By (Reuters) – Russia this week hosted the first summit of the newly expanded BRICS club of emerging economies, with leaders agreeing a set of common projects ranging from a grain exchange to a cross-border payments system.
Here is a selection of reactions from officials and analysts on the significance of the meeting:
ABEBE AEMRO SELASSI, DIRECTOR OF THE AFRICAN DEPT, IMF
“If you look at IMF and World Bank, some of the most influential members here are indeed the Brazils, the Indias, the Chinas of this world … And increasingly over the years, they’ve been playing an important role. I don’t think I buy this juxtaposition about IMF/World Bank versus BRICS.”
JOHN STREMLAU, PROFESSOR, WITS UNIVERSITY IN JOHANNESBURG
“The point of BRICS, it depends who among the countries you ask. South Africa would say it affirms its non-alignment… I would also bet they see the summit in Russia as a ‘hedge’ as (Donald) Trump could win in the United States (Nov. 5 election) and we all know he has a grudge against South Africa.”
ING ANALYSTS DMITRY DOLGIN AND CHRIS TURNER
“President Putin seems to have kicked the idea of a single BRICS currency into the long grass. Instead, the focus is on decreasing the use of the dollar and, where possible, increasing the use of BRICS currencies.”
GREEK FINANCE MINISTER KOSTIS HATZIDAKIS
“These (BRICS) countries all have their own ambitions and we cannot dictate them what to do and what to avoid. We believe that in the era of globalization, international cooperation is needed more than ever, and I think that all of us, we have to strengthen this cooperation based on certain principles.”
HANNAH RYDER, CEO OF DEVELOPMENT REIMAGINED CONSULTANCY
“BRICS is showing it is not interested in maintaining the status quo. It seems like that’s what they might be finding a way to shape themselves around, especially with the broader membership now.”
JIM O’NEILL, EX-GOLDMAN SACHS ECONOMIST WHO COINED TERM BRIC
“To me, the whole purpose of me writing about BRICS … it was clear in 2001 that we entered a much more complicated global world where some countries would be big that didn’t share the same political, cultural and social values as others.
“My argument was that will be good for everybody so long as they can be in the same central group for coordinating global policies. The G20 became that, and sadly, because of the political instincts of some leaders, the BRICS has become some kind of attempt at an alternative to that and the G7. But it doesn’t make sense.”
