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british economist jim o neil statement brics and g7 are a side show compared to g2o

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New Delhi: Recently the world community participated in two international forums. Earlier in the month of August, the summit of BRICS, a group of emerging economies, was held in Johannesburg, South Africa. A few days later, the G20 summit took place in the Indian capital Delhi. After the New Delhi Summit, British economist Jim O’Neil, who gave BRICS its current name, wrote an article. In this article he clearly said that neither BRICS nor G7 have the capacity and authority to face global challenges. He further said that the joint declaration issued from the New Delhi Summit is proof of this. Compared to the G2O, BRICS and G7 are just a side show. After his statement, the question once again came to the surface whether there could be competition between BRICS and G20 group in the future.

Why did the question arise?

Actually, this question arose because after the Johannesburg Summit, the BRICS group has emerged as a powerful group, in which 6 new members were included. Still many other countries want entry into this group. There was also a murmur regarding a common currency. However, experts believe that the G20 is currently at a stage where it is difficult for the world community to ignore it. Omair Anas, assistant professor at Ildirim Beyazit University in Ankara, Turkey, says that the G20 has so far been successful on global economy issues. Is. This also includes the agenda of developing countries. It has even raised questions on the role of the G7 in influencing the global economy. In such a situation, it is clear that it will now be difficult for the G7 to take decisions alone on important issues. It will no longer be easy to ignore the power of the G20.

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What is common?
However, experts also say that there is no point in comparison and competition between BRICS and G20. Both the groups complement each other. Amitabh Singh, Associate Professor at JNU’s School of International Studies, says that G20 is a group of not only developing but also developed countries. BRICS is just a gathering of developing countries. The one thing that is common between the two is that both focus on economic issues. It is true that there is competition among the countries within the group, as is sometimes seen between China and India within the groups, but such a situation is not seen regarding the groups. Amitabh further says that even before this, many types of groups and fronts have emerged at the international level. Which includes G77 to New Economic Order (NEO). But these were not very successful. In such a situation, after the arrival of G20, developing countries have come into a position to directly express their views and negotiate. They cannot do this in BRICS.

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Why are BRICS important?
However, experts also have their own arguments regarding the growing strength of BRICS. He says that the kind of expansion seen in BRICS has put forward its image as a powerful emerging group. At present there are three military nuclear powers in the group, Russia, China and India. The top three energy producers in the Middle East are the UAE, Iran and Saudi Arabia. Strategically important African and Arab countries like Ethiopia and Egypt are included. At the same time, historically important Argentina is also now a part of the group. In the coming time, many other countries will also join it.

What will be the changes?
It is believed that Algeria, Indonesia, Kazakhstan, Nigeria, Turkey and Vietnam can also become part of it. In such a situation, the power of this group in terms of parameters like energy, population, GDP will increase further in the coming time. The trend of shared currency could also prove to be a big game changer. It is a different matter that even though the talks among the member countries regarding this have not reached the level of decision, it is also true that a serious approach has emerged regarding de-dollarization. This is indicating a situation in the future in which the US dollar will not have the status it has today. If this happens then it will be a major reshuffle in the world order.

India is being praised all over the world for G20, now just listen to the stalwarts of the country.

This post originally appeared on navbharattimes.indiatimes.com

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