Words can make a difference sometimes. The five-letter BRICS acronym increased the focus on a specific set of countries. Brazil, in particular, is considered in a different way as it used to be it has become for several analysts not only ‘another developing economy’, but rather one of the candidates to play a major role in the international scenario in the near future.
This change of perspective is not only a matter of semantics. Recent economic performance and macroeconomic indicators of these economies contribute to a more careful consideration of their possibilities. Large domestic market makes it more likely to obtain ‘growth-led exports’ rather than ‘export-led growth’, which implies a pro-active role in international relations.
It is no coincidence that in recent years Brazil has been invited to participate (even with a less-than-expected role) in meetings of the group of richest countries, in meetings of several groups of countries concerned with the multilateral negotiations at the World Trade Organization, at the same time that former Brazilian authorities often take part in selected groups of experts dealing with the intended reforms of the international financial system. Brazilian delegates often play an active role in the debates within multilateral agencies, aiming at contributing to change the ‘political economy’ of the decision-making process in these agencies.
