Building brics

The Bric countries, which held their first formal summit on 16 June, are not exactly united, but the existing world order needs to be challenged, writes the Financial Times.

Financial Times

The four “Bric” countries — Brazil, Russia, India and China — ... represent 15 per cent of the world’s economy and 40 per cent of its population, [and] are not exactly united. ...

India and China are strategic competitors as much as allies. ... And this week, protectionist tensions rose to the surface in both countries.

Russia is a big resource exporter, China an insatiable importer. ... Brazil is in less fierce competition with the other three. But it is also on the wrong side of the world.

Yet it would be wrong to be cynical. ... The global financial crisis does provide an opportunity to challenge a world order too long dominated by rich countries often serving their own interests.