South Africa hosted the Fifth BRICS Summit at Durban International Convention Centre

Posted: April 9, 2013 in Current affairs
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The fifth BRICS Summit from 26 to 28 March 2013 was held at the Durban International Convention Centre (ICC), South Africa. The theme of the 5th BRICS Summit was: Partnership for Development, Integration and Industrialisation. The participant nations in the summit were Brazil, Russia, India, China and South Africa.

Key recommendations of the Summit are as following:
• The BRICS Nations fully support the efforts of their respective governments at the G20 that has emerged as the premiere forum to address critical global economic and financial issues. We shall work collectively to carry forward the work agenda set by the G20 leaders for promoting stronger, sustainable and more equitable growth.
• They reiterate that the world economic order is changing and that the process of developing economic policy agenda at the global level should reflect this. While there is a realization even amongst the developed countries about the increasing economic weight of emerging economies, this is not fully reflected in the governance model of global institutions such as the IMF and World Bank. We shall continue to work alongside our governments to gradually usher in governance reforms at multi-lateral institutions.
• The BRICS nation urges their respective governments to deepen their consultative engagements on economic policies to bring about stability and certainty in global financial markets.
• The BRICS nations encourage their respective governments to take steps to deepen economic engagement amongst the BRICS countries. The establishment of the BRICS Business Council is, therefore, supported as a practical measure that will deepen economic engagement amongst BRICS countries. Trade and investment are the two pillars of economic engagement amongst BRICS countries. We should look to continue enhancing intra-BRICS trade to achieve at least US$ 500 billion by 2015 as per agreement from previous Business Forum in India. It is essential to improve the quality of trade by focusing on more value added trade in all the three sectors namely manufacturing, services and agriculture. Likewise, we should capitalise on opportunities in sectors such as but not limited to agriculture and agro-processing, energy, sustainable development, infrastructure, mining beneficiation, pharmaceutical and information and communication technology. There is agreement that support for industrialisation projects on the African continent will contribute to the expansion of trade and investment links between BRICS and Africa.
• The Countries are encouraged by the discussions that are taking place amongst our respective governments towards greater cooperation in the financial sector. The possibility of setting up of a development bank and investment fund and promoting trade within this group in local currencies are particularly encouraging and progress in finalising these.

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