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Wednesday, 08 February 2012

MEPs call for closer ties with BRICs

MEPs have recently adopted a report that underlines that the EU shares a common interest with emerging countries in tackling global instability and security risks to economic development. As the EP reports, “the EU should work together with emerging countries to build a multi-polar, inclusive system of global governance that deals efficiently with global challenges”.
The report, adopted last week, calls for a closer relationship with the group of BRICS countries (Brazil, Russia, India, China and South Africa) as their fast economic growth is turning them into increasingly important players on the global scene
This collaboration could either be bilaterally or multilaterally, based on the issue involved. The Parliament believes in a mixed model that cuts across the developed/emerging world divide. For example, the EU could work together with the BRICS in pushing for reform of the IMF and the World Bank to reflect changes in countries' economic weight. However, it should prioritise relations with those BRICS that share and respect democratic values and strive for a social market economy.

Source: European Parliament