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What does BRICS do?

 

 

 

Coordination between Brazil, Russia, India and China (BRIC) began informally in 2006, with a working meeting of the foreign ministers of the four countries on the sidelines of the United Nations General Assembly. Since then, the acronym, created a few years earlier by the financial market, no longer confined itself to identifying four emerging economies. BRIC became a mechanism for cooperation in areas that have the potential to generate concrete results for Brazilians and the peoples of the other member countries.

Since 2009, the Heads of State and Government of the group meet annually. In 2011, at the Sanya Summit, South Africa became part of the grouping, adding the "S" to the acronym, now BRICS.

In the last 10 years, 10 Summit meetings have taken place, with the presence of all the leaders of the mechanism:

  • 1st Summit: Yekaterinburg, Russia, June 2009;
  • 2nd Summit: Brasília, Brazil, April 2010;
  • 3rd Summit: Sanya, China, April 2011; 
  • 4th Summit: New Delhi, India, March 2012;
  • 5th Summit: Durban, South Africa, March 2013;
  • 6th Summit: Fortaleza, Brazil, July 2014;
  • 7th Summit: Ufa, Russia, July 2015;
  • 8th Summit: Benaulim (Goa), India, October 2016;
  • 9th Summit: Xiamen, China, September 2017;
  • 10th Summit: Johannesburg, South Africa, July 2018; and
  • 11th Summit: Brasília, Brazil, November 2019

Since the first summit in 2009, BRICS has significantly expanded its activities in several fields, but it was the financial field that guaranteed greater group visibility from the outset. As a result of the 2008 crisis, the four member countries started to work in concert with the G20, the IMF and the World Bank, with concrete proposals for reform of global financial governance structures, in line with the increase in the relative weight of emerging countries in the world economy. The role played by BRICS was instrumental in the reform of the IMF quotas approved in Seoul in 2010. 

In the same field, BRICS cooperation led to the launching of the first two institutions of the mechanism: the New Development Bank (NDB) and the Reserve Contingent Arrangement (RCA). The creation of the bank was aimed at responding to the global problem of the scarcity of resources for the financing of infrastructure projects.

Starting in 2015, BRICS began to seek new areas of cooperation, always bearing in mind the need to obtain tangible benefits for the five countries. For Brazil, the areas of health, science, technology and innovation, digital economy and cooperation in the fight against transnational crime are priority in this effort to advance new areas of action.

The Eleventh Summit will be held in Brasília, on November 13 and 14, at Palácio Itamaraty, under the theme "BRICS: economic growth for an innovative future". Before the meeting of leaders, the Brazilian presidency will organize several meetings that will have as priorities (i) strengthening cooperation in science, technology and innovation; (ii) strengthening cooperation in digital economy; (iii) increased cooperation in combating transnational crime, in particular organized crime, money laundering and drug trafficking; and (iv) encouraging the rapprochement between the New Development Bank and the Business Council.

Information on the working agenda of the grouping in 2019 is available at:

http://brics2019.itamaraty.gov.br/

 

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