South Africa to join Bric in April

2011-03-23 08:48

Heads of the world’s leading emerging economies will gather in China in mid-April to discuss post-crisis financial reforms and mark the inclusion of South Africa as a member of the bloc.

Qu Xing, president of the government thinktank China Institute of International Studies, said at a briefing today that China had invited South Africa to join the Bric group last year to make it “more representative”.

The informal bloc of developing markets had originally included Brazil, Russia, India and China – the world’s biggest developing economies.

Though South Africa’s overall economy is substantially smaller, it accounts for 40% of sub-Saharan Africa’s economy.

With the influence of emerging economies rising, the bloc will consider setting up a formal structure and secretariat to help enhance cooperation by the “ad hoc political club”, said Liu Youfa, the institute’s vice-president and an expert on emerging economies.

At the meeting in Sanya on southern Hainan Island, leaders will discuss international financial reforms and preparing for the upcoming G20 meeting later this year, he said.

Though the bloc is largely an economic grouping created to deal with global financial governance, its decisions are increasingly being seen in a political light.

Last week, four of the five countries that abstained on a UN vote authorising military strikes to enforce a no-fly zone in Libya were Bric nations. South Africa was the only country to vote for the resolution.

However, Qu cautioned that the abstentions signalled common thinking among emerging countries, not a unified political front.

“In the UN Security Council vote, it’s not that the countries consulted as a group and voted together. Rather they made decisions based on their own national conditions. But they made similar choices, which shows that they share the same types of concerns on international peace, stability and development issues,” he said.

Qu said he does not believe that Bric is likely to change its focus from international financial governance toward political issues soon.

“I believe the timing is not right for the group to have a common political agenda. I think the reason the Bric countries come together is because of the similar economic development stage they are in,” he said.

“It may be different in the future but at this stage, I don’t think it will happen.”

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.