BRICS prospect remains promising amid global headwinds(2)

In recent years, there are clear signs that the emerging-market bloc is being upgraded from a mere assembly of economic powerhouses to a community of common destiny and common interests.

William Gumede, BRICS specialist from South Africa, highlighted the huge potential of inter-BRICS trade cooperation, which he said will help its members tide over their respective economic quagmires.

Data showed trade value among the BRICS nations totaled 350 billion dollars in 2013, which was 2.5 times the value six years ago. Currently, China is the largest-trading partner with Brazil, Russia, and and South Africa, and the second-largest trading partner with India.

At the end of last year, China's accumulative investment in the other four countries exceeded 55 billion dollars.

In a major cooperative move last year, BRICS countries announced plans to establish a development bank and a contingent reserve arrangement (CRA) in July, aiming to help the five countries and other developing economies fully tap their market potential while averting global risks.

PUSH FOR NEW ORDER

The BRICS, with roughly one third of the world's total population and more than a quarter of the world's land area, had a combined GDP accounting for almost one fifth of the world total in 2013.

Each member of the bloc is the most powerful emerging economy in its respective region, and their willingness to participate in international affairs has been constantly growing.

With the BRICS countries as pioneers, the emerging economies as a whole, which account for half of the world's economic output, have grown to be a crucial driving force behind the global trend of economic multi-polariation.

The just-concluded trilateral regular meeting for foreign ministers of India, China and Russia has sent the world a clear message that the three BRICS countries are committed to making joint efforts to promote coordination and cooperation among emerging economies.

Noting that the BRICS economies have consolidated their position as the main engines for sustaining the world economy as it recovers from the recent crisis, the ministers called for improved global economic governance so as to magnify the voice and increase representation of developing countries.

The BRICS countries are seeking to make a change to the West-dominated economic order,which no longer meet the demands of the global economic recovery and development, noted Russian BRICS expert Georgy Toloraya.

The BRICS cooperation, analysts say, has emerged to be an exemplary part of South-South cooperation. It is helping push for a more open and fairer international order and rebalance the world economy.