G7 to meet BRICS (Brazil, Russia, India, China and South Africa) on Saturday in Japan
Babu Ghanta, Special Correspondent
February 05, 2005

G-7: Britain, Canada, France, Germany, Italy, Japan and the United States will hold talks with the BRICS (Brazil, Russia, India, China and South Africa). 

According to Japanese Finance Minister Sadakazu Tanigaki, the G7 is very interested in hearing how BRICS see the world economy and how they plan to steer their economies.

Finance ministers from the Group of Seven industrialized nations are set Saturday to meet with their counterparts from Brazil, China, India and South Africa to discuss the world economy and ways to boost economic cooperation between the G-7 and the four economies.

The BRICS alliance is also looking forward to this meeting.

In recent days G7 has realized that world economies are really driven by the BRICS and G7 is now riding the current set forth by the BRICS.

recent commodity price boom, oil price spike and Gain price boom and bust are all caused by demand and supply caused by Brazil, Russia, India, China and South Africa. 
Given the rapid economic growth of the BRICS, with China expanding 9.5 percent in 2004, the G-7 finds it increasingly difficult to conduct global economic surveillance without them, financial experts said, referring to their surging demand for crude oil and other raw materials, which have pushed up global commodity prices.