Talk BRICS

CNC
Added On August 13, 2017

This year's BRICS summit will bring together the leaders of Brazil, Russia, India, China and South Africa in Xiamen, a coastal city in southeast China's Fujian Province.
 
Taking place between September 3rd to 5th, the forum calls for "stronger partnership for a brighter future".
 
Today, CNC interviews an expert from Standard Bank, for his opinion on the upcoming summit.
 
PKG:
 
The BRICS countries -- Brazil, Russia, India, China and South Africa -- have become a major driving force in the global economy. 
 
With 44 percent of the world's population, the five account for nearly one-quarter of global economic output, and half of the world's growth.
 
Simon Freemantle, senior economist at Standard Bank, says in terms of global economic relevance, the BRICS are very powerful grouping of economies.
 
SOUNDBITE (ENGLISH): SIMON FREEMANTLE, Standard Bank
"I think it's also important to step back and look just outside the raw economic importance and still look at the social demographic importance I mean this five economies still contribute just over forty percent of the world population for instance, so it is a relevant grouping economically I think it certainly has been some improvements in the past few years, this year's growth has been fairly robust but normally this is a very large institution of economies."
 
The economist notes the BRICS now has a particularly important role to play in international politics.
 
SOUNDBITE (ENGLISH): SIMON FREEMANTLE, Standard Bank
"As the Chinese president did recently at the G20 meeting emphasizing that the G20, that the United nations these are institutions which should be defended, and the BRICS can play a role in improving them, So instead of establishing alternative systems, rather improve existing ones and make sure that they are more representative of the Globe including emerging economies and the developing south, and emphasizing the importance principals around free trade, around the need to protect the environment and bind countries to climate change agreements, and I think these are very important principals that the BRICS probably have even more important role to play in enforcing now than they might have a few years ago given that there has been a bit of a retreat in those principals from the United states and some countries in Europe."
 
The highlight of this year's summit could be establishing a new "BRICS Plus", inviting more countries into the BRICS fold. 
 
Freemantle says he would like to see more discussion around BRICS plus
 
SOUNDBITE (ENGLISH): SIMON FREEMANTLE, Standard Bank
"It might not have to be expanding BRICS to include more official members but expanding the mandate, so that there are more countries represented so that BRICS can represent more appropriately represent the emerging world, rather than simply these five economies."
 
With the progress of the past ten years and a more inclusive attitude, BRICS are prepared not only for the Xiamen summit, but for another golden decade to come.