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    BRICS Long-Term Growth Potential Intact Despite Some Members’ Troubles

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    2016 BRICS Summit in Goa, India (58)
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    The BRICS group has high potential despite economic slowdown.

    GOA (Sputnik) — The long-term growth potential of the BRICS group is not threatened by economic slowdown that some members are now facing, BRICS Business Council Chairman Onkar Kanwar told Sputnik.

    "While some of the constituent members may be undergoing a phase of weak economic performance, the long term growth potential of the BRICS grouping remains intact. Today, BRICS economies account for more than one-fifth of global economic activity. With a combined nominal GDP of $16 trillion, which is equivalent to about 22% of the gross world product, these economies are well poised to provide the much needed growth momentum for the world," Kanwar said.

    He added that the effectiveness of BRICS lay in a continued rise in internal purchasing demand of the group.

    "All the BRICS nations are playing a pivotal role in strengthening and enhancing trade, investment and economic co-operation among the BRICS countries. We represent four continents. Each one of us enjoys comparative advantages and complementary strengths and together we shall build on these synergies and complementarities," Kanwar said.

    The BRICS Business Council meets on the sidelines of the eighth BRICS summit in order to come up with the ways to boost intra-BRICS trade and advise national governments.

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    2016 BRICS Summit in Goa, India (58)

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    BRICS/SCO summits, economic, slowdown, BRICS, India, Goa
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