BRIC Becomes BRICS and Held its 2011 Summit in Sanya, China

The BRIC nations (Brazil, Russia, India and China) added South Africa in its group in February, 2011 and hence BRIC is known as BRICS now. These nations hold meetings normally to identify the common position as far as possible on different issues which the member countries discuss in the G20 meets. They all share their views and exchange opinions. The 2011 BRICS summit was held in Sanya, China on April 14, 2011. It called for promoting cooperation among the development banks of all the five countries of BRICS to intensify trade and economic cooperation. The next BRICS summit will be held in India in 2012.

BRICS 2011 Declarations

•    Agreement was made for providing credit facilities among the member nations in their own currencies and cooperation in capital markets and other financial services. The designated Banks signed a frame work agreement.
•    The declaration supported reform and improvement of the international monetary and financial system with a broad based international reserve currency system.
•    According to the declaration it will provide stability and certainty to the system. The leaders called for further strengthening international financial regulatory reform besides policy coordination and financial regulation.
•    AIR correspondent covering the summit reports that the declaration also stresses the need for promoting the sound development of global financial markets and banking system. 
•    BRICS’ action plan unveiled encompass greater coordination among the member countries on a range of issues including fight against terrorism, challenges to food , energy and food security besides cooperation on finance, agriculture and sports.
•    The five countries agreed to intensify consultations to address the major economic and political challenges that face their countries. They stressed the need to join hands in ensuring a peaceful and orderly transformation of the world order including the United Nations Security Council that reflects contemporary and emerging realities.

BRICS Summit’s action plans

•    BRICS Summit prepared an action plan for the future. Referring to international terrorism the summit urged for an early conclusion of the UN General Assembly’s convention on international terrorism.
•    The declaration pledged full cooperation in strengthening the international information security with a focus on combating cyber crime.
•    It proposed to explore the feasibility of cooperation in the field of green economy, enhance cooperation in the scientific, technological and innovation fields and establishment of working group on Pharma industry.
•    BRICS decided to hold the first meeting of friendship cities and local governments of the member countries and engage in joint research projects on economic and trade issues.
•    They also decided to have intensified cooperation in the fields of sports and culture.
•    Leaders of the five nations called for avoiding use of force in resolving regional turbulence in the Middle East. It expressed deep concern over the turbulence in the Middle East, the North African and West African regions.