South Africa joins the BRICS club, calls for reform of UN

[Jefferson23]

South Africa has long seen itself as a voice of developing nations. Now as a member of the BRICS club – Brazil, Russia, India, China, South Africa – it can speak with the political heft of a fifth of the world's economy behind it.

By Scott Baldauf, Staff Writer / April 14, 2011

Johannesburg, South Africa

South Africa this week joined a club of the world’s emerging economic giants, a group that plans to flex its muscles on the global stage in coming years.

The club is called BRICS, an acronym of the five member states: Brazil, Russia, India, China, and South Africa. Like the Group of 8 (which also includes Russia), BRICS meets on a regular basis to discuss economic issues of interest and also political concerns that each of the nations share. Whereas the G-8 is a self-selecting by-invitation-only club of rich nations, BRICS is a self-selecting, by-invitation-only club of up-and-coming regional powers who make up nearly a fifth of the world’s gross domestic product.

It’s a small distinction, perhaps. But it is a distinction that BRICS is careful to preserve, and one that BRICS hopes will earn it increasing political heft as a voice for developing countries to counter the overwhelming power of Europe and America on the global stage

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In addition to calling for comprehensive reform of the UN Security Council – of which both Russia and China are permanent voting members – BRICS has also agreed to work together to try to reform the international monetary system, and to move toward a reliable, stable international reserve currency system to help limit the shocks as the values of the world’s top currencies fluctuate. Currently, the US dollar is used as a global currency for trade, but its falling value has many countries looking for alternatives.

in full: http://www.csmonitor.com/World/Africa/Africa-Monitor/2011/0414/South-Africa-joins-the-BRICS-club-calls-for-reform-of-UN

[rucky]

1. I'm rooting for the BRICS

to shake up the heavily entrenched power of the G8. I think it'll be good for us and the rest of the world in the long run.

[Jefferson23]

2. Yes, more sanity, more responsible minds, would be great . n/t