The Fourth BRICS summit was held in New Delhi on 29 March 2012. The theme of the summit was BRICS partnership for Global Stability, Security and Prosperity. The summit was participated by India, Brazil, Russia, China and South Africa. At the end of the summit, Delhi Declaration was issued. Development banks of BRICS signed two agreements- i) Master agreement on extending credit facility in local currency. ii) BRICS Multilateral letter of credit confirmation facility agreement. The five participating banks are Banco Nacional de Desenvolvimento Economico e Social- BNDES, Brazil; State Corporation Bank for Development and Foreign Economic Affairs-Vnesheconombank of Russia; Export-Import bank of India; China Development Bank Corporation, and Development Bank of Southern Africa. These two agreements are expected to enhance cooperation among the BRICS development banks and to significantly promote intra-BRICS trade.
Highlights of Delhi Declaration
- BRICS nations agreed on the reform of IMF and world bank.
- Brazil, India, China and South Africa congratulated the Russian Federation on its accession to the WTO.
- BRICS nation said they were committed to playing their part in the global fight against climate change and will contribute to the global effort in dealing with climate change issues.
Background of BRICS
The BRIC (Brazil, Russia, India and China) idea was first conceived in 2001 by Goldman Sachs as part of an economic modeling exercise to forecast global economic trends over the next half century; the acronym BRIC was first used in 2001 by Goldman Sachs in their Global Economics Paper No. 66, "The World Needs Better Economic BRICs".
Expansion of BRIC into BRICS
BRIC Foreign Ministers at their meeting in New York on 21st September 2010 agreed that South Africa may be invited to join BRIC. Accordingly, China, as the host of 3rd BRICS Summit, invited South African President to attend the Summit in Sanya on 14 April 2011 with the concurrence of other BRIC Leaders.
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