Wednesday, June 10, 2009

Russia to host summit of BRIC countries

[South-South Cooperation]

Russia will host the first summit of leaders from the BRIC countries of Brazil, Russia, India and China - the largest four emerging economies of the developing world.

The meeting represents a important milestone for the BRIC countries which have been at the forefront of global growth and foreign direct investment in emerging market in recent years.

As developed nations work to repair the crumbling global financial system, the BRIC countries will be financing their deficits, this is especially the case for the United States. Naturally, the BRIC countries are demanding a bigger role in the process of rebuilding the global financial system.

''This trip will expand mutual trust, work toward solutions on how to tackle the financial crisis, and solidify economic ties among the BRIC nations,'' Li said, using the common term that is an acronym of the first letters of the four countries' names.

"Goooooooo Team!" -- BRIC Leaders

Other highlights in the realm of South-South Cooperation which will come to pass in Russia next week during this little get together of the BRIC countries include:

- The 60th Anniversary of China-Russia Cooperation

- China and Russia will sign a variety of economic, trade and cultural cooperation deals during the visit

- The Shanghai Cooperation Organization, a China and Russia led organization of Central Asian States. The group includes the nations of Kazakhstan, Tajikistan, Kyrgyzstan and Uzbekistan.

Western observers, as reported by AP in this article, assert the group has served as a vehicle for Moscow and Beijing to limit Western influence in energy-rich Central Asia.

Personally, I don't think Kazakhstan and Uzbekistan or any of those other countries mentioned above in Central Asia where at the top of the U.S. "to-do" list to woo until the war in Afghanistan. The comment no less holds true considering that times have changed.

- Leaders from Afghanistan, Mongolia, Pakistan and India have been invited and will attend the Shanghai Cooperation Organization as "observers"

That pretty much sums it up. Check back next week for more updates on this topic as the meet and greets begin in Russia. ChinaSouthAmerica will be keeping up to date and bring you all the drama as it unfolds.


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