Wednesday, May 14, 2008
Who would have predicted ten years ago that this would happen?
What is interesting about the announced agenda is its focus on economic and commercial issues--including energy, the role of biofuels, the question of food security, and the impact of the slowdown of the U.S. economy.
My sense is that a common theme will also be complaining about the "dysfunctionality" of the U.S. role in the world--and ways in which these four countries can insulate themselves from American-inspired volatility.
All four countries are riding high these days--China has more than $1.5 trillion in foreign reserves, Russia at $500 billion, India at $300 billion, and Brazil at $200 billion. Breaking them into two classes, you have two leading manufacturing powers and two leading resource providers--so increasing synergies benefits them.
I doubt we will see much public posturing against Washington--after all, Brazil and India are cultivating much better relations with the United States--but I think there will be a high degree of receptiveness to the argument that the four should work more closely together.