Financial crisis increasing need for BRIC interaction - expert

© RIA Novosti . Dmitry Astakhov / Go to the photo bankFinancial crisis increasing need for BRIC interaction - expert
Financial crisis increasing need for BRIC interaction - expert  - Sputnik International
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The global financial crisis is prompting the requirement for leading emerging market economies to cooperate more closely, a Chinese expert said

BEIJING, June 10 (RIA Novosti) - The global financial crisis is prompting the requirement for leading emerging market economies to cooperate more closely, a Chinese expert said on Wednesday.

“The financial crisis has highlighted key points in interaction between Brazil, Russia, India and China. This [BRIC] association would have existed without a crisis but it has helped strengthen the nascent partnership and made their voice heard,” said Chen Fengying, director of the institute of world economic studies at the China Institute of Contemporary International Relations.

According to the expert, the mechanism for resolving international issues within the format of the G7 most advanced economies “has receded into the past as it has demonstrated its inability to address such global issues like the current financial crisis.”

The G20 format that includes both developed and leading emerging market economies, including BRIC countries, responds to a greater extent to contemporary interests, the expert said.

In this respect, the forthcoming summit of the BRIC leaders, scheduled for the Urals city of Yekaterinburg on June 16, is of paramount importance, the expert said.

“Importantly, the parties will focus on formulizing a common position and agreeing their interests before the upcoming G20 summit in the United States, and also discussing how we intend to restore the economies of our countries after the crisis and help the global economy,” the expert said.

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