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Major Outcomes of Sixth BRICS Summit
Aug 04, 2014

6th BRICS Summit was held in Fortaleza, Brazil recently. Major outcomes of the 6th BRICS Summit include…

  • Signing of an Agreement setting up a New Development Bank and signing of a Treaty setting up the Contingent Reserve Arrangement (CRA), which will work as a multilateral currency swap amongst BRICS Central Banks. 

  • MoU on technical cooperation amongst Export Credit Guarantee Agencies of BRICS countries aimed at improving environment for increasing trade opportunities among BRICS countries and an Inter-Bank Cooperation Agreement on Innovation to support financing of innovation projects of mutual interest were also signed at the Summit. 

  • The Fortaleza Declaration issued at the conclusion of the Summit captures the discussions and consensus among the BRICS countries on a wide range of issues covering reform of global governance–both political and economic, trade, finance, regional political issues as well as global issues including WTO, terrorism, transnational organized crime, climate change, post-2015 development agenda, etc. 

  • At the Summit India expressed support for an open, inclusive, efficient and rule-based global trading regime under the WTO that would address the aspirations of the developing countries and the special needs of the poor countries particularly in the area of food security. 

  • The Fortaleza Declaration has endorsed that the work programme to be established after the 9th  WTO Ministerial Meeting held in Bali must prioritise issues where legally binding outcomes could not be achieved including in public stockholding for food security purposes.
  • A reference has also been made to the implementation of the Agreement on Trade Facilitation in the work programme. This clearly shows the balance and equity that been sought by BRICS Leaders in the implementation of the Bali Trade deal which in itself is a positive gain for developing countries.

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