"bric Countries" Cooperation And Mechanism Research

Jim O’Neill who is the chairman of Goldman Sachs Asset Management (GSAM) firstly coined the concept of BRIC countries. After the economic crisis in 2008, these emerging economies showed their economic weight compared with the recession of developed countries.The unprecedented growth in BRIC countries draw world’s attention, along with the changes they make to the global economic system, more attentions are paid to the distribution they may cause on international balance of power.The BRIC group not only wants to achieve economic spurt but also ask for more clout in the global matters. The BRIC group has been organizing summits to develop collective strategies; it is becoming a multilateral regime. The truth is, they have already made great progress in the recent IMF reforms, what’s more, they are pursuing for a greater say in other institutions that governed by the western powers.Surely conflicts exist inside the countries as any regime will face, but common interests and vision of the BRIC countries will find a way out.Nowadays, the former BRIC regime absorbs South Africa as an official member, which indicates the regime is becoming a remarkably permanent one. The world’s leading blocs should be broadened to include these emerging powers and shift more clout to them associated with their performance in both economic weight and global issues. On the other hand, the BRICS countries should resolve the contradictions among them and take collective steps.