Consolidating BRICS

Much of the world's attention is focused on the fifth BRICS summit, which began in the South African city of Durban on Tuesday. Given BRICS' clout in the world economy, there is a great deal of interest in the BRICS leaders' plan to boost inter-BRICS cooperation and their views on major international and regional issues.

Since its founding in 2009, the bloc, which comprises Brazil, Russia, India, China and South Africa, has thrived to be an indispensable force propelling the global economic recovery. In the wake of the financial crisis their total contribution to global economic growth has risen to about 50 percent.

With the organization becoming increasingly articulate in international affairs in recent years, it is also being looked upon as an important force defending the rights and interests of developing countries and working to deliver a fairer and more just world order. Together the BRICS members account for 42 percent of the world's population.