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BRICS [Brazil, Russia, India, China and South Africa]

March 07, 2013

  • The BRIC [Brazil, Russia, India and China] idea was first conceived by economists of Goldman Sachs as part of an economic modeling exercise to forecast global economic trends over the next half century; the acronym BRIC was first used in 2001 by Goldman Sachs in their Global Economics Paper No. 66, "The World Needs Better Economic BRICs".
    Expansion of BRIC into BRICS
  • BRIC Foreign Ministers at their meeting in New York on 21st September 2010 agreed that South Africa may be invited to join BRIC. Accordingly, China, as the host of 3rd BRICS Summit [in fact the 1st BRICS Summit as South Africa joined BRIC at this Summit], invited South African President to attend the Summit in Sanya on 14 April 2011 with the concurrence of other BRIC leaders.
    First Summit, Yekaterinburg, Russia, June 2009
  • Prime Minister, Dr Manmohan Singh, attended the first BRIC Summit in Yekaterinburg on 16 June 2009. The Summit adopted Joint Statement of BRIC Leaders and a Joint Statement on Global Food Security.
    Second BRIC Summit, Brasilia, April 2010
  • Brazil hosted the second BRIC Summit in Brasilia on 15 April 2010; Prime Minister, Dr Manmohan Singh, led the Indian delegation which included Minister of Commerce and Industry. A Joint Statement was issued after the Summit. A Memorandum of Cooperation was signed among BRIC Development Banks (EXIM Bank from the Indian side). The First edition of the BRIC Statistical publication was also released.
    Third BRIC (and first BRICS) Summit, Sanya, China, April 2011
  • The third BRICS Summit was held on 14 April 2011 at Sanya. Prime Minister, Dr Manmohan Singh, led the Indian delegation to the Summit. The theme of the Summit was "Broad Vision and Shared Prosperity”. Sanya Declaration was issued at the Summit.
    Fourth BRICS Summit, Delhi, 29 March 2012
  • The 4th BRICS Summit was held in New Delhi on 29 March 2012. Under the broad rubric of "BRICS Partnership for Global Stability, Security and Prosperity”. The Delhi Declaration at the conclusion of the Summit was issued outlining shared positions of BRICS countries on global issues and giving a roadmap for further cooperation among BRICS countries.images/ubanner.jpg
    Fifth Summit: Durban, South Africa, 27 March 2013
  • The 5th BRICS Summit, the last in the first cycle of Summits, will be hosted by South Africa on 27 March 2013. South Africa will assume the Chair of BRICS from India at the Durban Summit. The Summit will be preceded by a number of pre-Summit events: meeting of BRICS Academic Forum in Durban on 10–13 March 2013; BRICS Economic Forum on 25th March 2013; meeting of BRICS Trade Ministers on 26th March 2013; BRICS Business Forum on 26th March 2013.
  • The overarching theme of the Durban Summit is '"BRICS and Africa: Partnership for Development, Integration and Industrialisation'. ‘BRICS – Africa Dialogue Forum’ will be held in the afternoon of 27 March 2013 under the theme ‘Unlocking Africa’s potential: BRICS and Africa Cooperation on Infrastructure’. images/ubanner1.jpg
    Consultations of BRICS Leaders on the Margins of G-20 Summits
  • Prime Minister, Dr Manmohan Singh, Chaired a meeting of BRICS Leaders in Los Cabos, Mexico, on 18 June 2012, on the sidelines of the G20 Summit for an exchange of views on the Summit agenda. BRICS Leaders also discussed swap arrangements among the national currencies as well as reserve pooling. A similar consultation meeting was held in Cannes, France on 3 November 2011, on the margins of the G20 Summit.
    Foreign Ministers’ Meetings
  • Foreign Ministers of BRICS have been meeting regularly in New York on the sidelines of UNGA since September 2006. India hosted the meeting of Foreign Ministers in New York on 23 September 2011. The last meeting was hosted by South Africa on 26 September 2012.
  • The first standalone meeting of BRIC Foreign Ministers was held in Yekaterinburg, Russia on 16 May 2009. A Joint Communiqué was issued at the Meeting.
