BRICS and Mortar

Outlook

The summit in Durban from March 26 will convene under the theme "BRICS and Africa partnerships for integration and industrialization", focusing on BRICS nations' economic activities in the continent. Standard Bank predicts BRICS-Africa trade will be worth $500 billion by 2015, and discussions about business opportunities are likely to figure in the Durban summit.

South Africa's International Relations and Cooperation Minister Maite Nkoana-Mashabane says that viewing Africa as the new global growth center, BRICS countries are emerging as the largest investors and trade partners to the continent, and there is potential for huge growth.

All sides are also looking forward to BRICS adopting a more institutional structure.

Russia's Foreign Affairs Minister Sergey Lavrov says his country is committed to BRICS gradually being transformed from a forum for dialogue and a tool for coordinating positions on particular issues into a body that provides a permanent platform for its members to work together on key international political and economic issues.

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"Another strategic goal should be promoting economic cooperation resting upon the complementarity of our natural resources, large markets, scientific and technological potential," Lavrov says.

Li, the Chinese ambassador to Brazil, is also keen on BRICS becoming a fully fledged institution with a wide range of set tasks. "This loose form is hampering the possibilities for us to work much more closely together in many areas," he says.

Many economists are convinced that BRICS will continue to have an impact on the global economy. "Without doubt the BRICS is a varied group with different advantages and interests," Stevens says. "However, the differentiation gives versatility to the broader BRICS thrust, providing durability to commercial cords."

Davies sees the bloc as gradually taking on a role that transcends economics. "Beyond long-term growth forecasts, the BRICS club will increasingly take on a political form, an emerging bloc representing the interests of developing world."

yanyiqi@chinadaily.com.cn

(China Daily 03/22/2013 page12)