Fortaleza Declaration issued at the 6th BRICS Summit

Jul 18, 2014 16:21 IST

6th BRICS Summit was held in Fortaleza, Brazil on 15 July and 16 July 2014. The theme of the Summit was Inclusive Growth: Sustainable Solutions.

During the plenary session on 15 July 2014, the participating countries Brazil, Russia, India, China and South Africa jointly issued the Fortaleza Declaration.

Main Highlights of the Fortaleza Declaration

  • Russia will host the Seventh BRICS Summit in 2015 in the city of Ufa
  • South Africa to host the 4th Meeting of BRICS Competition Authorities in 2015 to improve competition policy and enforcement
  • To establish BRICS Information Sharing and Exchange Platform to facilitate trade and investment cooperation
  • Proposed to establish the BRICS Network University recognizing the strategic importance of education for sustainable development and inclusive economic growth
  • Agreement for establishing the New Development Bank (NDB) with 100 billion US dollars corpus having equal distribution from all the BRICS countries for mobilizing resources for infrastructure and sustainable development projects in BRICS.
  • Treaty for the establishment of the BRICS Contingent Reserve Arrangement (CRA) with an initial size of 100 billion US dollars to forestall short-term liquidity pressures
  • Memorandum of Understanding on Cooperation among BRICS Export Credit and Guarantees Agencies that will improve the support environment for increasing trade opportunities among our nations
  • National Institutes of Statistics and the Ministries of Health and Education of BRICS countries asked to work on the development of joint methodologies for social indicators to be incorporated in the BRICS Joint Statistical Publication.
  • The BRICS countries pledged to contribute to the G20 goal of lifting our collective GDP by more than 2 percent above the trajectory implied by current policies over the coming 5 years.
  • To explore avenues of cooperation in insurance and reinsurance market among BRICS countries to realize the potential and pool capacities
  • To continue cooperative approach on issues related to tax administrations and to enhance cooperation in the international forums targeting tax base erosion and information exchange for tax purposes.
  • BRICS countries called the International Monetary Fund (IMF) to find ways to implement the 14th General Review of Quotas without further delay so as to ensure increased voice and representation of Emerging and developing countries
  • Called on the membership of the IMF to reach a final agreement on a new quota formula together with the 15th General Review of Quotas so as not to further jeopardize the postponed deadline of January 2015
  • To initiate the work on the next shareholding review at the World Bank as soon as possible in order to meet the agreed deadline of October 2015.
  • It is proposed to establish BRICS Economic Cooperation Strategy and a Framework of BRICS Closer Economic Partnership which lay down steps to promote intra-BRICS economic, trade and investment cooperation.
  • To establish by the end of 2014 a post-Bali work program for concluding the Doha Round, based on the progress already made and in keeping with the mandate established in the Doha Development Agenda, Public Stock-Holding for Food Security Purposes and implementation of the Agreement on Trade Facilitation.
  • Reaffirmed the United Nations Conference on Trade and Development’s (UNCTAD) mandate as the focal point in the UN system dedicated to consider the interrelated issues of trade, investment, finance and technology from a development perspective
  • Called for a comprehensive reform of United Nations in line with the 2005 World Summit Outcome Document so as to make it more representative, effective and efficient
  • To support the convening, at the earliest possible date, of the Conference on the establishment of a Middle East zone free of nuclear weapons and all other weapons of mass destruction.
  • Called for an inclusive and consensus-based multilateral consultations on a draft International Code of Conduct on Outer Space Activities
  • The proposal for the creation of an Anti-Drug Working Group presented at the Second Meeting of BRICS Heads of Drug Control Agencies.
  • BRICS countries reaffirmed their commitment to the implementation of the UN Global Counter-Terrorism Strategy.
  • BRICS countries also reiterated their commitment to the implementation of the Convention on Biological Diversity and its Protocols, with special attention to the Strategic Plan for Biodiversity 2011-2020 and the Aichi Targets.
  • To combat domestic and foreign bribery, and strengthen international cooperation, including law enforcement cooperation, in accordance with multilaterally established principles and norms, especially the UN Convention Against Corruption.
  • Commended South Africa for the full implementation of the eThekwini Action Plan

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Quick Digest

Who: Fortaleza Declaration

Where: Fortaleza , Brazil

What: issued

When: 15 July 2014

Is this article important for exams ? Yes226 People Agreed

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