6th BRICS summit
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The 6th BRICS summit was the sixth annual diplomatic meeting of the
BRICS BRICS is an acronym for five leading emerging economies: Brazil, Russia, India, China, and South Africa. The first four were initially grouped as "BRIC" (or "the BRICs") in 2001 by Goldman Sachs economist Jim O'Neill, who coined the ter ...
, a grouping of major emerging economies that includes
Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
,
Russia Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-eig ...
,
India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
, China and
South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. It is bounded to the south by of coastline that stretch along the Atlantic Ocean, South Atlantic and Indian Oceans; to the ...
. It was hosted by Brazil, as the first host country of the current five-year summit cycle; the host city was Fortaleza. Though Brazil had previously hosted a four-member
BRIC BRIC is a grouping acronym referring to the developing countries of Brazil, Russia, India, and China, which are identified as rising economic powers. It is typically rendered as "the BRIC," "the BRIC countries," "the BRIC economies," or alte ...
summit in April 2010, 2014 marked its first full BRICS summit; the 2010 summit in
Brasília Brasília (; ) is the federal capital of Brazil and seat of government of the Federal District. The city is located at the top of the Brazilian highlands in the country's Central-West region. It was founded by President Juscelino Kubitsche ...
did not officially include South Africa, who were only invited as guests as a prelude to their gaining full membership in December 2010. Argentine
President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university * President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ...
Cristina Kirchner Cristina is a female given name, and it is also a surname. Notable people with the name include: Given name *Cristina (daughter of Edward the Exile), 11th-century English princess *Cristina (singer), Cristina Monet-Palaci (1956–2020), American s ...
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 states (Brazil, Russia, India, China and South Africa). According to the Agreement on the NDB, ...
, 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, al ...
intended as an alternative to the
World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
and
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...
.


Background

Following the 2013 BRICS summit in
Durban Durban ( ) ( zu, eThekwini, from meaning 'the port' also called zu, eZibubulungwini for the mountain range that terminates in the area), nicknamed ''Durbs'',Ishani ChettyCity nicknames in SA and across the worldArticle on ''news24.com'' from ...
, 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 (or chief of state) is the public persona who officially embodies a state Foakes, pp. 110–11 " he head of statebeing an embodiment of the State itself or representatitve of its international persona." in its unity and ...
and
heads of government The head of government is the highest or the second-highest official in the executive branch 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 politician who has served as the Vice President of Argentina since 2019. She also served as the President o ...
, President of Argentina, was invited to join the proceedings.


Agenda

At the summit, the BRIC 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 states (Brazil, Russia, India, China and South Africa). According to the Agreement on the NDB, ...
(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, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...
(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 (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flowin ...
, the institution's first president will be from India, the bank's first regional office will be in
Johannesburg Johannesburg ( , , ; Zulu and xh, eGoli ), colloquially known as Jozi, Joburg, or "The City of Gold", is the largest city in South Africa, classified as a megacity, and is one of the 100 largest urban areas in the world. According to Dem ...
, 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 russian: Шанхайская Организация Сотрудничества , image = , caption = , logo = SCO logo.svg , logo_size = 160px , map = Shanghai Cooperati ...
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 federal capital of Brazil and seat of government of the Federal District. The city is located at the top of the Brazilian highlands in the country's Central-West region. It was founded by President Juscelino Kubitsche ...
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 politician who has served as the Vice President of Argentina since 2019. She also served as the President o ...
* –
Evo Morales Juan Evo Morales Ayma (; born 26 October 1959) is a Bolivian politician, trade union organizer, and former cocalero activist who served as the 65th president of Bolivia from 2006 to 2019. Widely regarded as the country's first president to c ...
* –
Michelle Bachelet Verónica Michelle Bachelet Jeria (; born 29 September 1951) is a Chilean politician who served as United Nations High Commissioner for Human Rights from 2018 to 2022. She previously served as President of Chile from 2006 to 2010 and 2014 to 201 ...
* –
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 profession and a journalist by trade ...
* –
Rafael Correa Rafael Vicente Correa Delgado (; born 6 April 1963), known as Rafael Correa, is an Ecuadorian politician and economist who served as President of Ecuador from 2007 to 2017. The leader of the PAIS Alliance political movement from its foundation ...
* –
Donald Ramotar Donald Rabindranauth Ramotar (born 22 October 1950) is a Guyanese politician who was President of Guyana from 2011 to 2015. He was also the General Secretary of the People's Progressive Party (PPP) from 1997 to 2013. Political career Ramotar jo ...
* –
Horacio Cartes Horacio Manuel Cartes Jara (born 5 July 1956) is a Paraguayan businessman and politician who served as the president of Paraguay from 2013 to 2018. He is a member of the Colorado Party. Cartes owns about two dozen businesses in his Grupo Carte ...
* –
Ollanta Humala Lieutenant colonel Ollanta Moisés Humala Tasso (; born 27 June 1962) is a Peruvian politician and former military officer who served as President of Peru from 2011 to 2016. Originally a socialist and left-wing nationalist, he is considered ...
* –
Dési Bouterse Desiré Delano "Dési" Bouterse (; born 13 October 1945) is a Surinamese military officer, politician, convicted murderer and drug trafficker who served as President of Suriname from 2010 to 2020. From 1980 to 1987, he was Suriname's ''de fact ...
* – José Mujica * – Nicolás Maduro


Gallery of participating leaders

Members:
File:Dilma Rousseff - foto oficial 2011-01-09.jpg ,
Dilma Rousseff Dilma Vana Rousseff (; born 14 December 1947) is a Brazilian economist and politician who served as the 36th president of Brazil, holding the position from 2011 until her impeachment and removal from office on 31 August 2016. She is the first ...
,
President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university * President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ...
(Host) File:Vladimir Putin - 2006.jpg ,
Vladimir Putin Vladimir Vladimirovich Putin; (born 7 October 1952) is a Russian politician and former intelligence officer who holds the office of president of Russia. Putin has served continuously as president or prime minister since 1999: as prime min ...
,
President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university * President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ...
File:PM Modi Portrait(cropped).jpg ,
Narendra Modi Narendra Damodardas Modi (; born 17 September 1950) is an Indian politician serving as the 14th and current Prime Minister of India since 2014. Modi was the Chief Minister of Gujarat from 2001 to 2014 and is the Member of Parliament fro ...
,
Prime Minister A prime minister, premier 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. Under those systems, a prime minister i ...
File:Xi jinping Brazil 2013.png ,
Xi Jinping Xi Jinping ( ; ; ; born 15 June 1953) is a Chinese politician who has served as the general secretary of the Chinese Communist Party (CCP) and chairman of the Central Military Commission (CMC), and thus as the paramount leader of China, ...
,
President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university * President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ...
File:Jacob Zuma 2014 (cropped).jpg ,
Jacob Zuma,
President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university * President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ...


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 events in South America 21st century in Brasília