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Economic slowdown in BRICS temporary, says Indian expert

August 27, 2013, 5:23 UTC+3
Sibal recalled that BRICS is something greater than just an economic union if one adopts the standpoint of the member-states
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Photo EPA/ITAR-TASS

Photo EPA/ITAR-TASS

NEW DELHI, August 27 (Itar-Tass) - Claims suggesting that BRICS /Brazil, Russia, India, China, and South Africa/ is past its heyday are absolutely absurd and the economic slowdown in the countries making up the informal group obviously has a temporary character, former Indian Foreign Minister Kanwal Sibal said in an interview with Itar-Tass.

He admitted that some of the BRICS constituent nations had come to grapple with problems in their economies but China continued demonstrating high rates of economic growth along with it and India was showing persistent 5% growth.

The other three countries - Brazil, Russia and South Africa - show convincing results along a range of other criteria and the economic growth slowdown has a passing character there.

Sibal recalled that BRICS is something greater than just an economic union if one adopts the standpoint of the member-states. BRICS is a political amalgamation and a forum, the format of which enables the five countries representing different continents to discuss international problems.

The latter factor explains for the importance of BRICS, Sibal said.

He believes that it is extremely important for BRICS at the moment to work together at the summit of the Group of Twenty that will be held in St Petersburg September 5 and 6.

The problems that are highly on the agenda today include the reforming of the international financial system where a considerable overbalance exists in favor of the West exists at present, and counteraction to the militarist policies of the West implemented through military interference in the affairs of other countries, Sibal said.

He believes that multilateral cooperation in the areas where the five countries have traditionally strong positions should take on a priority character now. The case in hand is natural resources, agriculture, innovations, as well as progress in research and technologies in general.

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