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Brics and India

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Brics summit
“The aim of brics is to convert their growing economic power into greater geopolitical clout” BRICS is the title of an association of leading emerging economies, arising out of the inclusion of South Africa into the BRIC group in 2010. As of 2012, the group's five members are Brazil, Russia, India, China and South Africa. With the possible exception of Russia, the BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs. As of 2012, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of US$13.7 trillion, and an estimated US$4 trillion in combined foreign reserves Presently, India holds the chair of the BRICS group. Due to steady growth in BRICS nations in the recent past their share in global output has grown from 11% in 2005 to 18% in 2010. President of the People's Republic of China Hu Jintao has described the BRICS countries as defenders and promoters of developing countries and a force for world peace. The BRIC grouping's first formal summit commenced in Yekaterinburg on June 16, 2009, with Luiz Inácio Lula da Silva,Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all attending. In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year.[14] South Africa officially became a member nation on December 24, 2010, after being formally invited by the BRIC countries to join the group.
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History
The acronym was coined by Jim O'Neill in a 2001 paper entitled "Building Better Global Economic BRICs.The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New York City in September 2006, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on May 16, 2008.

Summit | Participants | Date | Host country | Host leader | Location | 1st | BRIC | June 16, 2009 | Russia | Dmitry Medvedev | Yekaterinburg | 2nd | BRIC | April 16, 2010 | Brazil | Luiz Inácio Lula da Silva | Brasília | 3rd | BRICS | April 14, 2011 | China | Hu Jintao | Sanya | 4th | BRICS | March 29, 2012 | India | Manmohan Singh | New Delhi | 5th | BRICS | 2013 | South Africa | Jacob Zuma | TBA |

The BRIC grouping's first formal summit commenced in Yekaterinburg on June 16, 2009,with Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all attending. The summit's focus was on means of improving the global economic situation and reforming financial institutions, and discussed how the four countries could better co-operate in the future. There was further discussion of ways that developing countries, such as the BRIC members, could become more involved in global affairs.
In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be 'diversified, stable and predictable'. Although the statement that was released did not directly criticise the perceived 'dominance' of the US dollar – something which Russia had attacked in the past – it did spark a fall in the value of the dollar against other major currencies.
In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year. South Africa officially became a member nation on December 24, 2010, after being formally invited by the BRIC countries to join the group. The group was renamed BRICS – with the "S" standing for South Africa – to reflect the group's expanded membership. In April 2011, South African President Jacob Zuma attended the 2011 BRICS summit in Sanya, China, as a full member.
The BRICS Forum, an independent international organisation encouraging commercial, political and cultural cooperation between the BRICS nations, was formed in 2011.
In June 2012, the BRICS nations pledged $75 billion to boost the International Monetary Fund's lending power. However, this loan is conditional on IMF voting reforms.

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2012 BRICS Summit

The 2012 BRICS summit was the fourth annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states Brazil, Russia, India, China and South Africa. The summit was held at at Taj Mahal Hotel in New Delhi, India on 29 March 2012 and began at 10:00 Indian Standard Time. This is the first time that India has hosted a BRICS summit. The theme of the summit was "BRICS Partnership for Global Stability, Security and Prosperity".

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Logo

Preparations for the summit began with the announcement from the Ministry of External Affairs, India about a competition to choose the official logo for the meeting. The logo was expected to "bring out the essence of this grouping of countries, which has received unprecedented global attention in recent years and now occupies a prominent space in the global political and economic landscape." A specially-constituted jury announced the winning design on 10 February 2012 as the submission of Sonesh Jain, an architecture student of the Indian Institute of Technology Roorkee. The logo is a symbolic representation of a peacock with "colours suggesting resurgence and renewal". Officials also commented that the BRICS logo drew inspiration from the lotus in addition to the peacock.
The logo caused controversy regarding its similarity to that of the National Broadcasting Corporation. The Ministry of External Affairs said that there should have been a more careful selection process, but defended the logo by saying that there were more differences than similarities.

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Pre-summit events

During 4–6 March 2012, the Delhi-based public policy organisation Observer Research Foundation conducted the 4th BRICS Academic Forum, which involved the participation of approximately 60 scholars from all five states. The forum was held to generate ideas and proposals, which would be put forward to the attending state heads for further consideration. At the end of the forum, 18 recommendations were put forward for increasing the

effectiveness of the group. A BRICS business forum, organised by the Industry, Confederation and Associated Chambers of Commerce and Industry of India,took place the day before the leaders official summit.

