2010 BRIC summit
Encyclopedia
The 2010 BRIC summit took place in Brasilia
, Brazil
on April 16, 2010. This was the second BRIC
summit after Yekaterinburg
in 2009. The meeting took place between the four heads of government
from the BRIC states following bilateral meetings in the prior days.
thesis projecting the economic potential of Brazil
, Russia
, India
and China
.
Previously, the 1st BRIC summit
took place in Yekaterinburg
, Russia
in 2009 and discussed global issues. This year's summit follows the Washington Nuclear summit hosted by U.S. President Barack Obama which was attended by all four BRIC states.
Between 2003 and 2007, BRIC countries carried 65% of the expansion of global GDP. In 2009, the combined PPP
GDP of the BRIC countries was US$16.3 trillion, or 23.4% of global total. From 2003 to 2008, Brazil trade with the other BRIC countries increased by 382%, or US$10.7 billion to US$51.7 billion.
and heads of government of the four countries participated.
Heads of delegations for bilateral meetings:
as a symbol of "the spirit of South-South cooperation."
Days prior to the official summit, bilateral meetings also took place between Brazil and India, as well as between Brazil and China. India and China also agreed to work together instead of competitively signaling there is enough room for the both to grow together. The two also agreed to give greater market access to each other's products to boost trade.
Additionally, between April 13 to 16 other meetings and forums took place such as: the IBSA/BRIC Business Forum; meeting of development banks and commercial banks Meeting; a think-tank seminar; a cooperatives forum; and a meeting of representatives on strategy and security.
that was occurring at the same time) as an international body, the global economic situation at the time, reform of financial institutions, the financial G20, and cooperation and issues related to global governance.
However, China explicitly stated the Chinese Yuan was not discussed. Despite coming under heavy pressure to let their currency appreciate the Chinese appeared to be standing their ground. Despite the refusal to discuss this the currency fell.
, said "Our impression... is that the effectiveness of sanctions is debatable." He added that President Lula had brought up the same with the Indian Prime Minister Singh. In the same vein, the IBSA talk preceding the summit called for further talk on the Iranian issue.
. Despite this he did continue with the working meeting and signed a bilateral agreement between the four countries.
Investors cited India and China as the best bets of BRIC, of which India was seen as providing investors with the best bet over the long haul, however it also faces challenges to finance the "modernization of its woeful infrastructure given its high debt levels and ambivalence towards foreign investment and privatization." But it was added that "these faster growing markets will translate into above average returns."
Brasília
Brasília is the capital city of Brazil. The name is commonly spelled Brasilia in English. The city and its District are located in the Central-West region of the country, along a plateau known as Planalto Central. It has a population of about 2,557,000 as of the 2008 IBGE estimate, making it the...
, 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...
on April 16, 2010. This was the second 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...
summit after Yekaterinburg
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...
in 2009. The meeting took place between 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 states following bilateral meetings in the prior days.
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 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...
.
Previously, the 1st BRIC summit
1st BRIC summit
The 1st BRIC summit took place in Yekaterinburg, Russia on June 16, 2009. The four heads of government from the BRIC countries attended.-Overview:...
took place in Yekaterinburg
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...
in 2009 and discussed global issues. This year's summit follows the Washington Nuclear summit hosted by U.S. President Barack Obama which was attended by all four BRIC states.
Between 2003 and 2007, BRIC countries carried 65% of the expansion of global GDP. In 2009, the combined PPP
Purchasing power parity
In economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
GDP of the BRIC countries was US$16.3 trillion, or 23.4% of global total. From 2003 to 2008, Brazil trade with the other BRIC countries increased by 382%, or US$10.7 billion to US$51.7 billion.
Leaders at the summit
The heads of stateHead 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.
Heads of delegations for bilateral meetings:
Other meetings
A few months before the summit the Indian Foreign Minister, SM Krishna, met President Lula in Brasilia where he stressed for the need to accelerate relations between the three countries. He also emphasised India’s commitment to IBSAIBSA
IBSA can stand for:* International Blind Sports Federation, the governing body for blind sports* India-Brazil-South Africa Dialogue Forum, commonly known as IBSA, a three-country alignment* Interstate Batteries, a private company of US...
as a symbol of "the spirit of South-South cooperation."
Days prior to the official summit, bilateral meetings also took place between Brazil and India, as well as between Brazil and China. India and China also agreed to work together instead of competitively signaling there is enough room for the both to grow together. The two also agreed to give greater market access to each other's products to boost trade.
Additionally, between April 13 to 16 other meetings and forums took place such as: the IBSA/BRIC Business Forum; meeting of development banks and commercial banks Meeting; a think-tank seminar; a cooperatives forum; and a meeting of representatives on strategy and security.
