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7th BRICS Summit to be held in Russian city of Ufa

Jul 17, 2014 17:03 IST

Ufa: 7th BRICS Summit to be held in 2015

7th BRICS Summit will be held in Russian city of Ufa in 2015. The announcement was made in Fortaleza Declaration on 16 July 2014 on the sidelines of 6th BRICS Summit in Fortaleza, Brazil.

Ufa is the capital city of the Republic of Bashkortostan, Russia, and the industrial, economic, scientific and cultural centre of the republic.

Brazil, India, China and South Africa conveyed their appreciation to Russia for its offer to host the Seventh BRICS Summit in 2015 in the city of Ufa and extend their full support to that end.

The sixth summit was attended by Prime Minister Narendra Modi, Presidents Vladimir Putin of Russia, Xi Jinping of China, Jacob Zuma of South Africa and Dilma Rousseff of Brazil.

 About BRICS

The term BRIC was first used in 2001 by international investor firm Goldman Sachs in their Global Economics Paper No. 66, The World Needs Better Economic BRIC.

The first summit of the leaders of BRIC countries was held in the Russian city of Yekaterinburg in June 2009. Brasilia hosted the 2nd BRICS summit in 2010, followed by Sanya in China in 2011, New Delhi in 2012 and Durban in 2013.

In global geopolitics, the acronym BRICS has a special character and weight as the five countries comprise 20 per cent of global GDP amounting to 24 trillion dollars at PPP, 40 per cent of the world’s population and 1/4th of the world’s landmass.

The BRICS is a unique grouping in so far as it’s not a geography-bound grouping like the EU or the ASEAN; or a commodity-based club, like the OPEC, or a security-based alliance such as the NATO. What provides mortar to cement the grouping is the joint strategic will of BRICS countries to reconfigure the world order and engage the world in search of inclusive growth and sustainable solutions.

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Read more Current Affairs on: BRICS , Ufa , Fortaleza Declaration , Fortaleza , Goldman Sachs , Russia , India , Brazil , China , South Africa

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