New Delhi: The recent gatherings of BRICS in New Delhi was, by all counts, a strange event. The very notion that Brazil, Russia, China and India constitute a homogeneous group is the result of a PR stunt by Goldman Sachs and Jim O’Neill. There is no reason why this bunch with South Africa added to increase the heterogeneity can cohere.
Submitted by Sanusha Naidu on Tue, 03/04/2012 - 15:05
This edited volume on the BRICS formation was compiled in preparation for the 4th BRICS Summit hosted by India from the 28-29 March 2012. The volume provides significant viewpoints into how the BRICS partners can strengthen their cooperation in the 21st Century.
The group of fast-growing emerging markets known as the BRICS--Brazil, Russia, India, China, and South Africa--held their fourth annual summit this past week in New Delhi. The leaders of the five nations agreed on new measures to facilitate greater trade within the bloc, including a deal to extend credit facilities in the local currencies of other BRICS countries.
The BRICS nations - Brazil, Russia, India, China and South Africa - met for a summit in New Delhi, where, among other subjects, they discussed the possible formation of a joint development bank, closer integration of their respective stock exchanges, energy security and ongoing tensions in the Middle East. International Business Times spoke to an expert on global economies to discuss the impact of BRICS.
The fourth BRICS meeting held in New Delhi on March 29 did not end with mere rhetoric; it agreed to some substantive mutual arrangements that would promote common interests. These common interests include intra BRICS trade and investment and to facilitate that, agreement was reached on extending credit facilities in local currencies and multilateral letter of credit. These arrangements will reduce currency risk as also transaction costs and help trade expansion.
Johannesburg: The Delhi Declaration and Action Plan adopted at the fourth Brics summit in New Delhi last week would have quickly laid to rest any residual anxiety in western capitals that a serious rival focus of power and influence was beginning to take shape in the Indian capital. One look at the wholly pedestrian action plan and any illusion of substantive intent would be quickly dispelled.
Submitted by Sanusha Naidu on Mon, 02/04/2012 - 14:30
With the closure of the 4th BRICS Summit, Dr. Francis Kornegay raises some pertinent issues that the leaders of the five BRICS countries should consider in preparing for the next Summit.
Even though Dr. Kornegay raises the question of a BRICS' identity as a precursor to the New Delhi Summit, the fact of the matter is that if BRICS wants a fairer international order then there is a corresponding responsibility.
Johannesburg: The fourth Brics summit concluded in India on Thursday with the signing of The Delhi Declaration – a commitment from the leaders that President Jacob Zuma believes, "will reinvigorate our collective resolve to find global solutions to global challenges". And while this commitment certainly does bode well for closer cooperation between the Brics countries – Brazil, Russia, India, China and newbie South Africa – the Tibetan protests outside the summit this week have exposed the hostility between India and China over Tibet.
New Delhi: Our Summit theme is most appropriately entitled “BRICS partnership for Global Stability, Security and Prosperity’’. I am convinced that all nations of the world share our desire to forge stronger partnerships and to ensure greater global stability, security and prosperity for all humanity. This is also an appropriate theme as we are experiencing unprecedented global political and economic developments.
New Delhi: It has been a great honour for South Africa to participate in the Fourth BRICS Summit. The summit has been very successful. The Delhi Declaration will reinvigorate our collective resolve to find global solutions to global challenges. We are pleased that BRICS Leaders will continue to support Africa and South Africa's comprehensive infrastructure development programmes, as part of supporting sustainable development and prosperity.