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South Africa’s entry into BRIC to reshape world economy

South Africa’s entry into BRIC to reshape world economy

South Africa’s entry into BRIC to reshape world economy
January 27
21:08 2011

The rapid development of Africa contributed to South Africa’s accession into the BRIC. Over the past decade, efforts to pursue peace, stability and economic reform have brought rapid economic growth to the African continent. Africa’s role in the international arena has been increasingly important.

Although some think South Africa’s small population, the size of its economy and the relatively slow growth rate do not meet the BRIC standard, South Africa has the ability to promote agendas related to Africa on the international arena and promote South-South cooperation. This is an important factor that makes South Africa valuable as a BRIC country.

From South Africa’s efforts to join the BRIC, people can see the expanding influence of the emerging countries. It has not been 10 years since the term BRIC was coined. An official dialogue mechanism between the leaders of the BRIC countries was not established until 2009.

However, the economic vitality of the cooperation among the four countries has had a great effect on the international community. Data shows that the BRIC contribution to global economic growth reached 50 percent. The International Monetary Fund predicted that by 2014, the proportion BRIC economies contribute will reach 61 percent.

What is more, the four countries are playing an increasingly important role in issues including international financial system reform, climate change and other matters related to major issues of global governance in promoting the international order to move in a more balanced direction.

Aware of these changes and trends and holding the same position on many global issues, South Africa wishes to become a member of BRIC in order to achieve mutual benefits.

The expansion of BRIC not only reflects the adjustment of the global economic landscape, but also will further promote changes in the world order. In 2011, all the BRICS countries will serve as members of the U.N. Security Council, permanent or non-permanent. Their active roles deserve people’s attention in the year to come.

By People’s Daily Online

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