6th BRICS summit

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6th BRICS Summit
Sexta cúpula do BRICS
Host country Brazil
Date 14 July 2014 (2014-07-14)–16 July 2014 (2014-07-16)
Venue(s) Centro de Eventos do Ceará[1]
Cities Fortaleza & Brasília[2]
Participants BRICS
Follows 5th BRICS summit
Precedes 7th BRICS summit
Website brics6.itamaraty.gov.br

The 6th BRICS summit is the sixth annual diplomatic meeting of the BRICS, a grouping of major emerging economies that includes Brazil, Russia, India, China and South Africa. It is hosted by Brazil, as the first host country of the current five-year summit cycle;[3] the host city is Fortaleza.[4] Argentine President Cristina Kirchner was a special guest of the summit. Though Brazil hosted a four-member BRIC summit in April 2010, 2014 will mark its first full BRICS summit;[5] the 2010 summit in Brasília did not officially include South Africa, who were only invited as guests in a prelude to full membership, which they achieved in December 2010.[6] Most importantly, the New Development Bank was officially inaugurated.

Background[edit]

Following the 2013 BRICS summit in Durban, South Africa, the BRICS countries released a joint statement summarising the results of their discussions and naming Brazil as the host country for the 2014 summit.[3] Having agreed to set up a new international development bank during the 2013 summit,[7] the member countries reportedly intend to complete the arrangements prior to the 2014 summit.[8] The summit was initially scheduled for March 2014, but was shifted to a later date at China's request; it was held on 14–16 July 2014.[9]

Participants[edit]

Core BRICS members
Host state and leader are shown in bold text.
Member Represented by Title
Brazil Brazil Dilma Rousseff[10] President
Russia Russia Vladimir Putin[10][11] President
India India Narendra Modi[10] Prime Minister
China China Xi Jinping[10][12] President
South Africa South Africa Jacob Zuma[10] President
Invited leaders

Agenda[edit]

The BRICS Development Bank was due to be inaugurated and Shanghai was selected as its headquarters.[17] On 15 July, the group signed a document to create the US$100 billion BRICS Development Bank and a reserve currency pool worth over another US$100 billion. Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also signed.[18] In a press release, the group wrote: "We remain disappointed and seriously concerned with the current non-implementation of the 2010 International Monetary Fund (IMF) reforms, which negatively impacts on the IMF's legitimacy, credibility and effectiveness."[19] It was read as a rival to the IMF and World Bank.[20] The first president will be from India.[21]

Reactions[edit]

Russian President Vladimir Putin said of the summit that it sought to reduce dependency on the U.S. dollar and strengthen the rule of international law:[22]

In the BRICS case we see a whole set of coinciding strategic interests. First of all, this is the common intention to reform the international monetary and financial system. In the present form it is unjust to the BRICS countries and to new economies in general. We should take a more active part in the IMF and the World Bank's decision-making system. The international monetary system itself depends a lot on the US dollar, or, to be precise, on the monetary and financial policy of the US authorities. The BRICS countries want to change this.

BRICS-UNASUR summit[edit]

The five members and eleven invited guests at the summit

The BRICS were scheduled to hold a summit with UNASUR leaders in Brasília on 16 and 17 July.[23]

Invited UNASUR heads of state[23]

See also[edit]

References[edit]

  1. ^ "Programme: VI BRICS Summit". brics6.itamaraty.gov.br. 2014. Retrieved 15 July 2014. 
  2. ^ "UNASUR leaders arrive in Brazil for BRICS summit". Buenos Aires Herald. Retrieved 16 July 2014. 
  3. ^ a b "Fifth BRICS summit declaration and action plan". BRICS. 27 March 2013. Retrieved 10 July 2013. 
  4. ^ "A Cúpula de Durban e o futuro dos BRICS". Post-Western World. 4 July 2013. Retrieved 7 November 2013. 
  5. ^ "The BRICS summit: Lacking mortar". The Economist. 27 March 2013. Retrieved 10 July 2013. 
  6. ^ "BRIC Summit Joint Statement, April 2010". Council on Foreign Relations. 15 April 2010. Retrieved 10 July 2013. 
  7. ^ "Brics eye infrastructure funding through new development bank". The Guardian. 28 March 2013. Retrieved 29 March 2013. 
  8. ^ "India sees BRICS development bank agreed by 2014 summit". Reuters. 19 April 2013. Retrieved 10 July 2013. 
  9. ^ "BRICS 2014 Summit Official Site". Retrieved 17 July 2014. 
  10. ^ a b c d e "Modi Likely to Watch FIFA World Cup Final ahead of BRICS Summit". India West. Retrieved 19 June 2014. 
  11. ^ "Putin to visit Brazil for final game of World Cup 2014". PRAVDA.Ru. Retrieved 19 June 2014. 
  12. ^ "Brazil to Use Chinese Visit for Business Deals". Folha de S.Paulo. Retrieved 19 June 2014. 
  13. ^ a b "Argentina invited to BRICS meeting in Brazil". Buenos Aires Herald. Retrieved 19 June 2014. 
  14. ^ "Argentina to Join BRICS Upcoming Summit on Russia's Invitation". FARS. Retrieved 19 June 2014. 
  15. ^ "The good, the bad and the Paris Club". Bueno Aires Herald. Retrieved 19 June 2014. 
  16. ^ a b c d e f g h i j k l "BRICS summit: PM Modi to leave for Brazil tomorrow, will seek reforms". Hindustan Times. Retrieved 12 July 2014. 
  17. ^ "On Eve of BRICS Summit, Atlantic Nations Push Green Death, Pacific Pushes Development". Larouchepac.com. 8 July 2014. Retrieved 16 July 2014. 
  18. ^ "BRICS establish $100bn bank and currency reserves to cut out Western dominance – RT Business". Russia: RT. Retrieved 16 July 2014. 
  19. ^ "Press releases". Brics6.itamaraty.gov.br. Retrieved 17 July 2014. 
  20. ^ "BRICS countries near development bank deal to rival IMF, WB". Russia: RT. Retrieved 16 July 2014. 
  21. ^ "BRICS Development Bank launched, first president to be from India". The Times of India. Retrieved 17 July 2014. 
  22. ^ "Putin: No plans for BRICS military, political alliance". Russia: RT. Retrieved 16 July 2014. 
  23. ^ a b "Los líderes del BRICS, Unasur, Cuba, México y Costa Rica se citan en Brasilia". La Vanguardia. Retrieved 15 July 2014. 
  24. ^ "Argentina to Join BRICS Upcoming Summit on Russia's Invitation". FARS. Retrieved 19 June 2014. 
  25. ^ "The good, the bad and the Paris Club". Bueno Aires Herald. Retrieved 19 June 2014. 

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