`BRICS countries becoming rule makers`

Last Updated: Thursday, March 29, 2012 - 16:39

Beijing: BRICS countries are evolving from being `followers` of the West to `rule makers`, a Chinese expert said on Thursday. But he warned that intra-BRICS trade will see tensions too.

"Given the current international situation, BRICS countries need to further strengthen cooperation, so as to cope with the various challenges and safeguard the interests of developing countries," Du Youkang wrote in China Daily.

Collaboration on global issues was conducive to international political and economic rebalancing in post-crisis era, he said in a commentary as leaders of Brazil, China, India, Russia and South Africa met in New Delhi.

The summit held "great importance", said Du, a professor in the Institute of international Studies of Fudan University.

"The international situation is undergoing profound and complicated changes: there is unrest in several regions, faltering economic growth in the developed world ... and the resurgence of trade protectionism, which poses challenges to the multilateral trading system.”

"At the same time the BRICS countries have maintained their good growth momentum and raised their international status and influence."

Du said BRICS countries had played an increasingly important role in tackling global challenges, and had become a major force in easing global financial and economic crisis.

Since 2010, more than 50 percent of global growth has come from BRICS, which he called the "global growth powerhouse".

But Du said that due to their similar stage of development, BRICS countries cannot avoid competition in acquiring investment, technology and markets, as well as frictions in trade and other areas.

"But BRICS countries are actively seeking mutual understanding and strengthening mutual trust and cohesion and are committed to building a BRICS partnership that consolidates global stability, security and prosperity."

In 2010, China surpassed Japan to become the world`s second largest economy. Brazil was the world`s sixth largest economy in 2011, and India and Russia are in the world`s top 10, Du said.

"Due to the rapid development of BRICS countries, the global balance of power is undergoing changes in favour of developing countries.”

"The rising weight, status and role of BRICS countries and other emerging economies in international affairs is obviously conducive to international political and economic rebalancing."

IANS



First Published: Thursday, March 29, 2012 - 16:39

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