    Finance/Economic Ministers’ Meetings
  • The first meeting of BRICS Economic/Finance Ministers was held in November 2008 in Sao Paolo, Brazil for consultations in the wake of the global economic and financial crisis. BRICS Economic/Finance Ministers meet regularly on the sidelines of G20 meetings and IMF/WB annual meetings; the last meeting of BRICS Finance Ministers and Central Bank Governors was held in Tokyo on 11 October 2012.
    High Representatives on National Security
  • Russia hosted the First meeting of BRICS High Representatives on National Security (National Security Advisors) in March 2009. The Second meeting was held prior to the Second Summit in Brasilia in April 2010. The Third meeting was hosted by Russia in Sochi, in October 2010. A meeting of BRICS NSAs was held on the margins of the third International Meeting of High-level Representatives on Security Issues in St Petersburg, Russia on 10-11 June 2012. The third Meeting of BRICS High Representatives on Security was held in New Delhi on 10-11 January 2013.
    Agriculture Ministers’ Meetings
  • Two meetings of BRICS Agriculture Ministers have taken place; the first in Moscow on 26 March 2010 and the second in Chengdu, China on 28 October – 1 November 2011. A Joint Declaration was issued at the meeting and Action Plan for 2012-2016 for Agricultural Cooperation among BRICS countries outlining priority areas was adopted. A Working Group on Agriculture has also been set up to deepen cooperation in Agriculture. India hosted the 2nd meeting of the Working Group on 27-28 August 2012 in New Delhi.
    Trade Ministers’ Meetings
  • BRICS Trade Ministers met in Sanya, China on 13 April 2011 on the sidelines of the third Summit as well as in Rio in April 2010 in the run-up to the second BRIC Summit. Trade Ministers also met on the sidelines of the 8th WTO Ministerial Conference in Geneva in December 2011. A standalone meeting of Trade Ministers was held on 28 March 2012 in New Delhi before the 4th Summit. BRICS Trade Ministers also met in Puerto Vallarta, Mexico, on 19 April 2012 on the sidelines of the G20 Trade Ministers' Meeting.
    Health Ministers’ Meetings
  • The First meeting of BRICS Health Ministers was held in July 2011 in Beijing to explore areas of cooperation in the health sector. BRICS Health Ministers also met in Geneva on 22 May 2012. India hosted the third meeting of Health Ministers on 10-11 January 2013.
    Science & Technology Senior Officials
  • The first meeting of Science & Technology Senior Officials was held on 14-16 September 2011 in Dalian, China. Indian delegation was led by MoS for S&T. The second meeting was hosted by South Africa in November 2012. The third meeting will hosted by India in 2013.
    Competition Authorities
  • The first meeting of BRIC Competition Authorities was held in Kazan, Russia on 1 September 2009. The second meeting was hosted by China in Beijing on 20-22 September 2011. India will host the next meeting in New Delhi on 20-22 November 2013.
    BRICS Development Banks
  • The first meeting of Development Banks was hosted by Brazil in April 2010; EXIM Bank participated from India in this BRICS process. An MoU laying the foundation of BRICS Inter-Bank Cooperation Mechanism was signed at the Meeting. Following up on the MoU, BRICS Development Banks signed a Framework Agreement on' Financial Cooperation within the BRICS Inter-bank Cooperation Mechanism. The Framework Agreement envisaged grant of credits in local currencies and cooperation in capital markets and other financial services including access to capital and financial markets and treasury transactions in member countries and issuing local currency bonds in BRICS markets. Development Banks are now pursuing the cooperation further. A Technical Meeting was hosted by EXIM Bank in Kumarakoram, Kerala on 15-16 February 2012 to finalize texts of (i) Master Agreement on Extending Credit Facility in Local Currencies, and (ii) BRICS Multilateral Letter of Credit Confirmation Facility Agreement, which were signed at the Delhi Summit.
