BRICS Summit 2014 abbreviated after Brazil, Russia, India, China and South Africa; is an ambassadorial meeting comprising of the above mentioned countries. This five-year summit is being held in Fortaleza, Brazil on the 14th, 15th, and 16th of July this year. BRICS Summit 2014 is the 6th annual Summit of the federation that marks importance of social togetherness and sustainable development. In April 2010, Brazil hosted only a ‘BRIC’ Summit that included South Africa only as a guest then, but later in December that year, South Africa was granted full membership and the federation was renamed as ‘BRICS Summit’. BRICS Summit led to the formation of New Development Bank.
The aim and objective of BRICS Summit 2014 is to develop and maintain healthy social relations with other countries and achieve sustainable development. Brazil, Fortaleza rendezvous will showcase the Summit’s accomplishments in addition to holding a debate on achieving its potential. Second in their agenda of discussion are issues regarding Contingent Reserve Arrangement (CRA) and the New Development Bank (NBD). The CRA’s role is to act as a reserve for BRICS countries in matters of Balance of Payment.
The NBD launched with a capital of $100 billion, is assigned the task of being accountable for finance infrastructure and sustainable development projects. The Shanghai based bank with operations being handled by India for initial five years will fund projects that are based on infrastructure. The NBD will then by presided over by Brazil, Russia and other member countries.
The goal behind setting up BRICS is backed by tranquility, refuge, growth and teamwork. While being consistent on achieving these objectives, all the member countries pledge to enhance social-togetherness with a transformed revelation that is based on reliability and cooperation. With this set goal, members of the Summit can experience a bond in economic partnership to aid in matters of market, finance and infrastructure.
A meeting comprising of Leaders of BRICS and State Heads and/or South American Government will be held on the 16th of July 2014 to discuss the priority country among the developing countries of the BRICS.
14th July 2014 of the VI BRICS Summit will witness the meetings of Finance Ministers and Central Bank Governors, Trade Ministers, Development Bank Presidents, Business Forum; and BRICS Business Council.