Can the Brics create a new world order?
Brazil, Russia, India, China and South Africa seek a multipolar world – but some argue they’re bound by anti-Americanism
Thursday 29 March 2012
Today’s one-day annual summit of the so-called Brics countries – Brazil, Russia, India, China and South Africa – has received scant attention in the west. That may be because the grouping has achieved little in concrete terms since its inception in 2009. Critics deride it as a photo-op and talking shop.
But this neglect, or disdain, may also reflect the fact that the Brics, representing almost half the world’s population and about one-fifth of global economic output, pose an unwelcome challenge to the established world order as defined by the US-dominated UN security council, the IMF and the World Bank. The truth of the matter probably lies somewhere in-between. The five national leaders – presidents Dilma Rousseff of Brazil, Dmitri Medvedev of Russia, Hu Jintao of China and Jacob Zuma of South Africa and their host in Delhi, India’s prime minister Manmohan Singh – are not noted for iconoclastic radicalism.
Rousseff has been the most outspoken, insisting that developing countries must be protected from the global “tsunami” of cheap money, unleashed by the US and the EU in the wake of the financial crisis, that was rendering their exports less competitive. “We will defend our industry and prevent the methods developed countries use to escape from crisis resulting in the cannibalisation of emerging markets,” she said this month.
Brics boosters project a grandiose vision. India’s commerce secretary, Anand Sharma, said this week the group sought nothing less than “to create a new global architecture”. But commentators interpret such ambitions as essentially anti-American hot air. Pointing to a signal lack of substantive policy agreements, they suggest a desire to counter Washington’s global dominance is the Brics’ sole unifying objective.