    BRICS led New Development Bank
  • India mooted the idea of setting up of a BRICS-led South–South Development Bank, mainly funded and managed by BRICS countries to recycle surpluses into investment in developing countries for infrastructure and sustainable development project. The idea was discussed at the BRICS Finance Ministers and Central Bank Governors' meeting held on 25 February 2012 on the sidelines of G20 Finance Deputies, Central Bank Governors and Finance Ministers' meeting in Mexico City. The first meeting of experts to examine the feasibility and viability of this idea was held in New Delhi on 19 March 2012. The matter has been under discussion at technical level through a number of meetings; the last such meeting was held in Moscow on 15 February 2013 on the sidelines of G-20 meetings.
    Statistical Organizations
  • BRICS National Statistical authorities have held four meetings; the last meeting in New Delhi on 6-8 February 2012. BRICS National Statistical Authorities bring out BRICS Statistical Publication; the first was issued at the second Summit in Brasilia in April 2010 and its revised edition after South Africa’s joining of BRICS, was issued at the third Summit in Sanya. The last revised edition was released at the Delhi BRICS Summit on 29 March 2012. The next edition is expected to be released at the Durban Summit in March 2013.
    Academic Forum (Track-II)
  • India hosted the first BRIC Academic Forum in May 2009 as preparatory event to feed into the first BRICS Summit in Yekaterinburg, Russia in June 2009. Brazil hosted the second Academic Forum before the second Summit on 14-15 April, 2010. China hosted the third meeting in Beijing in March 2011. The fourth meeting of Academic Forum was held in New Delhi on 5-6 March 2012. Observer Research Foundation (ORF) coordinates India's engagement with BRICS Track-II process jointly with RIS and ICRIER. South Africa is hosting the Fifth Meeting in Durban on 10-13 March 2013.
    Business Forum
  • Three BRICS Business Forum meetings have taken place; the last in New Delhi on 28 March 2012 on the sidelines of the 4th Summit. An MoU identifying Focal Points in BRICS countries for coordinating business activities was signed at the second meeting in Sanya in April 2011. FICCI signed the MoU from Indian side.
    BRICS Economic Research Group
  • This is a new initiative taken by India to bring together economic think-tanks and chief editors of business and economic magazines/publications from BRICS, to evolve BRICS thinking on economic linkages and developmental challenges within and outside BRICS. National Institute of Public Finance and Policy (NIPFP) from India hosted the first meeting on 27 February 2012 in New Delhi.
    Other Areas of Engagement
  • Other areas of engagement include meeting of Mayors of BRICS cities (the last meeting was held in Qingdao, China in May 2011. Mumbai Municipal Commissioner has attended these meetings) and BRICS Friendship Cities meeting (the first meeting held in Sanya, China on 1-3 December 2011). Greater Mumbai Municipal Corporation hosted the 5 meeting of BRICS Mayors and the 2nd meeting of the BRICS Friendship Cities on 15-17 January 2013. The First Meeting of BRICS Urbanization Forum was held in New Delhi under India's chairmanship on 1 February 2013.
    BRICS Study
  • At Prime Minister's suggestion at the first BRIC Summit in Yekaterinburg, Russia in June 2009, DEA, Ministry of Finance, coordinated a BRICS Study focusing on synergies and complementarities between the BRICS economies and highlighting their role as growth drivers of the world economy. The Report was released by the Leaders at the Delhi Summit in March 2012.

Read more:

The BRICS Report - Executive Summarybrics.pdf [15 KB]

4th BRICS Summit - Delhi DeclarationExternal website that opens in a new window

3rd BRICS Summit – Sanya DeclarationExternal website that opens in a new window

For more information on the forthcoming BRICS Summit in Durban please see website that opens in a new window


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