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‘BRIC countries’ role in global economy can only increase’

Posted by smeddum on May 13, 2009

‘BRIC countries’ role in global economy can only increase’
14 May 2009, Timesofindia

NEW DELHI: As India prepares for the BRIC summit in Russia next month, foreign secretary Shivshankar Menon said on Wednesday that the four countries — Brazil, Russia, India and China — together are a factor of stability and growth as the global economy discerns its way through the complexities of the international financial crisis and as the world moves towards flatter distribution of power.

While addressing a seminar, `Brics in the New World Order’, Menon also said that the BRIC countries, despite their differences, have to work together to have more say in international matters.

“As the global economy evolves and works its way through the present global financial and economic crisis, the BRIC are a factor of stability and growth. This was already evident in our role during the G-20 deliberations. It seems to me that the role of the BRIC countries in the global economy will only increase,” stated Menon.

Asserting that the world was on the cusp of a new type of multi-polarity, he said, “What we see is a situation where the major powers simultaneously compete and cooperate with each other, each with all the others, to a greater or lesser degree.”

“The shift that we are witnessing is probably towards a flatter distribution of power in the world. And this shift is hastened by the geopolitical consequences of the global economic crisis. Unlike previous financial crises which were handled within the closed shop of the G-7 industrialised countries, this crisis is sought to be addressed in the G-20 which includes all the BRIC countries,” said Menon.

“Existing power holders are always reluctant to share or lose power. This fact alone therefore shows that an unavoidable shift in the balance of economic power is underway, and that the international role of the BRIC countries will increase further,” he added.

Chinese ambassador to India Zhang Yan and deputy chief of mission of Brazil to India Jose Carlos Fonseca Jr were also present.

“BRIC is a platform for four countries to build consensus and achieve win-win situation. Like any country, the four countries may have differences in their focus, objectives and even interests on various issues,” Zhang said.

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