Commentary: BRIC summit set to promote co-op

(Xinhua)
Updated: 2009-06-14 14:57

BEIJING -- Leaders of China, Russia, Brazil and India, the so-called BRIC emerging economies, are to meet in Russia on Tuesday. The meeting is set to promote cooperation among the four countries to deal with the ongoing global financial crisis.

The meeting of the leaders of the BRIC countries will highlight their common challenges and interest in the face of the financial downturn and pave the way for furthering their cooperation to deal with the crisis in the future.

Related readings: SCO & BRIC Summits
Related readings: Russia shows its political clout by hosting Bric summit BRIC to discuss alternative response to crisis Crisis speeds BRIC rise to power: Goldman's O'Neill Emerging BRIC powers and the new world order Hu to attend SCO, BRIC summits in Russia in mid-June

Confronted by the financial crisis, the BRIC countries, as major emerging economies, also face similar challenges and share common interest in containing the crisis.

Ever since the US subprime mortgage crisis broke out in the summer of 2007, the crisis has posed serious challenges to the BRIC countries. Their economic growth has slowed down and foreign trade withered as external economic conditions deteriorated.

The BRIC countries have common interest in stabilizing the world economy, repairing the global financial system, promoting economic recovery and opposing protectionist measures.

The meeting of the leaders of the BRIC countries will also send a message of unity among the four countries about rebuilding the global financial system and thus getting the world better prepared for more sustainable economic growth.

The financial crisis, as many have known, is a result of ill advised macroeconomic policies by some advanced economies and their failure to enforce vigorous regulation over the ever growing financial industry.

The crisis has exposed the vulnerabilities of the current global financial system where advanced economies hold sway and under which the international supervision of their macroeconomic policies and monitoring of the risks accumulated in their financial industry are inadequate.

Besides the financial crisis, the meeting of BRIC leaders will also explore bilateral and multilateral economic cooperation among the four countries which have their own economic advantages and can compliment each other.

For example, China has a strong manufacturing industry, while Russia, Brazil and India respectively have important energy, mining and information technology sectors.

It is just natural to expect that these four countries will promote economic cooperation among each other.

When it comes to talking about the significance of the meeting of the BRIC countries' leaders, there are two things that are worth noting.

First of all, the BRIC countries are four developing countries. When they coordinate on measures to contain the financial crisis and to rebuild the global financial system, their voices not only represent their own positions, but echo the needs of other developing countries.

Secondly, the meeting of BRIC countries' leaders is transparent and non-exclusive. One or two major countries or groupings can not solve all the problems in the multipolar world. The meeting should not be taken as another gathering of some exclusive members.

Be it the financial crisis or any other major world issue, a successful solution can only be found when there is broad participation and wide consultation. Another exclusive club will do no good in this regard and it is very encouraging to see the meeting of the BRIC countries' leaders emerge as an open forum.