Authors: Wang Wei, Edward Lai
The concept of the “BRIC” began to affect the audiences in 2001 when economist Jim O’Neill first used the term referring to the emerging countries like Brazil, China, India and Russia combined. And later it was added with South Africa. The argument go that the relative size and share of the BRICs in the world economy would rise exponentially and gradually imply for the G-7, which is regarded as the economic hegemony of the West, to make a rearrangement of the world order.
India on Tuesday rejected peace talk’s offer from United States to facilitate and resolve Kashmir issue between India and Pakistan. India has consistently ruled out third party mediation, including that by the UN or the US. Whereas, Pakistan welcomes international mediation and also encourages the U.S. and the UN to help resolve its disputes with India.
With the United States looking set to step back from the international arena, China will likely take on an larger role to preserve the global economic system of which it has been a major beneficiary.