Participants[edit]

Hu arrived in New Delhi on 28 March 2012 [12] along with a delegation of senior
ministers which included Foreign Minister Yang Jiechi, State Councillor Dai
Bingguo as well as business executives.[13]Zuma's delegation included the Minister
of Trade and Industry, Rob Davies and business executives. All five trade ministers
were present as well.[11]
The heads of state/heads of government of the five countries participated in the
summit.
Core BRICS members
Host state and leader are shown in bold text.

Member
Brazil
Russia
India
China
South Africa

Represented by
Dilma Rousseff
Vladimir Putin
Manmohan Singh
Hu Jintao
Jacob Zuma

Gallery of participating leaders[edit]

Dilma Rousseff
President of Brazil

Title
President
President
Prime Minister
President
President

Dmitry Medvedev
President of Russia

Manmohan Singh
Prime Minister of India

Hu Jintao
President of China

Jacob Zuma
President of South Africa

Common issues[edit]

Development bank[edit]

The BRICS leaders at the summit venue; (from left) Rousseff, Medvedev, Singh,
Hu and Zuma
The main agenda for the summit was the creation of a new development bank.
[14]
The idea for setting up such a bank was put forward by India, [15] as a sign of
firming the power of the group and increasing its influence in global decisionmaking; Sudhir Vyas, a senior Indian official, said that the idea for a BRICS bank
had been "in the air for some time." [16][17]
The aims of the bank would include: funding development and infrastructure
projects in developing and least developed countries; [18] lending, in the long term,
during global financial crises such as theEurozone crisis;[19] and issuing convertible
debt, which could be bought by the central banks of all the member states and
hence act as a vessel for risk-sharing.[17]
Economic experts[which?] predicted several beneficent effects of such a bank. Such a
bank would allow successful implementation of regional development projects,
with increased efficiency and transparency.[17] Brazilian Trade Minister Fernando
Pimentel said that the bank "would be a very powerful financial tool to improve
trade opportunities, and may be a major step to support the EU to overcome its
financial crisis."[11]
In the Delhi Declaration at the end of the summit, the BRICS announced the
setting up of the bank, described as a "BRICS-led South-South development bank."
The finance ministers of the member states were directed to conduct feasibility
studies of the initiative and to submit their reports at the next BRICS summit.
[20]
Pimentel said that the proposed bank was not meant as a sign of abandonment
of existing global financial institutions, but that it was a response to current
economic necessities. Vyas commented that the BRICS would determine the
capital structure and that the initiative would take some time to get started. [21]
Other issues[edit]

Zuma's office said that South Africa would seek to advance African interests in
seeking support for infrastructure projects and industrialisation initiatives, as well
as call for reform in multilateral institutions. [11]

Conclusions[edit]
Multilateral financial institutions[edit]
All five countries called for an urgent need to implement the 2010 Governance and
Quota Reform before the 2012 International Monetary Fund World Bank Annual
Meeting. The countries also want the comprehensive review of the quota formula
to reflect economic weights and enhance the voice and representation of emerging
market and developing countries by January 2013.[22][23][24]
All five countries also called for candidatures from developing world for the
position of the President of the World Bank reiterating that the heads of IMF and
the World Bank should be selected through an open and merit-based process. [22][23]
[24]
The call came weeks before the World Bank's presidential election which
would, for the first time, feature non-United States candidates. China's Hu said:
"We are committed to stepping up exchanges with other countries on global
economic governance reforms and increasing representation of developing
countries." Manmohan Singh added that "while some progress has been made in
international financial institutions, there is lack of movement on the political side.
BRICS should speak with one voice on important issues such as the reform of the
UN Security Council."[20]
Trade and currency[edit]
To promote trade in local currencies, the BRICS countries signed the Master
Agreement on Extending Credit Facility in Local Currency and the Multilateral
Letter of Credit Confirmation Facility Agreement to replace the United States
dollar as the main unit of trade between them. [25] The trade ministers also said that
tightening intra-BRICS trade would help as an antidote to the European sovereign
debt crisis.[11] The trade ministers also called for collective action to fight the
European and United States economic downturns. At the BRICS Business Forum,
India's Commerce and Industry Minister Anand Sharmasaid that the "adversity of
financial crisis is being faced by all. There is a need to work together to overcome
this problem." His Chinese counterpart Chen Deming added that both economic
problems were affecting all states and decreased Chinese exports: "I am sure they
will recover. There is a need to prevent the EU crisis quickly before it gets worse.
There has been a decline in demand in the European markets. Despite this we have
to sustain a high level of growth." Russian Minister for Economic Development
and Trade Elvira Nabioullina added that "the world has to stop accumulating risks.
There is a need to work closer."[10]

