Brazil’s suspended President Dilma Rousseff has said those betting on the BRICS to disintegrate are making an “unforgivable mistake”.
“The creation of BRICS was an event of unprecedented significance in world affairs. The emergence of BRICS and the G20 group was a peak from the standpoint of multilateral processes and of building a multipolar world,” Rousseff told Russian state daily Rossiiskaya Gazeta.
The BRICS nations account for about a quarter of global economic output. China and India are among the world’s fastest growing large economies.
“I should say that the creation of BRICS really scared some countries, and we know that. Thinking that this quintet will fall apart or disappear would be tantamount to making a strategic and unforgivable geopolitical mistake,” she added.
Rousseff said on Thursday that each of the BRICS states is currently experiencing economic problems stemming from the West-induced crisis.
A new World Bank report, Global Economic Prospects: Divergences and Risks, says emerging economies need to look to policy reform in order to keep pace with growing global challenges.
“But we will overcome that crisis to get even stronger than we were in the past. Our alliance rests upon the idea of strategic nature of these relations. It is an inter-continental union,” Rousseff said.
The BRICS Bank announced its first set of investments in April this year. The $100 billion NDB will compete with institutions where the US has considerably more influence—organizations such as the World Bank and the International Monetary Fund.