Bonding the BRICS and the G20
G20 China: The Hangzhou Summit 2016
2 Pages Posted: 7 Sep 2016
Date Written: September 1, 2016
Since its establishment in 2009, the BRICS group of Brazil, Russia, India, China and South Africa has established its identity as an informal global governance forum. BRICS members have consistently strengthened cooperation, expanded and deepened their agenda, and coordinated efforts aimed at economic recovery and growth as well as development in other countries. Major practical achievements include the launch of the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).
The BRICS mission includes facilitating strong, sustainable, balanced and inclusive growth, recognising the G20 as the premier forum for multilateral economic coordination and cooperation. The BRICS consistently supports decisions made at G20 summits. There are two major dimensions of BRICS-G20 engagement: The BRICS cooperates with the G20 to attain shared goals, primarily on stimulating economic growth, reforming international financial institutions, improving financial regulation and addressing global security threats. It also coordinates its members’ positions within the G20.
Keywords: BRICS, G20, global governance
JEL Classification: F5
Suggested Citation: Suggested Citation