What is the significance of BRIC?
Asked by cccpatnaik, 20 Jul '09 09:46 pm
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The BRIC countries control foreign exchange reserves of $2.8 trillion and represents three of the world's most sought after economies are just two obvious factors of interest for the United States. It is true that any such narrow international groupings have a tendency not to live up to their full potential of posing any serious challenge to the supremacy of the United States. However, the aftereffects of the global financial meltdown triggered by some breathtakingly risky deals made by American financial institutions have made the U.S. significantly vulnerable to global doubt and wariness. In such circumstances any rise of a grouping like the BRIC, that incorporates India and China, has to be of great significance.Answered by Shikha Aggarwal, 20 Jul '09 09:50 pm
BRIC countries like Brazil, Russia, India and China have a major share in the world economic activities of recent observation. Their cooperation can mitigate world recession affecting their countries. Their joint venture in WTO can make a change in the approach to world trade among nations of the world! They have just started the spade work; but they cannot bring about any major change in the world trend immediately without the cooperation of East Europe and South American countries!Answered by T A RAMESH, 20 Jul '09 10:00 pm
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Lets hope the bestAnswered by Anand Agarwal, 22 Oct '09 11:56 pm
The inaugural BRIC (Brazil, Russia, India and China) summit held in Russia recently on 16.6.2009 is important not for marking the first formal gathering of the world's biggest emerging market powers to seek a louder voice on the global stage. It is the high hope that closer cooperation among these four may help the world fight recession that makes this summit of particular significance.Answered by Naresh Swain, 20 Jul '09 09:50 pm