The leaders of Brazil, Russia, India, China and South Africa met in Durban last week for the 5th BRICS Summit, where the group appeared to make some progress on the idea of a BRICS development bank. In today’s Policy Alert, we examine and contrast Russian and Chinese optimism in BRICS, with the much more cautious and cynical views from India and South Korea.
Commentary in Russia uniformly praised the BRICS countries for establishing a “polycentric system of international relations,” and noted the importance of Russia-China relations within the BRICS framework.
- “BRICS has transformed itself from a political idea into a tangible symbol of a multipolar world,” said Vadim Lukov, the Russian foreign ministry’s special envoy to BRICS. Lukov also highlighted the importance of Russia-China relations within the BRICS. “China’s approach to BRICS is characterized by a deep understanding of the significance of creating a new multi-polar international system. Russia-China cooperation within BRICS is one of the important engines of its development.”
- The absence of consensus on a BRICS development bank, initiated during the previous summit in India, elicited mixed views from Russian experts:
- Leonid Gusev, expert at Moscow State Institute of International Relations (MGIMO), predicted that making progress on the bank is unlikely, noting that the BRICS economies, particularly China and India, are too closely integrated with the American market for significant changes to take place.
- Sergei Katyrin, chairman of Russia’s Chamber of Commerce and Industry, was more optimistic, stating that “while no ultimate decisions have been made on the bank’s quantitative parameters, its authorized capital, its contributors and the volume of contributions…I think this project will eventually take shape.”
Most Indian views on the BRICS were either skeptical that the bloc can have any real impact, or were wary of China dominating a BRICS bank in the future. (more…)Continue Reading →