Ten years ago, Goldman Sachs' global economist Jim
O'Neill introduced the BRIC statement into our lives. He argues that "the
economic potential of Brazil, Russia, India and China is such that they could
become among the four most dominant economies by the year 2050" (Financial
Times, 2006).
Since 2001, the BRIC countries continued to develop
rapidly. 2008 Financial Crisis affected even if they are not influenced much of
Europe and America. In ten years, the BRIC countries have made a lot of
meetings and have signed for co-operation.
Can the BRIC be rival of the European Union or ASEAN
as a political alliance?
BRIC countries (Brazil, Russia, India, China) continued to develop in the last 10
years. Today when we look at the European Union, we can see that the Euro zone
started to clattered. Moreover, the European Union appears as economical union
instead of a political union, the biggest
disadvantage of the union is that there is not a common foreign policy and
energy policy. ASEAN also has the same problems. If your union has not a
powerful country like China, you cannot influence your region easily. Therefore,
a strong association between the BRIC countries will affect both the European
Union and ASEAN.
CIVETS versus BRIC
The biggest rival or alternative of BRIC can be
CIVETS. "A colleague at the Economist Intelligence Unit has suggested more
attention be paid in 2010 to the CIVETS: a second tier of big emerging markets
consisting of Colombia, Indonesia, Vietnam, Egypt, Turkey and South
Africa" (Economist, 2009). The CIVETS (Colombia, Indonesia, Vietnam,
Egypt, Turkey and South Africa) is an acronym for favored
emerging markets coined in late 2009 by Robert Ward, Global Forecasting
Director for the Economist Intelligence Unit (EIU). The term has also been used
by HSBC's chief executive Michael Geoghegan. These countries are favored for
several reasons, such as a dynamic and diverse economy and a young growing
population. So, CIVETS can be a powerful alternative of BRIC.
Last but not least, both BRIC and CIVETS countries can
affect deeply G-6 countries (France, Germany, Italy, Japan, the United Kingdom
and the United States. To become politically active, the United Nations
Security Council five permanent countries' veto right needs to be
resolved.
İsa Burak GONCA
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