05 Sep 2017/Tuesday
Chinese officially controlled Xinhua reports that BRICS has brought China and India closer. It quotes Robert Lawrence the chairman of the Kuhn Foundation
“What unites them is stronger than what divides them”.
“Even China-India differences have been carefully kept aside and not allowed to intervene in their multilateral cooperation,” he said in an email interview with Xinhua, calling the resolve of the Dong Lang military standoff “a sign of their (China and India’s) diplomatic maturity as major powers.”
CHINA & INDIA AS BRICS BUDDIES
As the second-largest BRICS economy after China, India is very active in helping enhance capacity- and skill-building among developing nations. For example in Africa, it has been a big investor in recent years. BRICS is an ideal opportunity for India to contribute to global governance structures and help empower other developing nations.
Many summit participants regarded China as an example to follow for other developing nations in the areas of poverty alleviation, renewable energy and the environment.
“China has in the past 30 years taken at least 500 million people out of poverty. India and Africa need to take this more seriously due to their need and huge potential for growth”. India has set up very good targets and met the targets in advance, and now it is looking at setting up 100 smart cities. In that regard, China and India have common goals.
BRICS GOING FORWARD
Against the backdrop of the argument that BRICS is losing its steam, Xinhua quotes experts and emphasize that: BRICS still very much offers a good alternative to existing institutions, as it is a new model of financial governance and is even helping transform conventional financial institutions. The NDB and Contingency Reserve Arrangement are proof of what BRICS can and is doing with their rapid decision-making, financial support in local currencies, and no-strings attached policy.
The BRICS example has already led to some reforms in World Bank and International Monetary Fund voting rights and has encouraged BRICS enterprises to evolve their own genre of financing, investments, technology transfers and market management distinct from Western multinational corporations’ patron-client culture.
BRICS is surely seen today as the only grouping, along with the G20, that can redeem the global economy from its continued slowdown and therefore a need of the hour.
Instead of giving their own commentary the Xinhua has chosen to quote various experts on the subject. Incidentally the reference of Terrorism is clearly missing from the narrative, which back in India is being hailed as big diplomatic victory.