Financial Express
Posted:  2008-04-02 01:35:21 [1]

Move over BRIC. RIC or the troika of Russia, India and China are taking over. A regional formation will take up international issues like the reform of the UN and the Security Council, according to Konstantin V Vnukov, director, first Asia department, Russian foreign ministry, and head of delegation for trilateral cooperation between India, Russia and China, on a visit to the capital for the seventh ministerial of the troika.

The eighth meeting of foreign ministers will be held in Russia, later this year, mentioned Vnukov, while adding, “the meeting will be held in mid-May in the Ural mountains and the foreign ministers of the troika have accepted the invitation”. He said: “It is expected to strengthen the dialogue process and solve problems that are political, economic and humanitarian in nature.” As Brazil is another rising economy, the troika will coordinate with the Latin American nation although it is not part of the region.

The reason behind RIC formation is that it has 40% of the world's population and occupies 20% of its surface, but less than 10% of its GDP.

He says, “In New Delhi, an exchange of views took place that included collaborating on the troika formation and coming together to deliberate on the security and stability of the region as a whole.” The aim of the troika is not to pursue geo-political goals but under a common umbrella help multi-lateral efforts that affect the globe.

Apart from the UN, the troika is focussing on the situation in central Asia and Iraq as well. “Russia, India and China are drivers of the world economy, of course, there is Brazil as well.” But here, the focus is on regional formation.

The foreign offices of the three countries had started addressing trilateral matters since 2002-when the first foreign ministers of these countries was held at the sidelights of the UN General Assembly in 2002. Six ministerial meetings of these countries have taken place until 2007 and in one recent meeting Brazil participated. Central Asia, however, remains the focus of the troika.