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Economic cooperation central to BRICS mechanism

Xinhua | Updated: 2013-03-27 11:24

BEIJING -- With 42 percent of the world's population and 30 percent of the world's territory, BRICS member countries are constantly proving what they can achieve by teaming up and capitalizing on their respective strengths.

At the fifth BRICS summit, which began on Tuesday in Durban, the five emerging economies - Brazil, Russia, India, China and South Africa - will again be put in the spotlight, as their closer ties will not only benefit themselves, but also ripple around the globe.

Jim O'Neill, who coined the acronym "BRIC" in 2001, may have been stunned by the achievements brought about by his visionary grouping.

The five countries contribute 50 percent of the world's economic growth, a fifth of the world's total GDP and 15 percent of global trade.

The top leaders of Brazil, Russia, India and China first gathered in 2009 to discuss how the world could battle the financial meltdown and reform the global financial system. South Africa joined the group one year later, completing the acronym "BRICS."

BRICS served as a major force in combating the unprecedented financial crisis and has maintained a faster economic growth rate than that of developed nations over the past few years.

The mechanism has allowed its member countries to join hands in countering the risks posed by the global financial crisis, making them locomotives for driving economic recovery worldwide.

The complementary strengths of the five countries have been a paramount factor in allowing them to deepen economic and trade ties and achieve relatively fast growth.

China, the world's second-largest economy and home to its largest population, brings a vast market for other member countries and its galloping economic growth has injected vitality into the group.

India has the second-largest population in the world. Russia boasts the largest territory and abundant natural resources, while Brazil and South Africa are the largest economies in South America and Africa, respectively.

Members of BRICS also share similar development-related issues, as they are all in the midst of pursuing urbanization, industrialization and modernization.

Rising demand stemming from their common pursuits will bring great opportunities for countries inside the group, as well as the rest of the world.

The mechanism also allows them to have a greater say in promoting reasonable global economic governance, as existing international institutions like the International Monetary Fund (IMF) and the World Bank are reluctant to make substantial reforms that can reflect the interests of developing nations.

By pooling their capabilities, improving the BRICS mechanism and further deepening cooperation, the five countries will continue to be an engine of global economic growth and a paradigm of multi-lateral cooperation.

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