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Issues Discussed

India is all set to play host to world leaders that include Brazilian President Dilma Rousseff, Russian President Dmitry Medvedev, South African President Jacob Zuma and Chinese Premier Hu Jintao, at the fourth BRICS summit on Thursday.
Trade and political issues are expected to be the primary talking points at the summit.
It was an idea initiated by Russia in 2006, BRICS now accounts to $ 230 billion of intra-trade. And as leaders from the BRICS nation arrive in India, all eyes will be on new prospects that the body can offer.

"One is coordination of positions. Other is to see whether there are capacities within BRICS that could engage their attention, cooperation and also have a demonstration effect for the world," Secretary East said.

The main highlights of the summit will be establishing a permanent headquarter for BRICS.
The technicalities involved in inducting new members. Leaders are also expected to discuss IMF reform.

But there are areas where BRICS nations already have disagreements:
- BRICS Development Bank, Russia, Brazil and South Africa support it but China is reportedly in disagreement over its structure and functioning.
- Country wise resolutions like in case of Syria, Sri Lanka, where India, South Africa and Brazil agree but China and Russia disagree.
- Also on UNSC reform, where India considers itself as a potential candidate but China has openly supported South Africa.

"Foreign interference in domestic affairs is increasing. Russia's position on Syria is well known but we need to understand the position of partners. Leaders to coordinate their position," Russian Ambassador Alexander Kadakin said.
A point underscored by experts that BRICS will have to discuss political issues.
"I would say that if BRICS does not acquire a certain amount of political gravitas. In other words does not discuss issues of politics. Geopolitics BRICS will probably fall apart because that is also be part of glue that will keep them together," Observer research foundation Nandan Unnikrishnan said.

The elephant in the room is the United States that has an important bilateral relationship with each BRICS countries and while west worries about groupings like this one. They also wonder if these emerging markets will save the world economy.

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BRICS Summit: the charming effect on global politics

