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6th BRICS Summit
Sexta cúpula do BRICS
2014 BRICS summit logo.png
Official logo
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 and Brasília[2]
Participants BRICS
Follows 5th BRICS summit
Precedes 7th BRICS summit
Website brics6.itamaraty.gov.br

The 6th BRICS summit was the sixth annual diplomatic meeting of the BRICS, a grouping of major emerging economies that includes Brazil, Russia, India, China and South Africa. It was hosted by Brazil, as the first host country of the current five-year summit cycle;[3] the host city was Fortaleza.[4] Though Brazil had previously hosted a four-member BRIC summit in April 2010, 2014 marked its first full BRICS summit;[5] the 2010 summit in Brasília did not officially include South Africa, who were only invited as guests as a prelude to their gaining full membership in December 2010.[6] Argentine President Cristina Kirchner was a special guest of the summit, and the BRICS leaders met with their UNASUR counterparts shortly after. The 6th BRICS summit resulted in the official inauguration of the New Development Bank.

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 intended to complete the arrangements for the bank 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 ultimately held on 14–16 July 2014.[9]

Participants[edit]

The BRICS leaders at the 6th BRICS summit. Left to right: Putin, Modi, Rousseff, Xi and Zuma.

The heads of state and heads of government that participated in the summit were:

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

The 6th BRICS summit was Narendra Modi's first major international summit as Prime Minister of India. In addition to the five BRICS leaders, Cristina Fernández de Kirchner, President of Argentina, was invited to join the proceedings.[13][14][15][16]

Agenda[edit]

On 15 July, the group signed a document to create the US$100 billion New Development Bank (NDB) and a reserve currency pool worth an additional US$100 billion.[17] 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] Some analysts read the announcement of the NDB as a challenge to the IMF and World Bank.[20] The NDB is designed to represent all five of the group's member nations – its headquarters will be in Shanghai, the institution's first president will be from India, the bank's first regional office will be in Johannesburg, the inaugural chairman of the board of governors will be from Russia and the first chairman of the board of directors will be from Brazil. The presidency, with a term of five years, will rotate among the members of the BRICS.[21]

Russian President Vladimir Putin stated that the BRICS 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.

Bilateral meetings[edit]

During the summit, Xi Jinping was said to have told Narendra Modi that China was willing to consider expanding the Shanghai Cooperation Organization to include India as a full member at the 2014 SCO summit.[23]

BRICS–UNASUR summit[edit]

The five BRICS members and eleven invited UNASUR members at the summit.

The BRICS held a summit with the UNASUR leaders in Brasília on 16 and 17 July.[24]

Invited UNASUR heads of state[24]

Gallery of participating leaders[edit]

Members:

References[edit]

  1. ^ "Programme: VI BRICS Summit". Brazilian Ministry of External Relations. 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. June 2014. Retrieved 19 June 2014. 
  13. ^ a b "Argentina invited to BRICS meeting in Brazil". Buenos Aires Herald. 29 May 2014. Retrieved 19 June 2014. 
  14. ^ a b "Argentina to Join BRICS Upcoming Summit on Russia's Invitation". FARS. 31 May 2014. Retrieved 19 June 2014. 
  15. ^ a b "The good, the bad and the Paris Club". Bueno Aires Herald. 1 June 2014. Retrieved 19 June 2014. 
  16. ^ a b "BRICS summit: PM Modi to leave for Brazil tomorrow, will seek reforms". Hindustan Times. 13 July 2014. Retrieved 26 January 2015. 
  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. 15 July 2014. 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. 16 July 2014. Retrieved 16 July 2014. 
  21. ^ "BRICS Development Bank launched, first president to be from India". The Times of India. 16 July 2014. Retrieved 17 July 2014. 
  22. ^ "Putin: No plans for BRICS military, political alliance". RT.com. 15 July 2014. Retrieved 16 July 2014. 
  23. ^ "Delhi gears to join China-Russia club - America sniffs Nato ‘counterweight’". Telegraph India. 5 August 2014. Retrieved 25 October 2014. 
  24. ^ a b "Los líderes del BRICS, Unasur, Cuba, México y Costa Rica se citan en Brasilia". La Vanguardia. 15 July 2014. Retrieved 26 January 2015. 


Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/6th_BRICS_summit — Please support Wikipedia.
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301 news items

RT

RT
Wed, 20 May 2015 10:04:56 -0700

During the most recent 6th BRICS summit in July 2014, Brazil, Russia, India, China and South Africa established the $100 billion New Development Bank (NDB). The NDB is expected to rival Western dominance in financing development and become a key ...

teleSUR English

teleSUR English
Sat, 02 May 2015 15:59:05 -0700

Vladimir Putin, Narendra Modi, Dilma Rousseff, Xi Jinping and Jacob Zuma at the 6th BRICS summit in Fortaleza, Brazil, on July 15, 2014. | Photo: AFP. Previous; Next. Published 2 May 2015. 0. Coments +. We Recommend ...

Press TV

Press TV
Thu, 21 May 2015 02:33:45 -0700

BRICS members and guests pose for a group photo at the 6th BRICS summit 2014 in Brazil. The highlight of the agreements was an ambitious plan to link Brazil's eastern coast with the Peruvian Pacific coast via a transcontinental railway. The railway ...

InSerbia News

InSerbia News
Tue, 12 May 2015 04:48:45 -0700

During the 6th BRICS summit in Fortaleza in June 2014 the members agreed to forge ahead with the $100 billion NDB, as well as a reserve currency pool worth over another $100 billion. In March this year, Russian President Vladimir Putin ratified the NDB.

South China Morning Post (subscription)

South China Morning Post (subscription)
Wed, 13 May 2015 21:02:47 -0700

Formally established at the 6th BRICS summit in Brazil last July, the bank - set up as a counterweight to the dominance of the two main western-led multilateral institutions, the World Bank and the International Monetary Fund (IMF) - shows the extent ...

RT

RT
Mon, 21 Jul 2014 03:52:28 -0700

The 6th BRICS summit in Fortaleza, Brazil, has highlighted the increasing role of emerging countries in international affairs and their ability to share strategic interests and approaches while reaching for their development goals. In my opinion, the ...

Devex

Devex
Thu, 14 May 2015 04:26:15 -0700

Brazilian President Dilma Rousseff and Indian Prime Minister Narenda Modi shake hands during the 6th BRICS Summit held in Brazil. More development cooperation and increasing south-south cooperation mean better global development assistance.

Jagran Post

Jagran Josh
Tue, 12 May 2015 00:59:00 -0700

BRICS group of nations comprising Brazil, Russia, India, China and South Africa in 2014 signed a pact to set up NDB and emergency reserve fund during the 6th BRICS Summit being held in Fortaleza, Brazil. • In the beginning, bank will start operating ...
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