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By Li Ying The world's major emerging powers, Brazil, Russia, India, China and South Africa (BRICS) are set to meet on Thursday at a summit in Sanya, China, seeking to give developing nations greater global clout. The heads of the five nations are expected to discuss the international economic and financial situation, developmental issues and cooperation among BRICS. Indian Prime Minister Manmohan Singh arrived on Tuesday. Singh said the five countries should "shape and guide the international discourse on issues of importance" to BRICS. Ahead of the summit, Brazilian President Dilma Rousseff met Chinese President Hu Jintao, calling for a "new phase" in ties with China. The two countries signed dozens of agreements, including a deal for the sale of 35 commercial jets to two Chinese airlines. Jin Canrong, deputy director of the School of International Studies at the Renmin University of China, told the Global Times that in order to play a greater global role, BRICS should work on developing institutionalization. "As five major emerging markets, BRICS nations would restructure the global pattern of economics in the coming years," Jin said. "From the political perspective, they need to institutionalize BRICS to achieve goals such as multi-polarizing the global political system." However, apart from political cooperation, there has been some criticism about how trade is a concern within BRICS. Chinese exports have decimated Brazil's shoe industry and South Africa's textiles. Russia is sparring with Beijing over the price of oil it sells to China, Reuters reported. Agencies contributed to this story |
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