Brics bloc is gain­ing mo­men­tum in­ter­na­tion­ally

The Star Early Edition - - BUSINESS NEWS -

THE BRICS bloc group­ing Brazil, Rus­sia, In­dia, China and South Africa has gained cer­tain mo­men­tum in its co-op­er­a­tion and growth, see­ing its in­flu­ence in­crease at both the re­gional and in­ter­na­tional lev­els, an In­dian ex­pert has said. “In the last eight (an­nual) sum­mits, Brics has ac­quired cer­tain mo­men­tum in in­ter­na­tional re­la­tions,” said Srikanth Kon­da­palli, pro­fes­sor at the Cen­ter for East Asia Stud­ies of the New Delhi-based Jawa­har­lal Nehru Univer­sity. “It has ad­vo­cated di­a­logue and peace­ful res­o­lu­tion of dis­putes, in ad­di­tion to lift­ing any curbs on trade and in­vest­ments,” he said on Sun­day. As the bloc’s five emerg­ing economies “are get­ting in­te­grated in the global econ­omy, it has ad­vo­cated a cer­tain bal­ance in deal­ing with the West­ern coun­tries and the in­sti­tu­tions such as the IMF (In­ter­na­tional Mon­e­tary Fund)/World Bank or uni­ver­sally ac­cepted norms,” the In­dian ex­pert added. “It tries to pro­tect the in­ter­ests of de­vel­op­ing coun­tries,” he noted. Macroe­co­nomic sta­bil­ity, in­sti­tu­tional ef­fec­tive­ness and open­ness are among the fac­tors that en­able the bloc to at­tract global at­ten­tion and to play a larger role in global gov­er­nance and growth, ac­cord­ing to the ex­pert. “For­ma­tion of Brics and the reg­u­lar sum­mit meet­ings and the pro­nounce­ments so far have pro­vided scope for ex­pand­ing its in­flu­ence at the global and re­gional lev­els,” Kon­da­palli noted. – Xin­hua

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