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The Voice of Lan-bridge: Conference Report (29/08/2017)

The 2017 BRICS Summit is about to kick off in China’s Xiamen. This will be the ninth meeting of the BRICS leaders. Let’s have a look back over the Summit’s history and achievements to date.

PRICS

1, Origin and Beginnings:

  • 2001: The United States’ Goldman Sachs put forward the “BRIC” concept for the first time. The term includes the world’s four largest emerging market countries. In English, BRIC stands for: Brazil, Russia, India and China.
  • June, 2009: The leaders of the four countries held their first meeting in Russia’s fourth largest city, Yaketerinburg.
  • April, 2010: The second “BRIC” summit was held in Brazil’s federal capital, Brasília. After the meeting, the leaders of the four countries issued a joint statemen” on the world economic situation and other issues, set out their agreed views and positions, and agreed to promote BRIC cooperation and coordination on specific measures. This was a turning point in BRIC cooperation, the point where the official cooperation mechanism was initiated.
  • November, 2010: At the G20 Group meeting held in Seoul, South Korea, South Africa raised the issue of joining the “BRIC” collaboration.
  • December, 2010: China took on the role for BRIC’s rotating presidency. Russia, India, and Brazil agreed to absorb South Africa as a full member. “BRIC” was renamed “BRICS”.

2, Results:

10 years later, the BRICS countries have made some impressive progress, including:

  • Total of worldwide GDP has grown from 12% to 23%
  • Collective total trading revenue has gone from 11% to 16%
  • Contribution to global economic growth has surpassed 50%

The remarkable economic growth of the BRICS countries has led to more foreign investment and better cooperation between developed and developing countries. It has also helped make progress towards better global governance.

According to the World Trade Organisation’s statistics, in 2015 BRICS trade reached  over 500 billion USD, which represents 11.3% of global trade. Amongst the 5 BRICS countries, this contribution makes up a total of over 50% of the economies.

3, Influence:

The formation BRICS has been conducive to promoting an international governance structure and platform for the countries involved. Developed countries can put more resources into the scientific and technological progress and other areas of production. The emergence of the BRIC countries is the product of economic globalization and integration.

The emergence of the BRIC mechanism is of great significance to the formation of a mutually beneficial and win-win world economic order. First of all, it is conducive to mutual the global economy. Through endorsement improved efficiency of resource use, avoidance of wasting resources, BRIC encourages cooperation between emerging and developed economies. It also promotes the advantages of technology and capital development in developing countries, and ther use of investment in developing countries to develop resources for economic advantages and promote national progress, so as to achieve and promote human progress, world peace and stability.

Secondly, BRICS is a platform for national exchanges that is conducive to international exchanges and cooperation. After World War II, the vast number of developing countries were relatively behind the rest of the world, economically speaking. Although the developing countries had a large number of people, there weren’t as many channels for economic advancement open to them as there were for developed countries. BRICS has provided such a platform for developing countries to express their will, promote exchanges and cooperation between all kinds of countries, and to promote the healthy development of the world economy.

Third, the emergence of the BRIC mechanism is conducive to the formation of a common development of the BRIC partnership. As a platform it encourages exchanges of views, coordination of policies, strategic partnerships of mutual benefit and coordinated development to promote the common development of the BRICS countries.

Fourth, BRICS is conducive to the development of third world countries, and promotes the balanced development of the world economy. At present, third world countries are still vulnerable groups in the world economy. BRICS can promote international climate governance, international financial system reform, international trade and other aspects to safeguard third world countries’ legitimate rights and interests.

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