The continuity in BRICS summits and the current economic primacy of the BRICS grouping suggests that the global politics is entering a new phase of power politics, with the developing world taking the lead in the global decision-making process. The New Delhi summit, which concluded on 29 March, gives clear indication of this. Like the previous summits, the 2012 New Delhi summit attracted considerable media attention globally. While critics reject the very existence of BRICS, noting that it is merely a combination of the Goldman Sachs acronym, economists and developmental theorists from the third world argue that the rise and progress of BRICS is a narration of the diversified and multipolar political order. While the Western media discard the importance of BRICS, stating that powers like China and India will never think alike, the dialogue in the developing world has also not been very forthcoming, given the BRICS members’ differentiation in their political and social systems, and particularly in foreign policy objectives. True, coordinating policy in a rapidly evolving multipolar world order is not easy, especially given the divergent worldviews between China and India. Yet the very existence of BRICS and its progressive character in discussing political concerns over a range of global issues are vital to developing-world politics, suggesting that BRICS will be playing a bigger role in world politics in times to come. A review and an analysis of BRICS “joint statements” and “joint declarations” suggests that BRICS is rapidly getting institutionalized as a developing-world club. Though the first two Joint Statements released in 2009 and 2010 were akin to toddling efforts, as BRIC was at a conceptual level at that time, the Sanya and New Delhi declarations explain the vitality and import of this grouping in global politics. The New Delhi summit was undoubtedly a way forward in institutionalizing the grouping further in an evolving multipolar world order. The Delhi Declaration not only tries to actualize some of the stated themes of the Sanya summit, but also indicates new action plans, stating the future objectives of BRICS. It also raises the scope for bigger powers like China, India and Russia to rationalize a credible political understanding, and to ponder whether the time has come to overcome the existing political misunderstandings among them and forge a credible union which can be useful for global governance, where they will have a better influence in both the North-South and South-South spectrum. This is particularly vital at a time when the US is forging a Trans-Pacific Partnership (TPP), taking along diverse economies from both Asia and the Asia-Pacific region. BRICS has always highlighted the significance of G-20 in global economic governance. While the 2009 Yekaterinburg (Russia) summit exclusively acknowledged the central role of G-20 summits in dealing with the global financial crisis, the Brasilia Summit in 2010 highlighted the G-20 members’ contribution to IMF resources. The New Delhi summit too pointed out the “primary role of the G20 as a premier forum” for global economic cooperation. The major powers in BRICS like China, India and Russia must prepare a constructive demand draft to increase the pressure to reform the global financial architecture, and increase the voting rights of China and India, realigning the architecture which is currently more favorable to the USA and the EU. Russia could take a lead in this regard as it is all set to take over the Presidency of G20 in 2013. While expressing concern about the “slow pace of quota and governance reforms in the IMF”, the Delhi declaration calls for a comprehensive review of the quota formula for the developing countries in the global financial bodies. Low voting rights at the IMF are not in favor of countries like India and Brazil as they look for a permanent berth at the UN Security Council (UNSC). Reform of G7 is also stagnating. In the prevailing circumstances, the unanimous BRICS call for reforming the IMF is an important development. Politically, the BRICS members may not ever get united as they have different political systems and social diversities. However, the New Delhi BRICS summit did indicate that difference of opinion is not always a result of differences in perception. For example, on Iran, India’s stance could be different from that of China and Russia, but their common stand on Iran in the New Delhi BRICS summit will have a lasting effect on global politics, at least over the US which seems to have taken India for granted on many pressing global issues because of the recent progress and vitality of Indo-US relations. About the Syrian crisis, BRICS also collectively expressed the view that a solution to the crisis lies in “dialogue”.
The common understanding in BRICS on such issues is a huge political statement, with direct implications for the global politics. First, it raises the hope in Iran and Syria that there are influential groupings and powers on the globe which support their cause and interests. Second, the collective stance by BRICS indicated that the US cannot act unilaterally, and should propose and follow diplomatic procedures and thrust on dialogue rather than unilateral actions. Third, the BRICS united understanding on Iran and Syria indicates that it is possible to converge on foreign policy issues even if the BRICS members’ foreign policy objectives and interests may not entirely be in harmony. Fourth, BRICS is not entirely an economic entity; it carries certain political clout that is central to the current global political outlook. BRICS is indeed emerging as a credible multilateral grouping that will be vital for the global politics in times to come. Yet, the current limitation of BRICS is that it neither represents a political coalition nor is showing much interest in taking a lead on greater global geo-political and strategic issues. The BRICS countries need to forge their views on key political issues, since China, India and Russia are still main decision-makers of global strategic issues, notably in the context when both Russia and China are among the Permanent Five (P-5) countries in the UNSC. On global pressing issues like Iran, North Korea and Syria, BRICS needs to show clarity and forge a pressing understanding. The opportunities for BRICS are many; equally, the challenges are big. The immediate thrust should be on the promotion of intra-BRICS trade and setting up a formal BRICS platform through a secretariat, where economic and political sensitivities could be discussed. As the recent BRICS summit has indicated, the developmental banks of BRICS countries could take up a first call to formalize and establish understanding (a) in extending credit facility in local currency, and (b) in the multilateral letter of credit confirmation facility agreement. The proposal to extend credit facility in local currency is a momentous step, as it intends to reduce the demand for fully convertible currencies for transactions among BRICS nations. This will directly help in reducing transaction costs; as will the credit confirmation facility. The Delhi declaration and the 2012 New Delhi BRICS summit will be remembered more as a progressive political statement for a new world order and politics. Politically, the BRICS members’ elite understanding and perspective on the issues of Iran and Syria are a positive indicator of how the emerging economies are forging a united political stand on key global issues. The BRICS call on the IMF, World Bank, and on the global markets also puts BRICS in a different league. The demand for reforming the IMF quota as being necessary for the “legitimacy and effectiveness of the Fund” is a notable stance. The call to have a President in the World Bank from the developing world is equally distinctive. There was also a united call to pressurize the advanced economies to “adopt responsible macroeconomic and financial policies” to avoid creating excessive global liquidity. These are huge political statements, and the target is to limit and restrict the American and European supremacy in the global financial architecture. Though it is not going to be easy to curb the Western dominance in the global financial institutions, the New Delhi summit does indicate that the process and the attempt from developing countries has already started in this direction.

