Here come the BRICs
Regular readers of my blog will know that I’ve been saying for some time that the leaders of the four BRIC countries (Brazil, Russia, India and China, but also known as the Big Rapidly Industrialising Countries) will start demanding a greater say, influence and control on international economic and fiscal policy decision-making.
Well, as if on cue, last Saturday, the BRIC Leaders issued their first ever joint communiqué from Horsham in the UK on the eve of the G-20 Finance Ministers and Central Bank Governors Meeting. You can read the full text of this statement at http://www.reuters.com/article/usDollarRpt/idUSLE47000820090314 but the key points to note are:
- Brazil, Russia, India & China have called for a greater voice on international bodies and backed a large increase in International Monetary Fund (IMF) resources
- they stressed the need to strengthen the effectiveness and legitimacy of international financial institutions and ensure that they reflect changes in the world economy
- they called for emerging and developing economies, including the poorest, to have a greater voice and representation in the IMF
Watch out for the BRIC Leaders (pictured above) playing a more significant role in the G-20 Summit in London, starting on 2nd April. Their time is coming! Perhaps it won’t be long before even the G7 is re-configured, dropping Canada and Italy (both lovely countries and wonderful people, but with less influence than their current status deserves) and adding the BRICs to become a new G9?! Or perhaps even Britain, Japan, Germany and France will have to make way for a new G5 consisting of the US and the four BRICs. Is this out of the question?
If you’re old enough to believe that these developments are unlikely to have any impact on your own personal and business lives, then at least make sure that your children are learning Mandarin, Russian or Portuguese, or watching Bollywood movies!
Please consider:
- Attending our Think Global Masterclass Series 2009 for small business owners, entrepreneurs, creators and innovators to learn how to do business in the BRICs and other emerging countries. Go to www.thinkglobal.com.au for more details and to book online
- Coming on our next BRIC+ Study Tour China from 6th to 14th June. Go to www.portfolioconstruction.com.au/BRIC/BRIC-Study-Tours for more details
- Attending the first China Australia Business Congress on 19th and 20th May in Sydney. Think Global Consulting is an event sponsor, and David Thomas is the Congress Chair. Go to www.acevents.com.au/chinabusiness09 for more details and to register, and be sure to come and say hello over the two days.
Best wishes
David Thomas
