Global Economics assignment

Topics: Emerging markets, Developing country, India Pages: 3 (614 words) Published: February 24, 2015

COURSE: Global EconomicsProfessor: Dr. Coetzer
Student Name: Bordun Illia Program: MBA
Date of submission: 23.02.2015
Academic Year 2014-2015

The BRICS in the Emerging Global Economic Architecture

The article of Biswajit Dhara, who is the Director General of Research and Information System for Developing Countries in New Delhi, India, is a scientific outlook on BRICS countries, on spheres of their cooperation and on their future value in the 21 century in global processes. This article is an answer to Jim O’Neill of Goldman Sachs, who was the first person, coined such term as BRIC and announced that BRIC countries in the nearest future will play a significant role in many global aspects. After joining South Africa BRIC countries (Brazil, Russia, India, China) according to the article there were many controversies about inclusion of South Africa to the alliance. Jim O’Neill estimated that, South Africa compare to BRIC countries has rather small economy and suggested that there are other appropriate potential members, even in Africa, such country as a Nigeria. Author argues with this statement saying that South Africa has played a key role in bringing to the fore some of the critical concerns of developing countries and the size of economy does not usually depend on the influence which country may provide. Before including to BRIC members South Africa already cooperated in many multinational areas with India and Brazil such as forming the IBSA grouping in 2003, evolving in World Trade Organization (WTO) and in UN Framework Convention on Climate Change (UNFCCC). Nowadays South Africa, India, China and Brazil are trying to break the dominance of the advanced economies, who controlled the processes in these forums before the advent of the BRICS. Author also mentioned that, South Africa is not just an African representative – it stands on itself and it was the first developing country, 1997 which was to...
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