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INDIA and BRICS

India attaches importance to its engagement with BRICS. The Fourth BRICS Summit was successfully hosted by India on 29 Mrach 2012 under the overarching theme of “BRICS Partnership for Global Stability, Security and Prosperity.” India has participated in all the BRICS Meetings of Foreign Ministers, Finance Minsters, Agriculture Ministers, Trade Ministers, Health Minsters, High Representatives on Security, Business Forum, Development Banks, and other sectoral meetings.

First BRIC Summit

At the first formal BRIC Summit in Yekaterinburg on June 16, 2009, Prime Minister, Dr Manmohan Singh, proposed setting up of a BRIC Business Forum to further consolidate intra-BRIC Trade and Economic ties, networking of BRIC Think Tanks and commissioning of a Joint Economic Study on the State of World Economy and the Role of BRICS in it.
Second BRIC Summit

Prime Minister, Dr Manmohan Singh, at the second BRIC Summit in Brasilia in April 2010, stated, “......BRIC countries can benefit by sharing their experiences in the field of inclusive growth...... BRIC nations can set an example in promoting collaborative development, deployment and dissemination of clean energy and renewable technologies...... BRIC countries are uniquely placed to contribute to reforming the architecture of global governance..... Energy and food security are two specific areas where we can work together.”

Third BRICS Summit

At the third BRICS Summit in Sanya, China, in April 2011, Prime Minister, Dr Manmohan Singh, stated, “.......We are strengthened by the complementarities of our resource endowments....... We share the vision of inclusive growth and prosperity in the world..... We stand for a rule-based, stable and predictable global order...... Nuclear safety has emerged as a major source of concern the world over after the tragedy in Japan. We should cooperate in this area, as well as in disaster relief and management.....”

Fourth BRICS Summit

India has successfully hosted the Fourth BRICS Summit in New Delhi on 29 March 2012 under the leadership of Hon’ble Prime Minister Dr. Manmohan Singh. Ms.Dilma Rousseff, President of Brazil, Mr. Dmitry Medvedev, President of Russia, Mr.Hu Jintao, President of China and Mr. Jacob Zuma, President of South Africa attended the Summit.

The Delhi Declaration, capturing the essence of discussion as well as putting forth common position of BRICS countries on various economic and political issues of global and regional importance was issued at the end of the Summit.

The Declaration included Delhi Action Plan which highlights the activities to be undertaken under India’s chairmanship of BRICS to further cooperation. Leaders focused their discussions on issues of global governance- both political (UN) and economic (IMF and World Bank). They also covered global economic and financial situation, with special focus on the eurozone sovereign debt crisis, as well as the political issues like developments in Afghanistan, Iran, Syria, etc. The Delhi Declaration also focused on BRICS efforts towards sustainable development and prepared the ground for Rio+20 in Brazil and CBD-COP11 Conference in Hyderabad, to be held later this year.

Joint Economic Study

Carrying forward the idea of a Joint Economic Study as proposed by the Prime Minister of India at the first BRIC Summit in Russia in 2009, India hosted three Workshops with the participation of experts from other BRICS countries to take forward the idea of the BRICS Joint Study.

The study coordinated by India titled “The BRICS Report” focusing on synergies and complementarities between the BRICS economies and highlighting their role as growth drivers of the world economy, was released by the Leaders during the Fourth BRICS Summit.

BRICS Think-tanks Meetings

India hosted the first formal meeting of BRIC Think Tanks in May 2009 in the run-up to the first BRIC Summit in Yekaterinburg. The Fourth BRICS Academic Forum took place in New Delhi on 4-6 March 2012 and came up with many useful recommendations. An MoU was also signed between the coordinating research institutions from BRICS countries during the event.

BRICS Economic Research Group

India hosted the first meeting of the BRICS Economic Research Group, which is an Indian initiative, bringing together Economic Think Tanks as well as Editors of the Leading Economic/Financial magazines of the member countries. The meeting was hosted in New Delhi on 27 February 2012 by the National Institute of Public Finance and Policy (NIPFP).

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Charts and Tables

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Major Challenges

The challenges that the Brazilian economy face are as follows:

(i) its tradeable goods sector is small when compared to other EMEs like China;
(ii) savingand investment rates have to increase as in other BRICS economies like China and India
(iii) improvements are required in public sector management
(iv) it also needs to enhance the depth of the financial sector as well as improve long-term financing structures for the private sector. In the case of Russia, the key challenges are accelerating the implementation of structural reforms, particularly in inefficient and undercapitalized natural monopolies, and strengthening the investment climate.

