Economic Stature of BRICS

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Economic Stature of BRICS

BRICS comprises of Brazil, Russia, India, China and South Africa, the nations with emerging economy. The five nations alone have 30% of the world GDP, and 17% of world trade. The BRICS cooperation was formed with the aim of enhancing market opportunities, and facilitating market linkages. In order to enhance and diversify, the trade and investment, BRICS are working towards supporting value addition. The macroeconomic strategies are to be strengthened by policies to be resilient to external economic shocks. It has been pledged by the BRICS countries to consolidate efforts for implementing innovative economic development with advanced technology and skills for building better quality economy.

Recently, on the days of 18th-19th June, 2017, a formal meeting of the Ministers of Foreign Affairs/International Relations was held in Beijing. The meeting was attended by Russian Foreign Minister Sergey Lavrov, South African Foreign Minister Maite Nkoana-Mashabane, Brazilian Foreign Minister Aloysio Nunes, Chinese Foreign Minister Wang Yi and India’s Minister of State for External Affairs General V.K. Singh. Mr. Wang highlighted that trade and investment has increased among the five countries; BRICS cooperation has extended from economic to political fields as well. In the meet, the ministers recommitted their support to the crucial role of United Nations in International Affairs; coordination and cooperation towards the SDGs.

I reiterate India attaches its utmost importance to its engagement with BRICS. Our Prime Minister had repeatedly underscored the importance of BRICS in the international arena and stressed the importance of intra-BRICS cooperation
– minister of state for external affairs General V.K. Singh1

The BRICS countries play an important political role in the international arena. Developing countries around the world look to your successes in economic development over the past few decades as an example to follow
– Assistant Director-General and UN’s Food and Agriculture Organization’s
Regional Representative for Asia and the Pacific,
Kundhavi Kadiresan 2

Officials and Ministers of the BRICS countries are looking forward for the BRICS Summit scheduled on 3rd – 5th September, 2017 in Xiamen, China. 3

To have a more informative insight into the economic situation of the BRICS countries, four indicators are chosen, namely; GDP (Current, US$), Central Government Debt (%GDP), Import of goods and services (%GDP) and Export of goods and services (%GDP). Cluster Purity Chart is used have a comparative analysis of each indicator among the BRICS countries. Countries can be selected or deselected from the legends to include or remove them from the visual analysis.

How to use the Cluster purity chart:

Each circle represents the indicator/ parameter for analyzing the economic situation of the BRICS country collaboratively. Hover the mouse over each circle to see the respective indicator. The color schemes represent each BRICS country. By selecting or deselecting the countries, you can visualize the comparative scenario of the countries. By clicking on any circle, you can zoom into the particular indicator.


Source 1: https://thewire.in/148884/india-china-cooperation-brics/
Source 2: http://indianexpress.com/article/world/brics-well-placed-to-help-eradicate-poverty-un-official-4709753/
Source 3: https://brics2017.org

 

 

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