In These New Times

The term “Bric” was coined by Jim O’Neill, a Goldman Sachs analyst, to note the vast economic potential of the four emerging markets. Yesterday, however, geopolitics was high on the agenda as China and India’s foreign ministers joined Russia in calling for fresh talks between Serbia and Kosovo.

Europe and the US both recognised Kosovo’s declaration of independence in February, but Russia has led the opposition to the split from Serbia. Yesterday it appeared to find common cause with India and China, nations struggling with separatist movements.

The Bric foreign ministers have previously held meetings on the side-lines of UN conferences, but the Yekaterinburg gathering is the first formal independent meeting and suggests that the four nations want to use their association for a political purpose.

Brazil and India are using their economic clout to wield political influence, notably in bodies such as the World Trade Organisation, in which the two often lead negotiations with the US and the EU.

A spokesman for Russia’s foreign ministry said: “Bric unites the major economic growth centres with more than half the world’s population, the role of which in international affairs will grow.