For India, the major challenges are
(i) making the growth process more inclusive,
(ii) improving physical infrastructure,
(iii) developing the agriculture sector, and
(iv) enhancing delivery of essential public services, such as education and health, to large parts of the population.

Similarly for China, policy changes are needed to address both domestic and external challenges. The policy challenge for China is to sustain rapid and stable economic growth, driven by both exports and domestic demand in a more balanced way. To facilitate restructuring of the economy, financial sector reforms are needed to improve the intermediation of China’s large private savings.

The government also needs to raise social spending in the areas of education, healthcare,and pensions, which will serve to reduce precautionary saving and boost consumption over time. There is also a need to improve executive summary of the investment structure, advance reforms in the healthcare, pension,and education systems, and provide more support to rural areas and less-developed regions. The key challenge for South Africa is to achieve higher levels ofinclusive growth that raise employment and reduce inequality. Low domestic savings, currency volatility, inadequate investment in productive sectors of the economy, skill shortages, and ensuring efficient government services delivery are other challenges. Policies proposed in the New Growth Path constitute the key means to address these challenges through a developmental state that places employment at the centre of the fight against inequality. Within a prudently managed macroeconomic framework, the government is prioritizing policy measures focused on the expansion of infrastructure networks, skills development, interventions to raise youth employment, industrial policy that promotes higher value added exports, the development of rural economies, small enterprise promotion, green economy initiatives, and regional integration.

One common challenge that BRICS economies face is the need for institutional development without which sustainable growth cannot be ensured. In a post-global crisis world largely shaped by financial instability and weak growth in the major economies, the BRICS countries have a remarkable opportunity to coordinate their economic policies and diplomatic strategies not only to enhance their position as a grouping in the international economic and financial system, but also to be a stabilization factor for the world economy as a whole. BRICS should increasingly harmonize and coordinate their policies with a view to sustaining their growth momentum and capacity to weather global turbulence. The benefit of cooperating among themselves is immense for the BRICS as well as for the executive summary global economy. A strategic agenda for forging closer links among the BRICS, as outlined in this joint report, may contribute to consolidating and expanding their roles in global affairs. -------------------------------------------------
Criticism

However, some analysts have highlighted potential divisions and weaknesses in the grouping, such as India and China's disagreements over Tibetan and border issues, the failure of the BRICS to establish a World Bank-analogue development agency, and disputes between the members over UN Security Council reform. A criticism is that the BRIC projections are based on the assumptions that resources are limitless and endlessly available when needed. In reality, many important resources currently necessary to sustain economic growth, such as oil, natural gas, coal, other fossil fuels, and uranium might soon experience a peak in production before enough renewable energy can be developed and commercialized, which might result in slower economic growth than anticipated, thus throwing off the projections and their dates. The pre-eminence of China and India as major manufacturing countries with unrealised potential has been widely recognised, but some commentators state that China's and Russia's large-scale disregard for human rights and democracy could be a problem in the future. There is also the issue of population growth. The population of Russia has been declining rapidly in the 1990s and only recently did the Russian government predict the population to stabilize and grow in 2020. Finally, India's relations with its neighbour Pakistan have always been tense. In 1998, there was a nuclear standoff between Pakistan and India. Border conflicts with Pakistan, mostly over the long held dispute over Kashmir, has further aggravated any economic ties.

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Loop Holes and Challenges Ahead

