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BRICS mechanism strategically important to emerging economies

Xinhua | Updated: 2013-03-27 14:23

RIO DE JANEIRO -- The framework of BRICS is a strategically significant platform for emerging economies to coordinate their stances, says a Brazilian writer.

BRICS consists of Brazil, Russia, India, China and South Africa, with the name formed by the initials of the five emerging economies. It had been known as BRIC before South Africa joined the group in 2010.

The BRICS countries make up about 42 percent of the world's total population, 20 percent of the global economic output and 15 percent of world trade.

"The fact that these countries have come together to exchange ideas is already a great step forward compared with the lack of coordination among emerging economies two decades ago," Elias Jabbour, author of several books on China, said at a recent interview with Xinhua.

Despite their similar economic conditions, the member countries also have some differences and disputes between them, such as trade frictions, noted the writer.

Jabbour suggested that the BRICS countries make compromises and take coordinated actions in their efforts to accomplish their shared strategic goals.

Meanwhile, significant consensus exists among the member countries on issues like the reform of the international financial system, and such consensus should be consolidated, the scholar added.

Leaders of the five members are meeting in South Africa for the fifth BRICS summit. The theme of the conference is "BRICS and Africa: Partnership for Development, Integration and Industrialization."

Among other things, BRICS leaders will endorse an agreement by their finance ministers to establish a BRICS development bank, which will finance infrastructure development within the group. Should it expand to include other nations, it would provide an alternative source of funding besides the International Monetary Fund and the World Bank.

In addition, a dialogue forum between BRICS and African leaders is to be held under the auspices of the African Union with the aim of strengthening cooperation between the vibrant group and the promising continent.

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