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Brazil, Russia, India, China, and South Africa Seem to Be Focused on Combating the Coronavirus While Charting New Plans to Restore the Economy
Each of the leaders of the five countries – Brazil, Russia, India, China, and South Africa – appears to express a strong desire to work together on issues such as the economy, the Covid-19 pandemic, terrorism, and other matters of mutual interest, as reflected in the Moscow Declaration, the official document listing the leaders’ commitments.
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“This is far from the antagonism that India and Brazil projected toward China regarding the economy. Brazilian President Jair Bolsonaro came to power with an anti-China platform, promising to disengage from the Asian country. He openly admired Donald Trump, following the former U.S. president’s lead in banning Huawei and other Chinese-made equipment from the rollout of 5G in his country,” states Reuters.
Indian Prime Minister Narendra Modi has been even more hostile toward China, escalating the border disputes between the two countries, banning Chinese apps and products, joining the U.S.-led Quadrilateral Security Dialogue to counter Beijing, and other anti-China stances.
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At 14 years old, she worked in a factory in Hong Kong, studied economics abroad, and then entered the Chinese real estate market, which helped change the landscape of Beijing.
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While NATO secured more than $10 billion in missiles and space surveillance at a single forum, Brazil still spends 1.1% of its GDP on defense and is stalling its own anti-aircraft system.
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Corn ethanol attracts R$ 23 billion in 21 new plants and prepares for a nearly 50% jump in Brazilian production by 2027, even with high interest rates.
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A newly opened terminal in the middle of the Amazon has begun transporting soy and corn through Amapá, eyeing the queue of ships that is congesting the ports in the South.
So, What Should the World Take from the Apparent Thawing Between China, on One Side, and India and Brazil, on the Other at the BRICS Summit for the Economy?
The increase in trade and investment among the BRICS would stimulate international trade, reversing the global recession induced by the pandemic. Cooperation between India and China would bolster global security in the Asia-Pacific region and beyond.
It can be suggested that the BRICS is a “marriage made in heaven,” as its members could help one another realize their economic and geopolitical potential.
The economies of China and the other four members are highly complementary. The resources of Brazil, Russia, South Africa, and, to some extent, India have fueled China’s manufacturing prowess. In turn, Chinese technology and financing have driven economic development in Russia, Brazil, and South Africa. Chinese investment in India’s tech startups and low-priced exports has played a significant role in boosting the latter’s economic growth.
In fact, it was China’s purchase and investment in natural resources and other industrial sectors that have made the BRICS what it is today, surpassing the Group of Seven countries in economic size. According to the International Monetary Fund, the combined gross domestic product of BRICS countries in 2018 was US$ 46.1 trillion, while that of the G7 was US$ 41.1 trillion in terms of purchasing power parity (PPP).
