Editorial: BRIC gathering at Yekateringburg

• Source: Global Times
• [07:35 June 15 2009]
• Comments

The four biggest emerging countries, Brazil, Russia, India and China, known as BRIC, will convene tomorrow at Yekateringburg, Russia for a two-day summit.

The world has been hearing about BRIC’s buzz since the term was first coined in 2001. It is the first formal summit of the four countries attended by the state head of each.

The choice of Yekateringburg as the venue has sent a certain message to the world. It is where the continents of Asia and Europe divide. The four countries with the most economic potential are gathering here to find new cures for complex challenges.

Responses from the West to the first BRIC summit are a mixture of skepticism and a certain degree of worry. It is not surprising. Of the four BRIC countries, Brazil and Russia are regarded by some as lacking solid economic power, while China and India are confronting daunting internal challenges that may cripple their ability to exert global influence.

But the joint power of the BRIC bloc cannot be underestimated. Putting aside economic potential, BRIC holds formidable political clout: two of the nations are permanent members of the UN Security Council; three are among the most populous countries; each is a regional leading power. Solutions to the most pressing problems the world is facing now – from anti-terrorism to climate change – will be impossible without the close involvement of BRIC.

Indeed, the BRIC summit is more or less a result of the ideal of bringing more justice and democracy to the current world political system. It is a lofty and enticing goal to be the architect of a new political mechanism. But it will require strenuous efforts to build the summit into a real problem-solving platform instead of merely a forum where officials come with big talk but without firm commitment.

The BRIC summit has a long agenda on topics ranging from alternatives to the US dollar to nuclear non-proliferation. Perhaps it is easier and more realistic to start with fixing smaller problems, like advancing a currency swap among the four countries to solve the US dollar dilemma.

Energy is another field where the four countries can step up cooperation and build more trust.
With the robust domestic demand potential of each country, BRIC can also discuss ways to increase multilateral trade to combat economic crisis with a cohesive approach.

The four countries have witnessed steady progress in bilateral cooperation in recent years, which has laid the foundation for the BRIC summit, and naturally raised expectations.
Sometimes, solving problems requires putting ideology and geopolitical differences aside. Small, concrete steps will show how far the BRIC summit can go.