In order to bring the economies of BRICS closer, all members agreed to launch a
benchmark equity index derivative allowing investors in one BRICS country to bet
on the performance of stock markets in the other four members without currency
risk. The indices will be cross-listed in BRICS' flagship stock exchanges from 30
March.[26]
Foreign policy issues[edit]
All five countries called for the international community to continue development
projects in Afghanistan for 10 years after the ISAF withdraws most of its combat
troops by the end of 2014.
They also condemned the Western worlds pressure tactics on Iran to make other
countries adhere to their restrictions on trade ties [27] and said dialogue alone could
resolve the nuclear issues. The group added that the 2011-2012 Syrian
uprising could also only be resolved through dialogue. They warned against any
military intervention in Syria by the West or by Israel in Iran. [28] They added that a
war with Iran would have "disastrous consequences." [29] China's Trade
Minister Chen Deming said that the "rise [in the price] of crude oil has impacted all
countries. The Iran issue has become an issue for all. We need to continue with
normal relations with Iran, but, at the same time, we respect UN resolution. We
hope that unilateral movement by one country will not affect other countries." [10]

Bilateral initiatives[edit]
India and China launched the "India-China Friendship and Cooperation" year in
the summit. Chinese President Hu Jintao that it was China's "unswerving policy" to
develop bilateral ties as he put forward a five-point proposal in an effort to improve
strategic ties between the two states. Chinese Foreign Ministry spokesman Hong
Lei said of Hu's reaction that he thought "there is a great cooperation potential and
prospect of development for China-India relations. China hopes to work with India
to seize development opportunities, step up development, jointly respond to
challenges and make greater contribution to peace and prosperity of Asia and
beyond." Indian Prime Minister Manmohan Singh responded by saying that "India
hopes to maintain high-level exchange of visits with China, deepen strategic
mutual trust, expand win-win cooperation and hope to make strategic economic
dialogue between the two countries a success." [30]
Both states agreed to initiate dialogue over issues in West Asia, Central Asia and
Africa as confidence building measures towards enhancement of political
interaction. They also discussed border disputes with a conclusion to maintain the
status quo peace and stability. On the economic front, Hu stated that he would
work towards facilitating Indian exports to China; Singh called for Chinese
investments in the Indian manufacturing and infrastructure sectors. [31]

Controversies[edit]
Protests[edit]
On 26 March, a Tibetan activist named Jamphel Yeshi set himself on fire at a rally
in Delhi and subsequently died of his burns two days later. Yeshi was given a
"martyr's funeral" by several Tibetan exile organisations; [32] a rally was held
in Dharamshala in his memory.[33] On 28 March, protesters attempted to storm into
the hotel where Hu was staying, prompting an increase in security for the officials.
Around ten Tibetan activists unfurled a Tibetan flag near the hotel, and attempted
to march towards the summit venue but were detained by the police. [34] Protesters
were also present at the United Nations office where the Tibetan Youth
Congress submitted memorandums to the embassies of the participating states.
Similar protests were also held at Khan Market and the Jantar Mantar, prompting a
heavy police presence in such areas.[35] Police camps were set up in certain colonies
of Tibetan refugees in Delhi.[36] Almost 300 protesters were arrested for breaking
laws during their anti-China protests.[37]
China responded strongly to the protests, and accused the exiles of pushing
"extreme and radical views by glorifying and instigating extreme behavior."
Chinese spokesperson Luo Zhaohui termed the protests as "political" and
"inconsistent with the teachings of Buddhism." Luo expressed regret over the loss
of life and praised the Indian government's efforts to "[ensure] the safe and smooth
holding" of the summit.[38][39] The state-run China Tibet Online made a number of
statements against the Dalai Lama, claiming that he was "controlled by USA" and
that his relatives worked for the Central Intelligence Agency. It pointed out
"similarities" between the Dalai Lama's activities and the "uncontrolled and
cruel Nazis" during World War II. It also claimed that he wanted Tibet to become
his "property" and Tibetans his "slaves", by dividing China and "restoring Tibetan
serfdom."[40] The report was subsequently relayed by Xinhua. The Simon
Wiesenthal Center criticised the comparison, calling it a "double slander", on the
premise that the Dalai Lama's tactics are antithetical to the actions of the Nazi
regime.[41] The government of India perceived the disruptions as a loss of
face[42] and acted to detain protesters, cordon off areas with Tibetan populations,
and provide police escorts.[35] However, despite warnings, the Tibetan Youth
Congress announced that they would continue to protest in the city.[43] During
the Rajya Sabha's Zero Hour, the Bharatiya Janata Party's Balbir Punj condemned
the arrests of protesters, labeling it a "violation of people's fundamental rights". [36]
The day before the summit, the Parliament of the Central Tibetan
Administration called on the other BRICS members to discuss the issue at the
summit as they felt that the situation in Tibet continued to deteriorate amidst
China's use of "brutal methods" against peaceful protests. [44]
Traffic[edit]

