1st BRIC summit
Encyclopedia
The 1st BRIC summit took place in Yekaterinburg
, Russia
on June 16, 2009. The four heads of government
from the BRIC
countries attended.
thesis projecting that the economic potential of Brazil
, Russia
, India
and China
is such that they may become among the five most dominant economies by the year 2050. Today, the four countries produce about 15 percent of the world’s gross domestic product
and hold about 40 percent of the gold
and hard currency reserves
.
Political dialogue between the BRIC countries began in New York
in September 2006, with a meeting of the BRIC foreign ministers
. Four high-level meetings have followed, including a full-scale meeting in Yekaterinburg, Russia, on May 16, 2008.
The heads of state
and heads of government of the four countries participated.
They urged the international community
to push for comprehensive results of the Doha Round.
. "We reiterate the importance we attach to the status of India and Brazil in international affairs, and understand and support their aspirations to play a greater role in the United Nations."
, the leaders issued a joint statement on global food security
, calling for "action by all governments and the relevant international agencies"; and reaffirmed "their commitment to contribute to the efforts to overcome the global food crisis".
Yekaterinburg
Yekaterinburg is a major city in the central part of Russia, the administrative center of Sverdlovsk Oblast. Situated on the eastern side of the Ural mountain range, it is the main industrial and cultural center of the Urals Federal District with a population of 1,350,136 , making it Russia's...
, Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
on June 16, 2009. The four heads of government
Head of government
Head of government is the chief officer of the executive branch of a government, often presiding over a cabinet. In a parliamentary system, the head of government is often styled prime minister, chief minister, premier, etc...
from the BRIC
BRIC
In economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development...
countries attended.
Overview
The acronym BRIC (for Brazil, Russia, India, China) was first used in a Goldman SachsGoldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
thesis projecting that the economic potential of Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
, Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
and China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
is such that they may become among the five most dominant economies by the year 2050. Today, the four countries produce about 15 percent of the world’s gross domestic product
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
and hold about 40 percent of the gold
Official gold reserves
A gold reserve is the gold held by a central bank or nation intended as a store of value and as a guarantee to redeem promises to pay depositors, note holders , or trading peers, or to secure a currency....
and hard currency reserves
Foreign exchange reserves
Foreign-exchange reserves in a strict sense are 'only' the foreign currency deposits and bonds held by central banks and monetary authorities. However, the term in popular usage commonly includes foreign exchange and gold, Special Drawing Rights and International Monetary Fund reserve positions...
.
Political dialogue between the BRIC countries began in New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
in September 2006, with a meeting of the BRIC foreign ministers
Foreign minister
A Minister of Foreign Affairs, or foreign minister, is a cabinet minister who helps form the foreign policy of a sovereign state. The foreign minister is often regarded as the most senior ministerial position below that of the head of government . It is often granted to the deputy prime minister in...
. Four high-level meetings have followed, including a full-scale meeting in Yekaterinburg, Russia, on May 16, 2008.
Leaders at the summit
Head of State
A head of state is the individual that serves as the chief public representative of a monarchy, republic, federation, commonwealth or other kind of state. His or her role generally includes legitimizing the state and exercising the political powers, functions, and duties granted to the head of...
and heads of government of the four countries participated.
Issues
The leaders discussed the current global financial crisis, global development, and further strengthening of the BRIC group.World economy
The BRIC leaders called for increased economic reform, demanding a "greater voice and representation in international financial institutions, and their heads and senior leadership should be appointed through an open, transparent and merit-based selection process."They urged the international community
International community
The international community is a term used in international relations to refer to all peoples, cultures and governments of the world or to a group of them. The term is used to imply the existence of common duties and obligations between them...
to push for comprehensive results of the Doha Round.
Political issues
Amongst the important issues discussed were United Nations reformReform of the United Nations
Since the late 1990s there have been many calls for reform of the United Nations . However, there is little clarity or consensus about what reform might mean in practice. Both those who want the UN to play a greater role in world affairs and those who want its role confined to humanitarian work or...
. "We reiterate the importance we attach to the status of India and Brazil in international affairs, and understand and support their aspirations to play a greater role in the United Nations."
Food crisis
Regarding the 2007–2008 world food price crisis2007–2008 world food price crisis
World food prices increased dramatically in 2007 and the 1st and 2nd quarter of 2008 creating a global crisis and causing political and economical instability and social unrest in both poor and developed nations. Systemic causes for the worldwide increases in food prices continue to be the subject...
, the leaders issued a joint statement on global food security
Food security
Food security refers to the availability of food and one's access to it. A household is considered food-secure when its occupants do not live in hunger or fear of starvation. According to the World Resources Institute, global per capita food production has been increasing substantially for the past...
, calling for "action by all governments and the relevant international agencies"; and reaffirmed "their commitment to contribute to the efforts to overcome the global food crisis".
External links
- First BRIC summit Official website