Docstoc

INDIA AND BRICS-2011

Document Sample
INDIA AND BRICS-2011 Powered By Docstoc
					INDIA AND BRICS-2011

BRICS [Brazil, Russia, India, China and South Africa] – A snapshot

The BRIC [Brazil, Russia, India and China] idea was first conceived in 2001 by Goldman Sachs as part of
an economic modeling exercise to forecast global economic trends over the next half century. It was
institutionalized with the first meeting of BRIC Foreign Ministers on the margins of UNGA in New York in
September 2006; a standalone meeting of Foreign Ministers took place in Yekaterinburg, Russia in May
2008. An informal Summit of BRIC Leaders was held in Toyako, Japan in July 2008, on the sidelines of
G8-Outreach Summit. The first standalone Summit took place in Yekaterinburg, Russia in June 2009 and
the 2nd Summit was held in Brasilia in April 2010. The 3rd Summit was held in Sanya on 14 April 2011.
The 4th Summit will be hosted by India in 2012.

Expansion of BRIC into BRICS
2. BRIC Foreign Ministers at their meeting in New York on 21st September 2010 agreed that South Africa
may be invited to join BRIC. Accordingly, China, as the host of 3rd BRICS Summit [in fact the 1st BRICS
Summit as South Africa joined BRIC at this Summit], invited South African President to attend the
3rd Summit in Sanya with the concurrence of other BRIC leaders.

Other important Meetings
3. Besides BRICS Summits and regular meetings of Foreign Ministers, Finance/Economic Ministers have
also been meeting regularly. A meeting of Agriculture Ministers (Moscow on 26 March 2010), a meeting
of Trade Ministers (Sanya on 13 April 2011 before the 3rd Summit) and 3 meetings of BRIC National
Security Advisers have also taken place. Other areas of engagement include supreme courts, competition
authorities, development banks, cooperative societies, etc. Two BRICS Business Forum meetings
have taken place; the last in Sanya on the sidelines of the 3rd Summit in April 2011. Track-II BRICS
meetings have also been organized; China hosted the last meeting in Beijing in March 2011. Mayors of
BRICS cities have been meeting regularly. Mumbai Municipal Commissioner has attended these
meetings.

Key Joint Statements/documents
4. BRIC(S) Summits have issued Joint Statements/Declaration. The first Summit also adopted a Joint
Statement on Global Food Security. Joint Communiques/Statements were also issued after standalone
meeting of BRIC Foreign Ministers and meetings of BRIC Finance Ministers and BRIC Agriculture
Ministers. A Memorandum of Cooperation was signed among BRIC Development Banks (EXIM Bank
from India) on the sidelines of the 2nd Summit. A Framework Agreement on 'Financial Cooperation within
the BRICS Interbank Cooperation Mechanism' was signed on 14 April in Sanya; it inter alia envisages
extending LoCs in local currencies. An MoU was also signed at the Business Forum in Sanya
establishing permanent business contact points; FICCI signed from India. A BRIC Statistical publication
was released in Brasilia at the 2nd Summit and its revised edition including South Africa was released
at the Sanya Summit.

Issues on BRICS Agenda
5. Since its inception in 2006, the agenda of BRICS meetings has considerably widened to encompass
global issues such as international terrorism, WMDs, climate change, food and energy security,
international economic and financial situation etc. BRIC countries share similar positions on many issues
including on the reforms of the Bretton Woods Institutions, trade protectionism and the Doha
Development Round, international terrorism, achievement of MDG goals, support for multi-polar,
equitable and democratic world order, etc. However, there are areas of differences particularly on
UNSC reform, climate change, international monetary system etc.

BRICS Joint Study and other projects/proposals
6. At PM's suggestion at the first BRIC Summit in Yekaterinburg, Russia in June 2009, DEA, Ministry of
Finance is coordinating a joint study on the state of world economy during the next two years and the role
of BRICS countries. A workshop is likely to be held in Delhi in August 2011 to finalize the Study. Russia
has also proposed cooperation in research in genetically modified crops, clean fuels (bio-fuels, bio-gas
etc), modernization of helicopters including establishment of their service centres, security systems and
counterterrorism systems etc. While these proposals are viewed with an open mind, their feasibility and
detailed modalities of their implementation need to be thought through.

Next steps
7. A Plan of Action was endorsed at the Sanya Summit to strengthen cooperation among BRICS
countries in areas of security, finance, business links, agriculture, health, culture, sports, science and
technology and green economy. China has hosted a meeting of BRICS Health Ministers on 11 July 2011
and a meeting of Agriculture Ministers would be hosted later in 2011. Other meetings which are planned
are those of National Security Advisers, Agricultural experts, National Statistical Institutions, Competition
Conference, etc. Ministers of Finance and Central Bank Governors would meet on the sidelines of other
multilateral meetings and External Affairs Ministers would meet on the sidelines of UNGA.

*Ministry of External Affairs

				
DOCUMENT INFO
Shared By:
Stats:
views:1
posted:9/15/2012
language:
pages:2
Description: INDIA AND BRICS-2011