6th BRICS Summit
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The 6th BRICS summit was the sixth annual diplomatic meeting of the
BRICS BRICS is an intergovernmental organization comprising ten countriesBrazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. The idea of a BRICS-like group can be traced back to Russian foreign ...
, a grouping of major emerging economies that includes
Brazil Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population ...
,
Russia Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders ...
,
India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...
,
China China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...
and
South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. Its Provinces of South Africa, nine provinces are bounded to the south by of coastline that stretches along the Atlantic O ...
. It was hosted by Brazil, as the first host country of the current five-year summit cycle; the host city was
Fortaleza Fortaleza ( ; ; ) is the state capital of Ceará, located in Northeast Region, Brazil, Northeastern Brazil. It is Brazil's 4th largest city—Fortaleza surpassed Salvador, Bahia, Salvador in 2022 census with a population of slightly over 2.4 mi ...
. Though Brazil had previously hosted a four-member BRIC summit in April 2010, 2014 marked its first full BRICS summit; the 2010 summit in
Brasília Brasília ( ; ) is the capital city, capital of Brazil and Federal District (Brazil), Federal District. Located in the Brazilian highlands in the country's Central-West Region, Brazil, Central-West region, it was founded by President Juscelino ...
did not officially include South Africa, who were only invited as guests as a prelude to their gaining full membership in December 2010.
Argentine Argentines, Argentinians or Argentineans are people from Argentina. This connection may be residential, legal, historical, or cultural. For most Argentines, several (or all) of these connections exist and are collectively the source of their ...
President Cristina Kirchner was a special guest of the summit, and the BRICS leaders met with their UNASUR counterparts shortly after. The 6th BRICS summit resulted in the official inauguration of the
New Development Bank The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS nations (Brazil, Russia, India, China, and South Africa). According to the agreement, "the bank shal ...
, a
multilateral development bank An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is subject to international law. Its owners or shareholders are generally national governments, alt ...
intended as an alternative to the
World Bank The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...
and
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
.


Background

Following the 2013 BRICS summit in
Durban Durban ( ; , from meaning "bay, lagoon") is the third-most populous city in South Africa, after Johannesburg and Cape Town, and the largest city in the Provinces of South Africa, province of KwaZulu-Natal. Situated on the east coast of South ...
, South Africa, the BRICS countries released a joint statement summarising the results of their discussions and naming Brazil as the host country for the 2014 summit. Having agreed to set up a new international development bank during the 2013 summit, the member countries intended to complete the arrangements for the bank prior to the 2014 summit. The summit was initially scheduled for March 2014, but was shifted to a later date at China's request; it was ultimately held on 14–16 July 2014.


Participants

The
heads of state A head of state is the public persona of a sovereign state.#Foakes, Foakes, pp. 110–11 " he head of statebeing an embodiment of the State itself or representative of its international persona." The name given to the office of head of sta ...
and
heads of government In the executive branch, the head of government is the highest or the second-highest official of a sovereign state, a federated state, or a self-governing colony, autonomous region, or other government who often presides over a cabinet, a ...
that participated in the summit were: The 6th BRICS summit was Narendra Modi's first major international summit as Prime Minister of India. In addition to the five BRICS leaders,
Cristina Fernández de Kirchner Cristina Elisabet Fernández de Kirchner (; born 19 February 1953), often referred to by her initials CFK, is an Argentine lawyer and former politician who served as the 56th president of Argentina from 2007 to 2015, and later as the 37th Vice ...
,
President of Argentina The president of Argentina, officially known as the president of the Argentine Nation, is both head of state and head of government of Argentina. Under Constitution of Argentina, the national constitution, the president is also the Head of go ...
, was invited to join the proceedings.


