'BRIC' NATIONS SUMMIT SEEKS TO TURN ECONOMIC MIGHT INTO CLOUT
Patrick Donahue
Bloomberg, May 15, 2008
First came the booming economies. Then came the rush of investors. Now the so-called BRIC nations -- Brazil, Russia, India and China -- are talking about forming a political alliance.
The four largest emerging economies are sending their foreign ministers to Yekaterinburg, Russia, to meet on May 16 for the first time outside the venue of the United Nations. On the agenda are such non-economic issues as weapons proliferation, counter-terrorism, energy and climate change.
The term BRIC was coined by Jim O'Neill, London-based chief global economist at Goldman Sachs Group Inc., in 2001. Last year the combined gross domestic product of the four nations made up 12 percent of global GDP, up from 8 percent in 2000, according to the International Monetary Fund. In the past two years stocks in the BRIC nations have risen 70 percent, versus the 42 percent increase of emerging markets overall.
“It's really a group that first existed as a concept in the minds of analysts and subsequently came to exist as a practice between the countries,” Brazilian Foreign Minister Celso Amorim said in a May 8 Bloomberg Television interview in Brasilia. “The meeting is recognition of the fact that we are four big economies with a large influence in the world.”
President Nicolas Sarkozy of France has recommended adding at least China, India and Brazil -- as well as Mexico and South Africa -- to the Group of Eight leading industrialized countries rather than inviting them as guests to summits. Russia is already a G-8 member.
Patrick Donahue
Bloomberg, May 15, 2008
First came the booming economies. Then came the rush of investors. Now the so-called BRIC nations -- Brazil, Russia, India and China -- are talking about forming a political alliance.
The four largest emerging economies are sending their foreign ministers to Yekaterinburg, Russia, to meet on May 16 for the first time outside the venue of the United Nations. On the agenda are such non-economic issues as weapons proliferation, counter-terrorism, energy and climate change.
The term BRIC was coined by Jim O'Neill, London-based chief global economist at Goldman Sachs Group Inc., in 2001. Last year the combined gross domestic product of the four nations made up 12 percent of global GDP, up from 8 percent in 2000, according to the International Monetary Fund. In the past two years stocks in the BRIC nations have risen 70 percent, versus the 42 percent increase of emerging markets overall.
“It's really a group that first existed as a concept in the minds of analysts and subsequently came to exist as a practice between the countries,” Brazilian Foreign Minister Celso Amorim said in a May 8 Bloomberg Television interview in Brasilia. “The meeting is recognition of the fact that we are four big economies with a large influence in the world.”
President Nicolas Sarkozy of France has recommended adding at least China, India and Brazil -- as well as Mexico and South Africa -- to the Group of Eight leading industrialized countries rather than inviting them as guests to summits. Russia is already a G-8 member.
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