Question - what is the point of BRICS, as an economic union, to join countries with troubled economies?
No offense, but if you look at the composition of the BRICS now, most of them are countries with systemic problems in their economies. And these are not only rogue countries (Russia, Iran), but also China, Brazil, South Africa. And the "weight" of these economies within the BRICS union is more than 50%. How can they fix their "problems" if their partners are the same "economic losers"? I understand when the EU was created, where Germany, France, Italy, and other countries had stable, self-sufficient, strong economies. And in such a union - 75% of the joint economy of the union - stable, and 25% - yes weaker, but they are well supported by the stronger. In BRICS, the picture is actually diametrically opposite....
Weak countries can unite and to form a strong union that can benefit them positively. Africa don't need to be partner with the nations that you mentioned to come out of it's economic woes. After all these nations have been Nigerian's trading partners for centuries. Russia, India, Brasil, South Africa might not be as rich as Western nations but Nigeria has lot to benefit from them in the construction, educational, health and other sectors. Africa don't need nations that throw money on them form of loan and grants, what we need is transfer of technology which could help us to become a productive nation.
Recently China and Lebanon businessmen are leading the recycling industry of Nigeria and this have been to helpful in the reduction of waste generation in Nigeria. It has created employment and transfer of technology because may indigenous recycling industries have been springing up. A small Investment like this benefit the community and not external loans that will be stolen by politicians.
In theory, everything sounds nice. But the reality is somewhat different.
A classic economic union is a kind of symbiosis when interaction between entities brings mutual benefit.
Today's world is somewhat different, especially with such “partners” as China. For example, China needs resources and markets from its “partners”. And in this process, the other party receives little return. Insignificant in relation to the return to China. The same example of China-Russia relations. Russia has become China's raw materials appendage. China receives Russian resources for pennies, and receives other benefits, such as vast territories that Russia transferred to China for virtual monopoly use. In return, Russia receives yuan, for which it can buy consumer goods, and some political support, or rather, China’s passive position on the world stage, in addition to what Russia is doing, for example, in Ukraine. China does the same with other countries that fall into its “paws”. The second concept of China is “friendly investments”, which in fact, as a result, become absolutely unprofitable for China’s partners. Example: Sri Lanka, study how China "helped" this country
