The 6th summit of BRICS countries will be held in the Brazilian city of Fortaleza this month. The achievements made during the past five summits have been monumental, especially in terms of economic cooperation.
The five biggest emerging countries will come full cricle this July in Brazil.
Last year, a summit in Durban completed the first cycle of BRICS, a group consisting of the countries Brazil, Russia, India, China, and South Africa. This year, the 6th summit of world’s five major emerging economies is scheduled from July 15th to the 17th in Fortaleza.
And here is this man who brought these countries together.
Nearly 13 years ago, Jim O’Neill, the former chief economist for Goldman Sachs, coined the term BRIC in a paper entitled "Building Better Global Economic BRICs". In late 2010, South Africa joined the group, adding an “S” to the acronym. The name would prove to carry a lot more weight as time went on.
In June 2009, leaders from Brazil, Russia, India and China held their first formal meeting in the Russian city of Yekaterinburg. There they set up the foundation of what would be known as BRIC. Since then, an annual summit has been held in each country.
The following year, another summit was held in Brazil’s capital, Brasilia.
At the summit, leaders of the four emerging economies exchanged views on a wide range of issues, such as the global economic and financial situation, reforming world’s financial institutions, climate change and mutual cooperation.
In 2011, with South Africa participating as an official member for the first time, the third BRICS summit was held in Sanya, China. The five countries outlined the parameters for future economic cooperation in a paper known as the Sanya Declaration.
The fourth BRICS summit was held in New Delhi in 2012. At this summit, the leaders of the countries’ state banks signed two agreements, promoting bilateral cooperation with their respective currencies.
Last year’s fifth BRICS Summit in Durban saw the creation of the BRICS Business Council. The Council will be comprised of five members from each of the member nations, and will meet twice a year and submit a report at each of the BRICS’ annual gatherings.
Leaders of the five BRICS countries also agreed to establish the BRICS Development Bank, which aims to help allocate resources among the member countries.
As of 2013, the BRICS countries represented about 40 percent of the world’s population and nearly a fifth of global GDP, along with over four trillion U.S. dollars in combined foreign reserves and 17 percent of world trade.
With ties between the five countries becoming tighter every day, the 6th summit is sure to make solid bricks for the foundation of a stronger global economy.