Ufa Declaration released at 7th BRICS Summit in Ufa

Jul 10, 2015 13:26 IST

Head of BRICS (Brazil, Russia, India, China and South Africa) nations on 9 July 2015 released the Ufa Declaration. The declaration was released after the 7th BRICS summit held in the Russian city of Ufa in Bashkortostan from 8 to 9 July 2015.

7th BRICS Summit was held under the theme ‘BRICS Partnership – a Powerful Factor of Global Development’.

The Ufa declaration saw the support for India to host the Eighth BRICS Summit in 2016.

Main highlights
• Ufa declaration saw the resolve of the BRICS nations to step coordinated efforts in responding to emerging challenges, ensuring peace and security, promoting development in a sustainable way.
• Highlighting the need to reform UN Security Council (UNSC), China and Russia supported Brazil, India and South Africa aspiration to play a greater role in the UN
• Expressing the disappointment over United States failure to ratify IMF 2010 reform package, the BRICS nations called the US to ratify it by mid-September 2015. The IMF 2010 reform package called for increase in the institution’s quota resources and the revision of quotas and voting power in favour of developing countries and emerging markets.
• Welcoming Kenya’s hosting of the 10th WTO Ministerial Conference (MC10) in Nairobi on 15-18 December 2015, the member nations for working together to strengthen an open, transparent, non-discriminatory, and rules-based multilateral trading system as embodied in the WTO.
• In the economic sphere, BRICS nations expressed support for the development of action-oriented economic cooperation and systematic strengthening of economic partnership for the recovery of global economy and resisting protectionism.
• BRICS financial institutions, viz., Contingent Reserve Arrangement (CRA), New Development Bank (NDB) that was established during 6th BRICS Summit at Fortaleza was ratified
BRICS Inter-Central Bank Agreement that sets technical parameters of operations within the BRICS CRA was signed
• Adoption of Strategy for the BRICS Economic Partnership to foster trade, economic and investment cooperation between BRICS nations. In this regard, the ministers/sherpas were asked to develop a roadmap for the period until 2020.
• Looking forward to the sixth session of the Conference of State Parties to the UN Convention against Corruption (UNCAC) to be held in St. Petersburg in November 2015, the BRICS members decided to create a BRICS Working Group on Anti-Corruption Cooperation.
• MoU on the Creation of the Joint BRICS Website among our Foreign Ministries was signed
• Recognising the urgent need to further strengthen cooperation in the areas of Information, Communication and Technology (ICTs), BRICS nations decided to constitute a BRICS working group on ICT cooperation.
• First meeting of the BRICS Ministers of Labour and Employment will be held in February 2016, which will focus on the creation of decent jobs and information sharing on labour and employment issues.

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Quick Digest

Who: Ufa Declaration

Where: In Ufa , Russia

What: Released at 7th BRICS Summit

When: 9 July 2015

Is this article important for exams ? Yes36 People Agreed

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