by Institute for Global Dialogue

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by Institute for Global Dialogue

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Forging a brighter future with Brics

Brics is a dependable growth engine for world economy. Over the past ten years, Brics countries have contributed to over 50% of world economic growth. Against the backdrop of sluggish global economic recovery after the outbreak of international financial crisis, Brics countries have joined hands to cleave through challenges and become an important anchor and engine of world economy. All the five Brics countries have been enjoying domestic stability. Their competitive edge in market demand and natural resources remains unchanged, their process of industrialisation and urbanisation remains unchanged, and their commitment to the construction of integrated markets, multi-tiered network, connectivity by land, air and sea, and greater cultural exchanges remains unchanged. Looking ahead, the prospect of Brics countries is promising, and their development will infuse more energy into the world economy.

Brics is an active contributor of global governance. Brics countries have been actively participating in global governance for a more just and equitable international political and economic order. They call for greater democracy in international relations with inclusiveness of different social systems, mutual learning from different civilizations and cultures, win-win results for different development models, and justice and equality for major international and hotspot issues. By working closely in the UN, G20, IMF, World Bank and WTO, they speak with one voice on major issues such as Post-2015 Development Agenda, climate change, anti-terrorism, cyber security and IMF reform, bringing new vitality to global economic governance. Meanwhile, they have been helping to improve the international financial system by working to set up Brics New Development Bank and Contingent Reserve Arrangement.

Available: http://www.iol.co.za/business/opinion/forging-a-brighter-future-with-brics-1.1882345#.VbH0lEaRSxE 

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