File picture: Ronen Zvulun
Cape Town - A leading global expert has said the Brics nations will create a level playing field for developing economies and emerging markets.

The expert made the comments nearly 100 days before the ninth annual Brics summit to be held in Xiamen, China, from September 3-5.

The Brics summit brings together Brazil, Russia, India, China and South Africa, which make up its moniker, along with participants from across the globe.

This year’s event is themed “Brics: Stronger Partnerships for a Brighter Future.” David Thomas, chief executive of Think Global Consulting, said the Brics nations have been making tremendous strides in their engagement with global governance.

“Brics is going in their own direction and they have got the power to do it, Brics nations comprise just under half the world's population, and they are now trying to do their own thing,” Thomas said.

Major role

Earlier in the year, the coiner of the term “Brics,” Jim O’Neill, said that the Brics countries are already playing a major role in terms of governance despite the geopolitical partnership being still in its infancy, and wield the same influence as other similar global groupings.

“The way they have emerged and the whole advent of the G20, was done to bring the Brics countries into global governance,” O’Neill said.

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“One of the most notable aspects of the successful Brics partnership has been the level of co-operation that the countries have been able to achieve," said Thomas.

“If you think about it, it was only Jim O’Neill’s idea of Brics that brought them all together. I know Jim quite well and he was as surprised as anybody when they started meeting as a group, because they don’t have natural advantages or cultural and historical reasons to be a group.

“This is their 9th leadership meeting in Xiamen this year, and I think it is interesting because there is no real reason for them to collaborate, and yet they are.”

The cultural exchanges and connections that have been developed between the countries are crucial to the ongoing success of the partnership. The Brics partnership is allowing more engagement between the nations, Thomas pointed out.

BUSINESS REPORT