The XI BRICS Summit
The XI BRICS Summit will take place on 13-14 November 2019, at the Itamaraty Palace, the headquarters of the Ministry of Foreign Affairs of Brazil. The palace is one of Niemeyer’s masterpieces. Inaugurated in 1970, the majestic building of modernist architecture has more than five hundred works of art, including panels, paintings, sculptures and busts of the patrons of Brazilian diplomacy. At the palace’s façade, where heads of state and foreign ministers are received, one can behold Bruno Giorgi's sculpture Meteoro, which represents the union of the five continents of the world. Itamaraty Palace also has the largest interior free-span of Latin America - with more than 2,800 square meters - and with landscape works by Burle Marx, using Brazilian native plants, both inside and outside of the building.
Trade Information Brazil - BRICS Countries in 2018 (US$ billion, FOB)
1. YEKATERINBURG SUMMIT (2009)
The first BRIC summit (Brazil, Russia, India and China) happened in 2009, in Russia, in the city of Yekaterinburg. The summit opened the cooperation at the level of Heads of State and Government. In 2011, after the entry of South Africa, the "S" was added to the acronym and the grouping became known as BRICS.
The meeting aimed at strengthening the coordination between the four countries on issues related to the reform of global governance, especially in the economic-financial field (G-20, the International Monetary Fund and the World Bank). It was advocated greater presence of emerging economies in international financial institutions, whose directors and executives should be appointed through an open, transparent and merit-based process.
2. BRASÍLIA SUMMIT (2010)
In 2010, the second summit took place in Brasilia. In addition to defending issues related to the reform of the global financial system, the meeting's agenda included new topics of cooperation. During the meeting, BRIC leaders signed a cooperation agreement to facilitate the financing of energy and infrastructure projects. Furthermore, development banks have agreed to study ways to enlarge the granting of credit among BRIC countries.
3. SANYA SUMMIT (2011)
Held in China, in the city of Sanya, in 2011, this summit highlight was the admission of South Africa as a member of the group, which was renamed BRICS.
In the Sanya Declaration, BRICS countries reaffirmed the need of reform of global governance, including the Security Council. The document also mentions other topics such as: economics and finance; condemnation of terrorism; encouragement to the use of renewable energy and the peaceful use of nuclear energy; commitment to the Millennium Development Goals and the eradication of hunger and poverty.
4. NEW DELHI (2012)
The fourth summit happened in New Delhi, India, in 2012. The theme of the meeting was "BRICS partnership for global stability, security and prosperity".
The meeting called for representatives of developing countries to be nominated for the presidency of the World Bank, reiterating that the heads of the IMF and the World Bank should be appointed through an open, transparent and merit-based procedure. Discussions on the creation of the New Development Bank have also begun at this meeting. In order to promote trade between BRICS countries, an agreement was signed to facilitate the granting of credit in local currency.
5. DURBAN SUMMIT (2013)
Hosted by South Africa, in Durban, its theme was "BRICS and Africa: Partnership for development, integration and industrialization". In Durban, the first cycle of BRICS summits was closed, with each country having hosted a meeting of Heads of State and Government.
At the meeting, it was discussed inclusive and sustainable development and the reform of global governance institutions. This summit marked the start of BRICS broader dialogue exercise, known as outreach, with a view to further cooperation with emerging economies, developing countries and relevant international and regional organizations.
6. FORTALEZA SUMMIT (2014)
In 2014, the summit was held in the Brazilian city of Fortaleza. The chosen theme was “inclusive growth, sustainable solutions”.
The main outcome of the meeting was the creation of the New Development Bank (NDB), with the aim of allocating resources for the financing of infrastructure and sustainable development projects in developing countries. The Bank's initial subscribed capital is US$ 50 billion, with an initial US$ 10 billion paid-in capital, to be paid in equal shares by the five countries, until 2022. A reserve fund of up to US$100 billion, the Contingent Reserves Arrangement (CRA), was also created to provide mutual support to BRICS members during eventual crises of their balance of payments.
7. UFA SUMMIT (2015)
The seventh BRICS summit took place in Ufa, Russia, in 2015, with the theme "BRICS partnership - a driving force of global development”.
The meeting was marked by the approval of the NDB and CRA constitutive agreements. "BRICS Economic Partnership Strategy", a roadmap for the diversification of trade and investment between member countries, was approved in this occasion. In addition, the signature of cultural cooperation agreements and agreements between BRICS countries' development banks and the NDB also took place in this occasion.
8. GOA SUMMIT (2016)
Held in Goa, India, in 2016, this summit theme was "Building up inclusive and collective solutions".
The summit discussed global economic recovery, addressing issues such as fiscal and social responsibility, NDB institutionalization, investment attraction, counter-terrorism and economic growth.
9. XIAMEN SUMMIT (2017)
Hosted by China, in Xiamen. The theme of the summit was "BRICS: Stronger partnership for a brighter future".
At the meeting, the action plan to encourage innovation cooperation (BRICS Action Plan for Innovation Cooperation 2017-2020) was signed, as well as the creation of the BRICS Tuberculosis Research Network. In addition, the BRICS Action Plan on economic and commercial cooperation, the BRICS Strategy for Customs Cooperation and the Memorandum of Understanding between the NDB and the BRICS Business Council were signed.
10. JOHANNESBURG SUMMIT (2018)
In 2018, the summit happened in Johannesburg, South Africa, and its theme was "BRICS: collaboration for inclusive growth and shared prosperity in the 4th Industrial Revolution".
At the summit, it was signed the agreement regarding the establishment of the Regional Office for the Americas of the New Development Bank, which will located in São Paulo. In addition, the memorandum of understanding on the Regional Aviation Partnership was signed. The creation of the BRICS Innovation Network (iBRICS) was also approved.