Friday, April 20, 2012
China vs. USA: The BRICS’s Bank
On March 28-29, the BRICS – Brazil, Russia, India, China, and South Africa – gathered in New Delhi to hold its annual summit. This is second summit after South Africa joined the group in 2011. BRICS represents over 41 percent of the world’s population and contributes 20 percent of the global economy. In the economy front, BRICS discussed establishing its Bank to finance the global economy, against the Anglo-Saxon founded IMF and World Bank. In the political front, BRICS condemned the military threat against Iran and Syria. However, some experts have different views. “They don’t see eye to eye on many international issues. There is no common cementing principle among them. All the members in the group have problems with China. They have made all the right noises today at the summit, but each country will have to make its own calculations as to how far they can defy the United States,” stated by Lalit Mansingh, former Indian ambassador to the United States (Japan Times, 3 March 2012). You never know! About three decades ago, almost no one in the world will expect China will be the second economy today. BRICS might politically take over the US power three decades later.
Source: india.blogs.nytimes.com (access date: 20 April 2012)