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BRICS major elements for world economy-Azevedo
September 17, 2013, 7:44 am

BRICS were unanimous in their support for the candidature of Azevedo who was not Britain and the US's preferred candidate [Getty Images]

BRICS were unanimous in their support for the candidature of Azevedo who was not Britain and the US’s preferred candidate [Getty Images]

Brazilian Roberto Azevedo who has taken charge as the new WTO Director General has reposed faith in the BRICS as major engines of the world economy.

“The BRICS are still major elements for growth in the world economy, and I don’t think that’s going to change very soon,” he said in an interview on Monday with Russia Today TV.

He said he has no doubts that the BRICS will continue to be a new driving force in the world.

BRICS account for 43 percent of the world’s population, around 18 percent of its GDP and 40 percent of currency reserves, estimated around a trillion US dollars.

In 2012, total trade within the BRICS grouping amounted to 6.1 billion dollars representing 16.8 percent of global trade.

Azevedo said on Monday that the BRICS “phenomenon is not going to change very soon”.

“One of the reasons is that they are developing economies, they are still growing, they have incorporated large masses of people into the formal economy,” he noted.

BRICS were unanimous in their support for the candidature of Azevedo who was not Britain and the US’s preferred candidate.

Azevedo had earlier said that the 2008 global financial crisis has given BRICS economies greater prominence on the world stage.

Brazilian President Dilma Rousseff has said recently that the appointment of Azevedo, as WTO chief is a triumph for the BRICS over the traditional western economic powerhouses.

Azevedo faces an ‘acid test’ at the Ninth WTO Ministerial meet in Bali this December where he would have to try and break the deadlock that has stalled the Doha round of trade talks.

He warned in his inaugural speech at the WTO that the body risks being irrelevant.

“The world will not wait for the WTO indefinitely. It will move on and will move on with choices that will not be as efficient or as inclusive,” said Azevedo.

In Russia this month, G20 leaders gave their strong backing to the efforts to reach a deal in Bali, and now “the biggest challenge is to translate those words of commitment into progress” stressed Azevedo.

 

The BRICS Post

 

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