There are number of differences on certain issue between Brics countries. Kanti Bjpal highlighted three important weakest links. First, China is evidently ahead of the pack in terms of its comprehensive national power and economic power, but both India and Russia are eager not to surrender leadership too evidently to China. India and Russia are wary of China in light of a number of bilateral problems.
Third and the most important each of the five members of Brics has more going on with the US than with each other.
There are doubts about the coherence of the Brics grouping. South Africa, for example, does not meet the essential criteria – rapidly growing, large economy with a large population – laid out by Jim O’Neill. South Africa’s GDP of less than a quarter the size of Russia’s and the country is struggling to keep annual growth above 3 percent. The Brics members also have significant political, economic and cultural differences, and do not always adopt a unanimous line in international issues. On the selection of a successor to Robert Zoellick as president of the World Bank for example, they were unable to reach a consensus about who should challenge the US’s candidate, Jim Yong Kim.
Despite speaking to the BRICS consensus of trading in ‘non-third party’ currencies or even setting up a BRICS bank, SA has responded in opposite ways to its allies.
With the flow of cheap dollars, which saw investors speculate in Brazil and SA, driving up currencies like the Real, the Rand and the Rouble in 2011, Brazil re-imposed capital controls to tax these flows, whereas SA cut controls even more. Whereas Brazil, Russia and China hate a strong Real, Rouble or Renminbi, SA simply loves a strong Rand.
It is even notable that SA differs on concrete instances of foreign policy. Whereas China, Russia, India and Brazil abstained from Resolution 1973 on Libya – used as a justification for NATO’s overthrow of Gaddafi - SA supported the resolution. And whereas SA supported calls for sanctions against Assad’s Syria, Russia and China have vetoed this, seeing it as a prelude to another Western military adventure. And as the US bullies countries into cutting Iranian oil imports, SA has backed down whilst both Russia and China have simply told the US where to get off.

Setting up of south- south bank is the notable outcome of the Delhi summit of BRICS, however it was generally accepted that setting up of such an institution would not be easy. Appopkin was cautious of the move, saying that such a bank would be effective only if “they are given independence in project financing decisions from the governments, or at least room to operate in long-term development framework.”
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Conclusion

The fourth BRICS summit, which concluded in New Delhi, sent positive signals to the outside world that international stability, security and prosperity can be achieved if everyone pulls together.
In the joint declaration issued by leaders of Brazil, Russia, India, China and South Africa, the five countries vowed to enhance cooperation among themselves and contribute to world development and prosperity.
Notwithstanding their differences, Brics share a number of concerns. They were all worried about US leadership and western policies on geopolitical issues, in particular in the Arab world and in Iran. They are all opposed to interventionism even though none of them has much of an alternative to offer except such anodyne suggestions as “diplomacy is the answer”. The West’s stand on climate change and, particularly for Russia, India and China, the future of Af-Pak, are very troubling. Most importantly, they are all concerned that the West’s economic troubles are chronic and will be consequential for them. They look increasingly, therefore, to sustain their growth prospects on the backs of each other’s economies.
They also voiced their united support for a Syrian peace process promoted by international envoy Kofi Annan and warned of the “disastrous consequences” of allowing the Iran nuclear issue to escalate into conflict.
However the most notable thing of the summit was that the leaders have considered the possibility of setting up a new development bank.The bank will supplement the existing efforts of multilateral and regional financial institutions for global growth and development, the declaration said.
“The benefit of a BRICS bank will go beyond BRICS to other developing countries,” Chi said.
“The initiative reflects a goal of BRICS economies to reduce dependence on the dollar and the euro, but significant progress is about 10 years away,” said Onitolo, adding that “it is clear that emerging markets are gradually overtaking developed ones as engines of global growth”.
Given that the BRICS countries have become an increasingly important force on the world stage and the drivers of the global economy, their pledge to make due contributions to the world development and prosperity should be interpreted as good news for all.
It is good to see the group showing solidarity on issues of global significance. By speaking with one voice, they can better defend their own interests and those of the developing world at large and promote fairer global governance.
There are many hopes and expectations from Delhi Summit. However challenges ahead in the achievement of goals are really going to weigh the potential and credibility of Brics countries.

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...BRIC is an acronym standing for Brazil, Russia, India and China. Although can be categorized by importance of countries, it would be CIRB which is China, India, Russia and Brazil. The BRIC are both the fastest growing and largest emerging markets economies. These four countries encompass more than quarter of the world’s land area and in 2009 accounted for more than 40% of world’s population, 40% of the world’s foreign exchange reserves and 25% of world’s GDP. The states, which were earlier, accepted to consider as developing countries of Third world, promptly become economic giants of the new world. BRIC: Brazil, Russia, India and China – four markets everyone with the unique features, but thus unites them the potential generated by changes in political systems of these countries. As a result of these changes there was a consumer demand, which is formed by 43% of the population of the whole world. In roughly developing countries of BRIC there are five of the ten largest cities of planet where concentrated the huge amount of capital and millions of consumers who are aspiring up on social and economic ladder. The term BRIC was included into a business lexicon in 2003 after the economist of Goldman Sachs investment bank Jim O'Neill described future economic picture of the world....

