Understanding BRICS will help control its contours: Khurshid

New Delhi, March 22 (IANS) Understanding the BRICS group of emerging economies will allow controlling its contours as also help it expand to other countries, India’s External Affairs Minister said Friday.

“Understanding BRICS will help us control the contours of BRICS to the extent it is necessary and beneficial,” Khurshid said at a conference here organised by BRICS Chamber of Commerce and Industry.
“People from Africa and elsewhere are knocking at the doors of BRICS. So a fundamental question arises – What is our understanding of BRICS, and will that understanding allow us a future expansion of BRICS?” he said.
“Understanding BRICS will help it to expand to many other countries,” Khurshid told the conference.
He mentioned Egypt President Mohamed Morsi’s interest in joining the BRICS grouping.
“During his visit here this week, Egypt’s President Mohamed Morsi hoped that, going ahead, BRICS would become E-BRICS, with Egypt joining the grouping after its economy regains momentum,” Khurshid said.
Leaders of Brazil, Russia, India, China and South Africa are to meet in Durban, South Africa, for the 5th BRICS Summit scheduled for March 26-27.
According to Khurshid, the forthcoming 5th BRICS Summit was a relevant time to take stock of what has been achieved by this “very important grouping” in the previous four rounds of summits.
“A very important grouping, BRICS is a convergence for the advocacy of the cause of emerging economies of a certain size,” Khurshid said.
Speakers at the conference underlined the importance of BRICS for changing the global financial architecture represented by multilateral bodies, as well as for South-South developing countries’ cooperation.
“A major task ahead for BRICS is to coordinate efforts for achieving the long pending reform of global financial architecture,” said Nagesh Kumar, chief economist, United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).
“It is important for the global economy that a new financial institution like a BRICS Development Bank takes shape, that is run by and for developing countries,” said Kumar.