusive growth. There was also commitment to collaborative research on various fronts including agriculture, energy and the environment. Infrastructure development and integration to bolster economic ties was emphasised. A vaccine research & development centre to be established in SA is on the cards, while the groundwork for a Brics Contingent Reserve Arrangement is near completion. Co-operation between the latter and the International Monetary Fund (IMF) is envisaged. On the financing front a greater role is expected for multilateral deve...
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