BRIC will reshape after South Africa enters the grouping
Speaking at a seminar on “BRICS and the New World Economic Order,” attended by a huge gathering of students and teachers at the Gitam School of International Business on Friday, he said, “In fact, the formation of BRIC was initiated in Russia and then South Africa joined the group. Previously, Russia extended its fullest cooperation to India at the time of establishing the Visakha Steel Plant and the collaboration still continues with the Underground Metro Rail Project in Tamil Nadu.”
He said that they had set up their consulate in South India and wished that all members of the group establish their consulates too.
Deng Xijun, Minister and Counsellor of the Embassy of the People’s Republic of China in India, said that the BRICS was firmly committed to the common interests of the countries and strengthens the role of emerging markets and developing countries in global economic governance.
He said that the past few years witnessed continuous international and regional hotspots, which undermined world peace and stability. He also said that the economic imbalance between the North and the South remained an acute problem and that China has become one of India’s largest trade partners and India is also their largest trade partner in South Asia.
In 2010, both countries agreed on a new target of US $100 billion for bilateral trade by 2015.
Pheko Weeto, Director, South Asia Directorate, Department of International Relations and Cooperation, Republic of South Africa, Pretoria, said that Mahatma Gandhi inspired their freedom movement and that South African countries will attain economic stability by joining the Group.
Members of the Group have to strive for membership in the US Security Council for world peace, Pheko Weeto said.
The President of the University, Dr M. V. V. S. Murthy, vice-chancellor, Prof. G. Subrahmanyam, Director of the School of International Business and others also spoke at the seminar.
Originally published in Deccan Chronicle