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US Senator John Kerry has mentioned that the growth of BRIC nations indicate the basic shift taking place in the world economy. He also mentioned that the emerging nations require legitimate seat at the table for addressing the shared challenges in a better fashion.
"It is certainly true that rise of the so-called 'BRIC countries'-- Brazil, Russia, India and China--represents a fundamental global economic shift”, said Senator John Kerry, chairman of Senate Foreign Relations Committee, while addressing a Congressional hearing on global economy on Tuesday.
"Twenty years ago, the President's most important global financial trip would have been to Europe. Today it is to Beijing. Clearly, the developing world needs a legitimate seat at the table so that all of us can better address our shared challenges," Kerry said.
"When President Obama announced from Pittsburgh that the G20 would replace the G8, Singaporean Prime Minister Lee Kuan Yew called it an implicit acknowledgement that the post-World War II order had come to an end," he said.
"We have already begun this process by recognising the G20 as the premier economic coordinating forum, and it has made encouraging progress since. A year ago, at the height of the crisis, it convened for the first time at the leader's level and launched the largest and most coordinated fiscal and monetary stimulus ever undertaken," Kerry said.
He also mentioned that the world economy has witnessed a drastic change.
