Hold High The Banner Of Cooperation: A Development Path Suitable For BRICS

Author:Mr Kenny Chiu

On the 8th and 9th of July 2015, leaders of the BRICS member states will meet in the Russian city of Ufa for the 7th BRICS Summit.

BRICS is an association of countries with some of the fastest economic growth in the world, and includes Brazil, Russia, India, China and South Africa. They are characterised by making significant contributions to global economic development, and have served as inspiration for developing countries around the world. However, BRICS countries are currently encountering difficulties with economic development - such as China's slowdown on economic growth; the depreciation of the Russian Rouble; high inflation rates in India; social instability on the rise in Brazil; as well as labour issues in South Africa. Nevertheless, these problems can ultimately be seen as a travail in the economic development process, and can be expected with such rapid levels of growth. In order to survive this struggle, these countries need to cooperate in mutual development in order to jointly create a better future.

BRICS are defined in terms of being developing nations, and under these circumstances where it can be difficult to move either forward or backwards, development on all levels is key in removing these constraints.

Economic development is the first step, and BRICS countries must regard this as a top priority. They need to sustain a steady growth rate, accelerate the pace of reform and strengthen the ability to innovate. Reform and innovation should be utilised as the main drivers of development in order to resolve outdated ideologies, systems and mechanisms, and to increase the level of economic development. As long as these two factors remain crucial pillars within development, the growth of BRICS countries will definitely stand out in the global economic arena.

In addition, cooperation should be the unwavering ideology under which BRICS countries continue to move forward together. Although the BRICS countries are at similar stages of development, they have a wide range of opportunities that they can take advantage of. China has a broad market, strong innovative ability and a relatively strong economic foundation. Russia is rich in natural resources while India, South Africa and Brazil also have unique advantages. As long as an appropriate cooperation methodology is adopted, they will be able to achieve the result of 1+1 being greater than 2.

Accordingly, mutual political trust will need to be strengthened in order to bridge the...

To continue reading