There are many associations of the countries such as BRICS, G7, G20 and many others.The officials of these countries meet on regular basis and formulate and exchange various plans.
Do you think that associations of the countries i.e. BRICS, G7, G20 and others help in growth and development of these countries? If yes, then how? How it may benefit the development of world economy?
Dear Prof. Ashok Pundir, there are a lot of mutual benefits in cooperation/association that exist among countries of the world. However, politics sometimes played in those associations could as well be detrimental to development of some developing countries not in the association. For example, G7 helps members in the association but gang up or team up to fight others.
Every nation will think its benifit through business and other activities. If the target of some countries match each other/ one another, then such associations will be beneficial.
If it is not, then such associations will result practically nothing.
Thanks.
This is why they meet. They reach agreements on many fronts including refugees, traded, securitzy, etc. Now that trump showed up, nothing is certain!
Generally there is no any association that works without any benefits to its member organization.
BRICS is overwhelmingly the most important summit grouping of developing economies, whereas the G7 is overwhelmingly the most important summit grouping of advanced economies. Measured at current exchange rates, the IMF calculates that BRICS economies will account for 38% of world growth during the five-year period 2016-2011 - compared to 30% for the G7. In PPPs, the BRICS economies will account for 45% of world growth and the G7 for 20%. Therefore, no matter how measured, the BRICS economies are a much more powerful locomotive of world growth than the G7.
https://www.learningfromchina.net/brics-are-more-important-for-world-growth-than-the-g7.html
Thanks a lot Dr Mahesh Kumar for a very elaborate and useful information and sharing a link.
Everyone is looking for a savior, outlet, to develop his economy, of course a leading goal, but the modalities of implementation and timing is different, interests of the pool, interests diverge,Who benefits, who can stay stable and balanced for a longer period
I agree with Dr. Amir w. Al-Khafaji and Dr. Shibabrata Pattanayak.
Best regards
Thank you Dr Ashok for this interesting query that provoked a very stimulating, informative conversions and discussions......... following.
Any of these countries in such associations would want to fight for the interests of their countries. Unfortunately, countries that reign in power tend to benefit the more from such associations in the long term as their voices are often the first to be heard.
I guess that they tend to do it.
What Is In the reality, I am not competent to say.
All those Economic Giants discusses world economy, protect their interest, discusses Refugees and Immigration, Wars Conflicts And unrest, Oil trade, Gas and Electricity, Defense Budgets and Nuclear Suppliers Group and so many other Confidential things. They also plan for the next upcoming years and follow up old issues and interests. As we can see from last couple of years G8 Becomes G7 and Russia is out but still in Huge power. They also discusses world Politics For example War in Syria Iraq and Afghanistan. Lobbies plays their roles in world politics and decide future for weak Countries by supporting their loyal groups. Honestly I cannot see a big change in world politics since last 4 decades as rich countries are getting more rich and poor countries are becoming more poorer accept some favorites. Condition of Health is getting better in people of Africa And Asia by controlling Epidemics and providing Immunization. Overall more needed to be done to provide support to rest of 185 countries of the world excluding the Top 20 Giant Economies of the world. Regards
Yes, the member countries of these associations are benfitted from each other through trade deals.
No country contributes in an ally without benefits, hence, all mentioned associations benefit from each other, however, for they benefit the world economy, I do not think they mind, it may come chaotically.
In principle yes the member states of such associations have entitlement to free trade etc BUT it seems the weaker members benefits little and the stronger members tends to benefit more for instance human resources etc...
The principle "Divide and conquer", based on "There are no any friends- only the interests". If they could solve the problems of peace and harmony, detente, disarmament, the universal well-being...
These associations only benefit the member countries . In point of fact, they are counseling forums whereby the members find better ways of exploiting the poorer countries.
Monopolies tend to produce less and have higher prices, to the detriment of consumers. Cartels behave the same way. These entities are essentially cartels and potentially have the same impact. No one negotiates against their interests; but they might against consumer interests.
I'm skeptical of the benefits unless the welfare of consumers, not the producers, is considered. My first guess is that it is not.
In my opinion, reaching an agreement is very difficult being countries so different and with different interests
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