A day prior to the summit, traffic restrictions were imposed in Sardar Patel Marg so
as to allow proper movement of the visiting dignitaries. Such restrictions were
expected to affect traffic at major city roads,India Gate and Rajiv Chowk.
However, despite an earlier announcement stating that restrictions would be
imposed in the evening, the restrictions were placed by the afternoon. As a result,
commuters were left stranded due to traffic blocks. Despite advisories from the
police, there was confusion on the roads.[45] Some people reported that they were
held up at the roads for several hours. The blocked roads were also used by
commuters travelling from satellite towns into Delhi, thus forcing the people to
find alternate options for traveling. The Delhi Police's advice of avoiding the
blocked routes and finding alternate routes was met with criticism as such
measures would add considerably to commuting time. Commuter displeasure was
also expressed on social networking sites like Facebook. The traffic conditions in
the city made many commuters use the Delhi Metro to reach their destinations.[46]

Reactions[edit]
Mark Toner, a spokesman for the United States Department of State, said that it
had "reviewed the leaders' Delhi declaration and believe that their efforts to engage
in global multilateral institutions productively can only strengthen the international
system", adding that its efforts to support the global economy and development in
Afghanistan were welcomed. However, in regards to Iran, he said that U.S.
President Barack Obama "has said that no option has been taken off the table, he's
also been very clear that there's still... time for a diplomatic solution." [29]

5th BRICS summit

From Wikipedia, the free encyclopedia

This article does not follow Wikipedia's guidelines on the use of

different tenses. Please consider copy editing to past tense if historic,
present tense if not time-based (e.g. fiction), or future tense if
upcoming. (March 2014)

5th BRICS Summit

Host country

South Africa

Date

2627 March 2013

Venue(s)

Durban ICC

Cities

Durban

Participants

BRICS

Follows

4th BRICS summit

Precedes

6th BRICS summit

Website

www.brics5.co.za

The 2013 BRICS summit was the fifth annual BRICS summit, an international relations
conference attended by the head of states or heads of government of the five member
states Brazil, Russia, India, China and South Africa. The summit was held in Durban, South
Africa in 2013.[1] This completed the first cycle of BRICS summits.
Contents
[hide]

1 Background

2 Participants

3 Discussions
o

3.1 Reactions

4 References

5 External links

Background[edit]
A declaration at the end of 2012 BRICS summit read that: "Brazil, Russia, India and China thank
South Africa for the proposal to host the 5th summit in 2013. They intend to provide multifaceted
support for it."[2] The BRICS leaders are expected to discuss the establishment of a new
development bank.[3] According to Mikhail Margelov they will seek agreement on the amount of
starting capital.[4]

Participants[edit]
China's Xi Jingping made this the first summit of his presidency.[5]
The heads of state/heads of government of the five countries that participated in the summit
were:

Core BRICS members

Host state and leader are shown in bold text.

Member

Represented by

Title

Brazil

Dilma Roussef

President

Russia

Vladimir Putin

President

India

Manmohan Singh

Prime Minister

China

Xi Jinping

President

South Africa

Jacob Zuma

President

Discussions[edit]
The summit commenced on 26 March at 17:30 GMT. Amongst the important issues being
discussed was the creation of the development bank, in follow up from the previous summit. It
sought to create an infrastructure-focused bank. The disputes over the bank were in regards to
what it would do and how it would provide an equitable return on the initial investment of about
US$100bn.[5]

Reactions[edit]
Host President Jacob Zuma said of the summit that it could address South Africa's economic
problems, such as high unemployment. He added: "BRICS provides an opportunity for South
Africa to promote its competitiveness. It is an opportunity to move further in our drive to promote
economic growth and confront the challenge of poverty, inequality and unemployment that afflicts
our country. "
Daniel Twining of the German Marshall Fund said: "Ironically it may be the cleavages within the
BRICS grouping that more accurately hint at the future of the global order: tensions between

China and Brazil on trade, India on security, and Russia on status highlight the difficulty Beijing
will have in staking its claim to global leadership."[5] The media suggested the bank was way to
bypass the IMF and the World Bank.[6]

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 Braslia 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
resulteBackground[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 1416 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

Brazil

Represented by

Dilma Rousseff[10]

Title

President

Russia

Vladimir Putin[10][11]

President

India

Narendra Modi[10]

Prime Minister

China

Xi Jinping[10][12]

President

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 Fernndez de Kirchner,President of
Argentina, was invited to join the proceedings.[13][14][15][16]
d in the official inauguration of the New Development Bank.

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 inJohannesburg, 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]