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BRIC to BRICS

I woke up this morning to over 16inches of snow but also to the exciting news that South Africa had been invited to join “the big four.” Big news not only for South Africa (which has Africa’s largest economy) but also for the entire continent.

I’ve always taken the whole BRIC phenomenon a bit lightly. There are probably other countries that should be part of this “economic labeling” (Mexico, South Korea) but I am happy to see some selectively in this grouping. It ensures that these countries slowly and effectively work together to initiate change that is best for their countries’ interests economically. Although they have also cooperated to swing political pressures in their favor they do not intend (and probably could not succeed) in being a true political alliance (i.e. EU).

It’s interesting that China would invite South Africa and overlook Mexico and South Korea, just as more recently some “experts” have been self-including these countries with the BRICs. Perhaps the BRIC is concerned that Mexico and South Korea are a bit more developed than their countries and may not align on the same economic goals? Perhaps it was South Africa’s great PR from the World Cup this summer? Or it could be that China wants to improve it’s image of its dealings with Africa. I don’t know for sure but oh Happy Day for Africa!

South Africa is Asked to Join as a BRIC Member to Boost Emerging Markets

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