Agenda

At the summit, the BRICS nations agreed to create the US$100 billion
New Development Bank The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS nations (Brazil, Russia, India, China, and South Africa). According to the agreement, "the bank shal ...
(NDB) to allow states to pool resources for economic stabilization. The countries also set forth plans to acquire reserves of $100 billion (€90.8b billion) through investment from the BRICS nations. The BRICS nations also signed an agreement on cooperation between the BRICS nations' export credit agencies: EXIAR (Russia); ABGF (Brazil), ECGC (India), SINOSURE (China) and ECIC (South Africa). In a press release, the group wrote: "We remain disappointed and seriously concerned with the current non-implementation of the 2010
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
(IMF) reforms, which negatively impacts on the IMF's legitimacy, credibility and effectiveness." The NDB is designed to represent all five of the group's member nations – its headquarters will be in
Shanghai Shanghai, Shanghainese: , Standard Chinese pronunciation: is a direct-administered municipality and the most populous urban area in China. The city is located on the Chinese shoreline on the southern estuary of the Yangtze River, with the ...
, the institution's first president will be from India, the bank's first regional office will be in
Johannesburg Johannesburg ( , , ; Zulu language, Zulu and Xhosa language, Xhosa: eGoli ) (colloquially known as Jozi, Joburg, Jo'burg or "The City of Gold") is the most populous city in South Africa. With 5,538,596 people in the City of Johannesburg alon ...
, the inaugural chairman of the board of governors will be from Russia and the first chairman of the board of directors will be from Brazil. The presidency, with a term of five years, will rotate among the members of the BRICS.


Bilateral meetings

During the summit, Xi Jinping was said to have told Narendra Modi that China was willing to consider expanding the Shanghai Cooperation Organisation to include India as a full member at the 2014 SCO summit. The summit further established the principles of non-interference and mutual benefit underpinning bilateral relations within the BRICS.


BRICS–UNASUR summit

The BRICS held a summit with the UNASUR leaders in
Brasília Brasília ( ; ) is the capital city, capital of Brazil and Federal District (Brazil), Federal District. Located in the Brazilian highlands in the country's Central-West Region, Brazil, Central-West region, it was founded by President Juscelino ...
on 16 and 17 July. ;Invited UNASUR heads of state * –
Cristina Fernández de Kirchner Cristina Elisabet Fernández de Kirchner (; born 19 February 1953), often referred to by her initials CFK, is an Argentine lawyer and former politician who served as the 56th president of Argentina from 2007 to 2015, and later as the 37th Vice ...
* – Evo Morales * – Michelle Bachelet * –
Juan Manuel Santos Juan Manuel Santos Calderón (; born 10 August 1951) is a Colombian politician who was the President of Colombia from 2010 to 2018. He was the sole recipient of the 2016 Nobel Peace Prize. An economist by training and a journalist by trade, S ...
* –
Rafael Correa Rafael Vicente Correa Delgado (; born 6 April 1963) is an Ecuadorian politician and economist who served as the 45th president of Ecuador from 2007 to 2017. The leader of the PAIS Alliance political movement from its foundation until 2017, Corr ...
* – Donald Ramotar * – Horacio Cartes * – Ollanta Humala * – Dési Bouterse * – José Mujica * – Nicolás Maduro


Gallery of participating leaders

Members:
File:Dilma Rousseff - foto oficial 2011-01-09.jpg ,
Dilma Rousseff, President (Host), alt=BrazilDilma Rousseff, President (Host) File:Vladimir Putin - 2006.jpg ,
Vladimir Putin Vladimir Vladimirovich Putin (born 7 October 1952) is a Russian politician and former intelligence officer who has served as President of Russia since 2012, having previously served from 2000 to 2008. Putin also served as Prime Minister of Ru ...
, President, alt=RussiaVladimir Putin, President File:PM Modi Portrait(cropped).jpg ,
Narendra Modi Narendra Damodardas Modi (born 17 September 1950) is an Indian politician who has served as the Prime Minister of India, prime minister of India since 2014. Modi was the chief minister of Gujarat from 2001 to 2014 and is the Member of Par ...
,
Prime Minister A prime minister or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. A prime minister is not the head of state, but r ...
, alt=IndiaNarendra Modi, Prime Minister File:Xi jinping Brazil 2013.png ,
Xi Jinping Xi Jinping, pronounced (born 15 June 1953) is a Chinese politician who has been the general secretary of the Chinese Communist Party (CCP) and Chairman of the Central Military Commission (China), chairman of the Central Military Commission ...
, President, alt=ChinaXi Jinping, President File:Jacob Zuma 2014 (cropped).jpg ,
Jacob Zuma Jacob Gedleyihlekisa Zuma (; born 12 April 1942) is a South African politician who served as the fourth president of South Africa from 2009 to 2018. He is also referred to by his initials JZ and clan names Nxamalala and Msholozi. Zuma was a for ...
, President, alt=South AfricaJacob Zuma, President


References

{{DEFAULTSORT:BRICS summit,06 06 2014 conferences 2014 in Brazil 2014 in international relations 21st-century diplomatic conferences Diplomatic conferences in Brazil History of Brasília Fortaleza July 2014 in South America 21st century in Brasília