The BRICS bloc is relevant to provide solutions when the world is facing challenges like low economic growth, a South African academic has said.
Mzukisi Qobo, an associate professor from the University of Johannesburg, told Xinhua in a recent interview that many countries face domestic challenges and BRICS provides a platform to find solutions to these problems.
Qobo said, "BRICS have proven to have durability. The world is currently facing a vacuum in global leadership to address the financial challenges and BRICS is relevant to address this. BRICS provides a platform to generate the new set of ideas to take the economy forward."
Qobo said there is a need for BRICS to build institutions to make their dreams become a reality.
He gave examples of the New Development Bank and the Contingent Reserve Agreement as part of the institutions to take the bloc forward.
He said, "BRICS is relevant as it provides a platform to drive the recovery in the global economy. It is urgent now to interact and share experiences and achieve inclusive growth."
Qobo said that before the next BRICS Summit on October 15-16, various meetings would have taken place to find a common position on various issues.
He believed that the two-day meeting will be for the leaders to meet and adopt some proposals and craft a communique.
The summit, he said, will provide a confidence building mechanism for structural challenges so as to boost inclusive growth and cope with defence and security challenges.
Yazini April, a research specialist from the SA Human Science Research Council, said in a recent interview with Xinhua that BRICS can till play an important role in international affairs, particularly in the economic arena.
April said the BRICS New Development Bank is the first real alternative to the Bretton Woods institutions.
"It is the key that the banking system works. South Africa also needs it. All the BRICS countries need it actually. It is a tool of economic and global clout too," April said.
India will host the BRICS Summit on October 14-15.
Source: Xinhua http://www.globaltimes.cn/content/1010496.shtml