6th BRICS Summit 2014-Fortaleza, Brazil

Agenda

  • 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. Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also signed.
  • 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.”
  • Some analysts read the announcement of the NDB as a challenge to the IMF and World Bank. 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.
  • Russian President Vladimir Putin stated that the BRICS sought to reduce dependency on the U. S. Dollar and strengthen the rule of international law: 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.

Participants

  • Member-Represented by-Title
  • Brazil-Dilma Rousseff-President
  • Russia-Vladimir Putin-President
  • India-Narendra Modi-Prime Minister
  • China-Xi Jinping-President
  • South Africa-Jacob Zuma-President