South Africa wants to join BRIC nations
South Africa wants to be considered among the leaders of the developing world along with Brazil, Russia, India and China, its president said Wednesday, pushing for membership of a grouping that has growing global influence.world Updated: Aug 26, 2010 00:25 IST
South Africa wants to be considered among the leaders of the developing world along with Brazil, Russia, India and China, its president said Wednesday, pushing for membership of a grouping that has growing global influence.
President Jacob Zuma told reporters during a state visit to China that South Africa has discussed its interest in joining the informal grouping of the four major developing nations, known as BRIC, with each member government.
The four nations work to boost trade with each other and have called for developing countries to have bigger role in major global financial decisions, primarily within institutions such as the International Monetary Fund.
Some analysts expect the combined economies of Brazil, Russia, India and China to be larger than the Group of Seven developed economies that includes the US within 25 years if not sooner, making them the dominant global force in everything from trade to finance.
Zuma has already visited Brazil, Russia and India to lobby for a role in the group, which could help raise South Africa's political and economic clout.
“We believe they will take a favorable decision,” Zuma said. “We think that the BRIC expresses a very important grouping in a changing world today.”
First Published: Aug 25, 2010 23:39 IST