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  • BRICS Gain Influence As South Africa Joins

    “This organization has evolved into a new and highly important international format,” Medvedev said in an interview with Chinese state channel CCTV released late yesterday. It allows Brazil, Russia, India, China and now South Africa “to forge a common position by major, fast-growing countries” at a summit in China.

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    South Africa’s presence alongside four other leading emerging economies for the first time tomorrow at a summit in China shows the growing influence of the BRICS nations, Russian President Dmitry Medvedev said.

    “This organization has evolved into a new and highly important international format,” Medvedev said in an interview with Chinese state channel CCTV released late yesterday. It allows Brazil, Russia, India, China and now South Africa “to forge a common position by major, fast-growing countries” at a summit in China.

    Medvedev will meet with BRICS leaders in Sanya, China, for talks on issues including the use of national currencies in foreign trade to Middle East unrest, said Sergei Prikhodko, his foreign policy aide. They plan to develop a unified stance for November’s Group of 20 meeting in Cannes, France, Arakady Dvorkovich, the president’s top economic adviser, said.

    South Africa was invited in December to join the group originally known as the BRIC countries, which held its first summit in 2009 in Russia, followed a year later by a meeting in Brazil. The leaders of the five economies, which Goldman Sachs Group Inc. says will collectively match the size of the U.S. by 2020, have called for a bigger voice in international financial institutions and a more diversified global monetary system.

    South Africa, which has a population of 49 million compared with China’s 1.36 billion, is betting that joining the BRICS will increase its influence on the world stage, while strengthening political and trade ties within the bloc. The country accounts for about a third of gross domestic product in sub-Saharan Africa and will offer other BRICS members improved access to 1 billion consumers on the continent, as well as mineral resources including oil and platinum.

    Adding Africa

    “This is a significant development for the countries which belonged to BRIC, because this adds a new continent to the group,” Dvorkovich, told reporters yesterday in Moscow. “BRICS now brings together leaders of countries on four continents: Africa, Europe, Asia and Latin America.”

    Read More:

    http://www.businessweek.com/news/2011-04-12/brics-gain-global-influence-as-south-africa-joins-medvedev-says.html

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    Filed Under: Global Business

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