BRICS Far From Emerging as Economic Power Bloc

This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.

Good evening, I'm Saijal Patel and you're watching "Asia Market Daily".

The BRICS Summit kicked off in the resort city of Sanya today, with the host nation suggesting the countries should expand trade with each other.

Leaders from the five emerging powers have issued a joint statement, calling for greater supervision of commodity markets and international capital flows.

Brazil, Russia, India, China and South Africa have also used the opportunity to criticize the Western air campaign in Libya.

Members are also expected to press for a greater say at institutions like the World Bank and IMF.

But Paul Gambles of MBMG International says the BRICS are still a long way off from becoming an economic power bloc, that can rival the U.S. or the G7.

(SOT) Paul Gambles, Managing Partner, MBMG International:
Brazil and China, yes they may be emerging markets that both offer interesting opportunities to investors, but they're at very different stages of development. They've got very different economic requirements; very different policy needs. And um, China, you know, put these guys together, to create some kind of homogeneity. I find that a little bit difficult to understand.

That's the latest on the BRICS Summit. I'm Saijal Patel from CNBC.

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