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...The BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs; all five are G-20 members. Since 2010, the BRICS nations have met annually at formal summits. Russia currently holds the chair of the BRICS group, and hosted the group's seventh summit in July 2015. (https://en.wikipedia.org/wiki/BRIC) Summary The BRICS New Development Bank (NDB) was created in mid-2014 by the governments of Brazil, Russia, India, China and South...

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...Car sales in Brazil, Russia, India and China grew at a CAGR of 8.8%, 5.7%, 14.5% and 34.3% respectively as against a globalcar sales average of 4.0% between 2001 and 2010. 2. In 2011, weak macro-economic conditions in Brazil and India resulted in the slowdown of car sales. On the other hand, China continued to exhibit attractive macro-economic conditions but sales were impacted by government measures. Russia sustained its...

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...The BRICS economic success formula will continue to be imitated by aspiring economies in the developing world and particularly in Africa! The term ‘The BRICS’ was first quoted in Goldman Sachs report which was published in 2001, this term is an acronym for the emerging developing countries which are Brazil, Russia, India, China and South Africa (Wilson & Purushothaman, 2003, p. 2). In the last decade, these countries have been successful in the global economy and many developing countries across the world, predominately Africa are trying to emulate this success. The essay will show a brief overview of how successful the BRICS have become, once these reasons are established, the essay will focus on the core part of the question which is providing evidence showing how the developing world but in particular Africa are imitating the success of the BRICS. Finally the essay will finish with a conclusion which will summarise the main points which have been explained and discussed throughout the essay. The BRICS have been successful in the last decade, but forecasters believe that by 2050, the BRICs could become a very important source of new global spending and by the year 2032 Japan’s economy would become smaller that India’s and USA’s economy could shrink below China’s economy by the year 2041....

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...Assignment on “Meet the BRIC” Case Study | ITB 301Section: 3Spring 2012Submitted to:Salma AkterLecturerDepartment of Business Administration.East West University, Dhaka.Submitted byArafat Rauf2009-2-10-345Date of Submission: 28th March 2012 | Letter of Transmittal March 28, 2012 Salma Akter, Senior lecturer East West University Subject: Submission of Assignment on “Meet the BRIC” case study Dear Madam, I have prepared an Assignment on “Meet the BRIC” case study. It was an energizing experience throughout the semester and preparing this assignment further enhanced my insight about International Business. I hope that this report fulfils your requirements and your feedback is very much necessary to overcome my faults and lacking. This will help me in my entire life. It is my pleasure to carry out this assignment under your supervision. I would like to request you to accept my report for further assessment and I will be available to answer any question for clarification. Thank you for your sincere support. Yours sincerely, Arafat Rauf 2009-2-10-345 Table of contents Title | Page number | - BRIC | 4 | Economic growth of BRIC | 7 | Question 1: Map the proposed sequence of the evolution of the economy of the BRIC’s. What indicators might companies monitor to guide their investments and organize their local market operations? | 8 | Question 2: What are the implications of the emergence of the BRICs for careers and companies in your country?...

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...In 2001, Jim O’Neill, predicted the next four emerging markets which he named the ‘BRICs’. This acronym is made up of Brazil, Russia, India and China. The acronym has come into common use as a symbol of the credible shift in global economic power away from the developed G7 economies towards the developing world. He predicted that the BRIC economies would experience faster economic growth than the G7 nations; Germany, Japan, Italy, United Kingdom, United States, France and Canada. This accelerated growth would raise the BRIC’s relative weights in the worlds aggregate GDP. Despite the fact that O’Neill was criticised when he first implemented the idea, his predictions have been spot on. The average annual GDP growth rate of all the BRIC countries has exceeded that of almost all G7 countries in nearly each of the past 10 years. After O’Neill had announced his prediction in 2001, the BRICs were formally announced in 2009. Discussions between the BRIC’s began in 2006 with four formal meetings with the foreign ministers of the BRIC countries happening between 2006-2008. He also introduces his new prediction within ‘The Growth Map’, the Next 11 (N-11), these are countries that will offer great opportunities for investors over the next decade. The N-11 consists of; South Korea, Mexico, Turkey, Pakistan, Nigeria, Iran, Phillipines, Vietnam, Indonesia, Egypt and Bangladesh. ! ! Looking more closely at the individual BRIC countries....

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