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Forget the USA, BRICs are doing it for themselves

Forget the USA, BRICs are doing it for themselves article image

The era of US-dominance is coming to a close, believes David Thomas, director of the BRIC+ Program and expert on the BRIC (Brazil, Russia, India and China) economies. The BRIC countries no longer need to rely on trade with the USA, they can grow trade with each other, he says: "Brazil and Russia, in particular, have things that China and India need and that's going to be the growth story going forward - Brazil and Russia providing imports to China and India, particularly around energy and resources and commodities." China has a lot of financial capital, which will enable them to buy and invest in energy, particularly in an energy abundant country like Russia. This has already happened, with China's development bank lending money to Russian oil pipeline producers to upgrade facilities, said Thomas: "In return for that China has managed to get a guaranteed supply of oil and gas going forward." China has also recently become Brazil's largest trading partner, an honour it also has with India and Australia.

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