Issues
The leaders discussed various current issues including the Iran and nuclear weapons, development, the furtherance of the BRIC (and IBSAIBSA Dialogue Forum
The IBSA Dialogue Forum is an international tripartite grouping for promoting international cooperation among these countries. It represents three important poles for galvanizing South-South cooperation and greater understanding between three important continents of the developing world namely,...
that was occurring at the same time) as an international body, the global economic situation at the time, reform of financial institutions, the financial G20, and cooperation and issues related to global governance.
However, China explicitly stated the Chinese Yuan was not discussed. Despite coming under heavy pressure to let their currency appreciate the Chinese appeared to be standing their ground. Despite the refusal to discuss this the currency fell.
Iran
The day before the summit Brazil expressed "affinity" with China towards the Iranian nuclear issue. Foreign Minister of Brazil, Celso AmorimCelso Amorim
Celso Luiz Nunes Amorim is a Brazilian diplomat who has been Minister of Defence since August 2011. Amorim was the Minister of Foreign Relations from 1993 to 1995 under President Itamar Franco and again from 2003 to 2011 under President Luiz Inácio Lula da Silva.Before his appointment by Lula,...
, said "Our impression... is that the effectiveness of sanctions is debatable." He added that President Lula had brought up the same with the Indian Prime Minister Singh. In the same vein, the IBSA talk preceding the summit called for further talk on the Iranian issue.
Development
Chinese Premier Hu Jintao showed China's willingness to be a positive partner in global development when he showed China's meteoric rise in saying: "The scale and complexity of the challenges that we face in the course of development are unmatched anywhere else in the world and have been rarely seen in human history. We must make persistent efforts for a long time to come. The Chinese people suffered so much in modern history, and we therefore value peace, stability, harmony and freedom more than anything else. A prosperous and growing China dedicated to peace and cooperation is willing and able to make new and even greater contribution to mankind's pursuit of peace and development."Furtherance of BRIC
India took the initiative to call for improving the importance of the BRIC and IBSA groups. Indian PM Singh also called for closer cooperation in the fields of energy and food security, as well as tapping into the potential of other sectors such as trade and investment, science and technology and infrastructure. He added that pooling together the experiences of each can lead to more inclusive growth. "We are four large countries with abundant resources, large populations and diverse societies... We aspire for rapid growth for ourselves and for an external environment that is conducive to our development goals. [Our people] expect us to work together so as to bring the benefits of inclusive social and economic development to them. Our grouping includes two of the largest energy producers and two of the largest consumers in the world. We can cooperate in both upstream and downstream areas, and in the development of new fuels and clean energy technologies."Controversies
The Chinese president, Hu Jintao, brought forward his departure to April 15 (before the actual talks) instead of April 17 due to the earthquake in Qinghai2010 Yushu earthquake
The 2010 Yushu earthquake struck on April 14, 2010, and registered a magnitude of 6.9Mw or 7.1Ms . It originated in Yushu, Qinghai, China, at local time. According to the Xinhua News Agency, 2,698 people have been confirmed dead, 270 missing, and 12,135 injured of which 1,434 are severely injured...
. Despite this he did continue with the working meeting and signed a bilateral agreement between the four countries.
Reactions
At least one Indian media outlet call the meet "answer to the G7 platform of top industrialised countries." It added that the meet "underscore[d] a shared quest for greater collective influence within the changing geometry of the international system."Investors cited India and China as the best bets of BRIC, of which India was seen as providing investors with the best bet over the long haul, however it also faces challenges to finance the "modernization of its woeful infrastructure given its high debt levels and ambivalence towards foreign investment and privatization." But it was added that "these faster growing markets will translate into above average returns."
See also
- Foreign relations of BrazilForeign relations of BrazilThe Ministry of External Relations is responsible for managing the foreign relations of Brazil. Brazil is a significant political and economic power in Latin America and a key player on the world stage...
- Foreign relations of ChinaForeign relations of ChinaForeign relations of China may refer to:* Foreign relations of Imperial China* Foreign relations of the People's Republic of China, official name of government in control of mainland China...
- Foreign relations of RussiaForeign relations of RussiaThe foreign relations of Russia is the policy of the Russian government by which it guides the interactions with other nations, their citizens and foreign organizations and sets standards of interaction for Russian organizations, corporations and individual citizens towards them...
- Foreign relations of IndiaForeign relations of IndiaIndia has formal diplomatic relations with most nations, as the world's second most populous country and the world's most-populous democracy and recently has one of the fastest economic growth rates in the world...