If the expected growth of any of the BRICs comes to a halt, their institutions will be put on the spot, and there will be uncertainties.
By Marcos Troyjo
The true essence of the “Brics 1.0” was calling the world’s attention to their potential as propellers for global growth.
After the summit in Fortaleza (Brazil), we saw the acronym take on new dimensions besides its geo-economic power, becoming more of an institutional family. This new family’s first child is the NDB, orNew Development Bank. NDB’s success and its relevance will be a true test for the new phase of BRICs 2.0.
The mantra of any business administration guru teaches us that concept is just as important as execution. More important than bureaucratic employment positions at the newly created development bank, will be the correct strategic direction, the competence of its technicians, and management of projects that will help BRICs to obtain robust growth.
With that, the NDB must avoidbeing misused as an instrument of an imaginary alliance between the underdeveloped emerging South and the developed North.
The pleasant speech of the “Premier” Xi Jinping in the Brazilian Congress making reference to the partnership between Brazil and China as a “paradigm”of the South-South cooperation, was in a word, meaningless. Our trade activities with the Chinese amount to around$90 billion dollars.
Trade between China and the United States amounts to nearly $600 billion dollars, with Beijingseeing a trade surplus of around$ …
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