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BRICS summit to be hosted

A seaside Chinese resort will host the heads of emerging economies in the bloc of Brazil, Russia, India, China and newcomer South Africa next month in a summit that will be watched for signs of shifting power in international finance and diplomacy.

world Updated: Mar 24, 2011 00:02 IST
Reshma Patil

A seaside Chinese resort will host the heads of emerging economies in the bloc of Brazil, Russia, India, China and newcomer South Africa next month in a summit that will be watched for signs of shifting power in international finance and diplomacy.

“After the rise of emerging economies, when the US sneezes the world economy doesn’t necessarily catch a cold,’’ pointed out Jiang Chunyue, a director at the China Institute of International Studies (CIIS) in a briefing on Wednesday.

While the post-recession reform of global financial governance remains its main agenda, the Sanya summit will see the first major meeting of Brazil, Russia, India and China since they abstained from voting on the UN Security Council resolution for military intervention in Libya.

Chinese analysts say that BRICS remains an ‘adhoc club’ without major political change on the agenda — for now. “When the time is right, emerging countries will push for a new international order,’’ said CIIS vice-president Liu Youfa.

CIIS president Qu Xing said that the abstaining countries did not consult as a group before the UN vote last week.

“We made decisions based on our own national conditions but the similar choices show that we have the same concerns about international stability,’’ he said.

China has maintained that it is against foreign intervention and the use of force in settling Libya’s ‘internal affairs’.